The judgment below is reversed, and the case is remanded to the Daegu High Court.

The grounds of appeal are examined (to the extent of supplement in case of any statement in the supplemental appellate brief not timely filed).

1. Article 6 of the former Bankruptcy Act (repealed by Article 2 of the Addenda of the Debtor Rehabilitation and Bankruptcy Act, Act No. 7428 of March 31, 2005, hereinafter "former Bankruptcy Act") provides that "All property owned by the bankrupt at the time that the bankrupt is declared bankrupt shall be deemed a bankrupt estate, and any claim for the future arising before the bankrupt is declared bankrupt shall belong to the bankrupt estate." Article 7 of the former Bankruptcy Act provides that "the right to manage and dispose of the bankrupt estate shall belong to the bankruptcy estate." Article 152 of the former Bankruptcy Act provides that "the bankruptcy trustee shall be the plaintiff or the defendant in a lawsuit against the bankrupt estate." Article 154 of the former Bankruptcy Act provides that "if the bankruptcy trustee has neglected such care as above, the bankruptcy trustee shall be jointly and severally liable to the interested parties, without recognizing the right to manage and dispose of the bankrupt estate, and if the bankruptcy trustee has neglected such care, the provisions of the former Bankruptcy Act prohibit the bankruptcy trustee from having the right to manage and dispose of the bankrupt estate free from the bankruptcy estate."

(See Supreme Court Decision 2000Da39780, Dec. 22, 2000, etc.). However, Article 40 of the former Bankruptcy Act provides that “The estate claims shall be repaid at any time without resorting to bankruptcy procedures,” and Article 40 of the former Bankruptcy Act does not prohibit the estate creditors from exercising their individual rights without resorting to bankruptcy procedures.

Accordingly, in order to secure the real performance of its claim, the estate creditor who has specific claims shall exercise the right of the bankruptcy trustee in relation to the bankrupt estate.