Applicant 1 and 19 others (Law Firm Hyundai, Attorney Kim Han-han, Counsel for the plaintiff-appellant)

J.Saeong Village District and Land Partition Association (Law Firm Tae Tae, Attorney Lee Tae-gu, Counsel for the plaintiff-appellant)

Ulsan District Court Order 2014Hau501 dated January 23, 2017

1. The appeal of this case is dismissed.

2. The costs of appeal shall be borne by the applicant.

【Purpose of Application】

The declaration of bankruptcy shall be made against the debtor.

【Purpose of Appeal】

The decision of the first instance shall be revoked and the decision shall be sought again.

1. Quotation of the first instance decision;

The reasoning for this Court’s explanation concerning this case is as follows: “2010Ma1154, 1555 Ruling” in Part 7 of the Decision of the court of first instance shall be “2010Ma154, 1555 Ruling”; “20Ma154, 1555 Ruling”; and the reasoning for the decision of the court of first instance shall be cited pursuant to the main text of Articles 33 of the Debtor Rehabilitation and Bankruptcy Act, Articles 443(1), and 420 of the Civil Procedure Act, except where the following instructions are added:

[Attachment 9]

On February 20, 2017, the debtor association held a general meeting of partners and passed a resolution to the same effect as the result of the board of directors' resolution on September 6, 2016.

[Article 9-15]

7) On December 18, 2015, the applicant filed a lawsuit seeking confirmation of the estate claim against the non-party in bankruptcy by the debtor union against the non-party in bankruptcy of Pyeongtaek Chang Construction Co., Ltd. 2014 or 2021371, the debtor union can exercise the estate claim amounting to KRW 3,908,763,335 against the non-party in bankruptcy of the debtor union. As such, the non-party in bankruptcy of Pyeongtaek Chang Construction Co., Ltd. of the bankrupt bankruptcy shall pay the debtor union the amount of KRW 150,00,000 which the debtor union seeks among the debtor union. The debtor union filed a lawsuit seeking confirmation of the estate claim against the non-party in bankruptcy of Pyeongtaek Chang Chang Construction Co., Ltd. of the bankrupt bankruptcy company after it is currently under trial. The most assets held by the debtor union are estate claims against the non-party in bankruptcy and related bankruptcy claims, and it is not likely that the debtor union will actually repay the assets distributed to the petitioner union.

8. Although the current business is suspended, the standard progress rate of work on December 2013 reaches 87.17%, and the debtor partnership promotes the procedure necessary to resume the business suspended by the partnership.

2. Conclusion

Therefore, the decision of the first instance is just and without merit, and it is so dismissed as per Disposition.

Judges Cho Yong-sik (Presiding Judge)