1. The Defendant received on May 9, 2018 from the Changwon District Court as to each real estate indicated in the separate sheet from the Plaintiff.

1. Facts of recognition;

A. On April 10, 2012, the Korea Technology Finance Corporation concluded a credit guarantee agreement with D and guaranteed D’s loan obligations within the limit of KRW 270,000,000, when D (hereinafter “D”) borrows KRW 300,000 from E Co., Ltd. (hereinafter “E”).

A (at the time the representative director of D) has jointly and severally guaranteed D's indemnity liability based on the credit guarantee agreement.

B. Since May 2016, D caused credit guarantee accidents, such as provisional attachment of real estate owned by creditors, such as F, etc.

On August 9, 2018, the Korea Technology Finance Corporation subrogated for 272,628,616 won in total to E in subrogation of D.

C. On May 9, 2018, A completed the registration of ownership transfer on the grounds of sale on April 6, 2018, with respect to each real estate listed in the separate sheet owned by A (hereinafter “instant real estate”). D.

On August 24, 2018, the Korea Technology Finance Corporation filed the instant lawsuit against the Defendant claiming that the sales contract between A and the Defendant on each of the instant real estate constituted fraudulent act.

E. On August 28, 2018, A was declared bankrupt by the Changwon District Court (2018Hadan1019), and the Plaintiff was appointed as A’s trustee in bankruptcy.

On April 2, 2019, the Plaintiff taken over the instant lawsuit from the Korea Technology Finance Corporation and changed the purport of the claim into the lawsuit of denial.

【Fact-founded facts, Gap 1 through 4, and evidence 8 (including paper numbers), the purport of the whole pleadings

2. Determination

A. The “act of the debtor knowing that he would prejudice any bankruptcy creditor”, which is an act subject to avoidance as prescribed by Article 391 subparag. 1 of the Debtor Rehabilitation and Bankruptcy Act, as to the cause of the claim, deviates from the debtor’s general property, which is a joint security of the total creditor, from the bankruptcy estate.