In a lawsuit of demurrer against distribution, those who are qualified as a defendant shall be limited to the creditors entitled to receive distributions pursuant to the distribution schedule in the distribution procedure.

In a lawsuit of demurrer against distribution, a person eligible to be a defendant in the said lawsuit is a creditor entitled to receive distributions in accordance with the distribution schedule in the distribution procedure, and is the other party creditor who has received an objection against the distribution from the plaintiff on the date of distribution. In this case, it is evident that the defendant is not the defendant, but the

National Tax Collection Act

2012 Gohap 100581 Demurrer against distribution

XX

Korea

December 11, 2012

December 20, 2012

1. The instant lawsuit shall be dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

Of the dividend table prepared by the above court on August 29, 2012 with respect to the auction case of real estate rent in Seoul Central District Court 201ta, the dividend priority number No. 2000 won against the defendant shall be changed to KRW 00,000, and the dividend amount to the plaintiff shall be changed to KRW 000.

1. Facts of premise;

The Seoul Central District Court, which commenced on December 8, 2011, held the date of distribution on August 29, 201, with respect to 503, 504, and 505 of the VG 1337 and 1 parcel of land owned by the Seoul Seocho-gu Seoul Metropolitan Government, which was declared bankrupt on August 24, 201, held the date of distribution on August 29, 201. According to the distribution schedule prepared at the time, the bankruptcy trustee authority A, who was declared bankrupt, received 00 won first in the second priority and the Plaintiff received 00 won in the fifth priority.

The Plaintiff, as a mortgagee (the maximum amount of 000 won) with respect to the real estate subject to the auction, sold a claim statement of KRW 000 to the above auction procedure.

[Reasons for Recognition] Uncontentious Facts, Gap 1, 3 evidence, Eul 12 evidence (including branch numbers), the purport of the whole pleadings

2. Determination on the legitimacy of the instant lawsuit

In regard to the Plaintiff’s filing of a correction of the distribution schedule by asserting that the Plaintiff’s right to collateral security was distributed to the bankrupt in XXA during the aforementioned voluntary auction procedure that priority was over the claim made by the distribution schedule, the Defendant asserted that the Plaintiff’s lawsuit of demurrer against the distribution was unlawful as it was against the non-qualified person.

However, in a lawsuit of demurrer against distribution, a person eligible to be a defendant in the lawsuit of demurrer against distribution is the creditor entitled to receive distribution in accordance with the distribution schedule in the distribution procedure, and is the other party creditor who has received an objection against the distribution from the plaintiff on the date of distribution. In this case, it is evident that the defendant is not the bankrupt but the bankruptcy trustee right A in

Therefore, the Plaintiff’s lawsuit of demurrer against the distribution is unlawful as it was filed against a non-qualified person.