The case holding that the reorganization procedures shall be prohibited on the ground that the reorganization programs submitted by the receiver were submitted after the lapse of the period set by the court and 70% of the reorganization security holders and 50% of the reorganization creditors consent, and it becomes clear that there is no possibility of reorganization due to the increase of liabilities, decrease of assets, business impossibility due to the impossibility of raising funds for driving, etc., unlike at the time

Summary of the summary

Article 272 of the Company Reorganization Act

Bosung corporation

Gangnam-gu

The company reorganization procedure of this case shall be discarded.

In full view of the records of this case and the investigation report on assets of 15 billion won and the result of inquiry into the creditor bank of the party members, etc. (1) party members decided on Jan. 15, 1992 that the period for submission of the reorganization plan by the receiver, principal company, security holder, reorganization creditor, and shareholder under Article 189 of the Company Reorganization Act was until Jun. 30, 192, the receiver, principal company, security holder, reorganization creditor, and shareholder did not submit the reorganization plan within the above period. (2) The administrator's Gangnam-type of the principal company was 9 billion won as of Feb. 22, 1992, 192, 70 billion won of the principal company's debt as of Jan. 15, 1992, the total debt of 198 billion won of the principal company was reduced by 19 billion won of the total debt of 19 billion won of the principal company, and the total debt amount of 1.5 billion won of the principal company's debt as of 19 billion won of the principal company.

(3) At the time of the commencement of reorganization procedures, the instant company: (a) promised to provide funds for operation of 5 billion won with wages to employees under 21 billion won; (b) while some financial institutions and groups neglected to provide payment guarantees; (c) subsequent to the failure to provide funds for operation due to the decline in assets, increase in liabilities, and changes in financial conditions, the instant company would lose a large number of existing trading lines; and (d) there were a large number of employees leaving their offices due to the delayed payment of 50 billion won; (b) it would be impossible for the Korea Credit Guarantee Fund to provide funds for operation of 1.7 billion won; (c) the total amount of 98 billion won and 94 billion won and 94 billion won and the total amount of 98 billion won and 94 billion won and the total amount of 94 billion won and 1.7 billion won and 94 billion won of the instant reorganization plan to the Korea Credit Guarantee Fund (as the investigation report on October 8, 199).

Therefore, the reorganization program submitted by the administrator to a party member on July 18, 1990 is not only submitted after the expiration of the period set by the member, but also the 70 percent of the security holder and 50 percent of the reorganization creditor shall not be submitted to the meeting of interested parties for deliberation and resolution by the meeting of interested parties, as well as the reorganization program submitted by the manager to the party member on July 18, 1990. The principal company of this case, unlike the time of the commencement of the company reorganization procedure, has become clear that there was no possibility of reorganization due to the increase of debts, decrease of assets, and business impossibility due to the impossibility of raising funds for driving, and so the company of this case shall be decided as per Disposition by the abolition of

Judge Suspension-type (Presiding Judge) Lee Jae-man only