The appeal is dismissed.

The costs of appeal are assessed against the defendant.

The grounds of appeal are examined.

Notwithstanding Article 567 of the Debtor Rehabilitation and Bankruptcy Act, Article 37-3 of the Korea Technology Credit Guarantee Fund Act (hereinafter “the provisions of this case”), where a creditor is the Korea Technology Credit Guarantee Fund, if the principal obligation is mitigated or exempted at the time when a small and medium enterprise is granted immunity after a declaration of bankruptcy, the joint and several liability is also mitigated or exempted at the same rate. It is reasonable to interpret that “the time when immunity is granted after the declaration of bankruptcy” is premised on the premise that a small and medium enterprise is granted immunity under the procedure prescribed by the Debtor Rehabilitation Act.

However, unlike the individual bankruptcy procedure, the Debtor Rehabilitation Act does not stipulate the exemption procedure in the corporate bankruptcy procedure. Thus, the provisions of this case do not apply to corporate small and medium enterprises, which are not likely to obtain immunity pursuant to the procedure under the Debtor Rehabilitation Act.

In the same purport, the lower court was justifiable to have determined that the Defendant’s joint and several liability liability could not be reduced or exempted because there was no exemption procedure even if the lower court was declared bankrupt for C Co., Ltd.

In conclusion, there is no error by misapprehending the legal principles on the interpretation of the provision of this case.

Therefore, the appeal is dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices.