1. All of the plaintiffs' claims are dismissed.

2. The costs of lawsuit are assessed against the plaintiffs.

1. Basic facts

A. The plaintiffs are those who have membership rights in the “non-life-free club” golf club operated by the non-party mining and leisure development company (hereinafter “non-party company”).

B. Around December 31, 2015, Nonparty Company filed an application for rehabilitation with the Gwangju District Court, and around March 24, 2016, the rehabilitation procedure for Nonparty Company was commenced as the Gwangju District Court 2015 Gohap5042.

C. The Plaintiffs entered into a contract with the Defendant to sell the Plaintiffs’ golf membership rights to the Defendant by setting the amount equivalent to 75% of the membership security deposit as follows.

A B C

D. The main contents of the “gol membership sales contract” concluded between the Plaintiffs and the Defendant are as follows.

Article 3(3) of the Act on the Responsibilities and Restrictions of Transfer and Transferee: Where the problem of the cancellation of a contract arises, such as the failure of the transferor to perform the contract after the contract, the transferee or the agent may receive a refund only.

Paragraph 4: This transaction price shall not be subject to any objection against the subsequent transaction price, since the transaction agent and the transferor, the transaction agent and the transferee have entered into a sales contract with mutual agreement and agreement between both parties.

E. The Plaintiffs and the Defendant drafted a “stock transfer and takeover contract” with the “ golf membership sales contract” and the main contents are as follows.

Article 1:This Agreement will take over all the transferred stocks and the rights incidental thereto if the transferred golf membership rights are converted to the non-party company through rehabilitation procedures of the Gwangju District Court 2015 Gohap5042 or through separate procedures.

§ 5. After the conclusion of this Agreement, neither the transferor nor the transferee shall raise any objection even if any change in the circumstances occurs in the price of the subject matter of this Agreement.

F. The Plaintiffs received full payment from the Defendant in accordance with the said golf membership sales contract.

[Reasons for Recognition]