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| TITLE | [Declaration of Bankruptcy]Seoul High Court Order 2008Ra1524 Dated August 28, 2009 [full Text] |
|---|---|
| Summary | |
| [1] Whether the foreign bankruptcy procedure becomes effective domestically including the effect of exemption by the approval order of a foreign bankruptcy procedure alone (negative) [2] The case holding that in case where the domestic creditor who attached the debtor's domestic property provisionally before the implementation of the Debtor Rehabilitation and Bankruptcy Act thought that the foreign bankruptcy procedure of this case is not effective against the domestic property under the domestic bankruptcy law and did not report claim in the foreign bankruptcy procedure, although the territorialism provisions of the former Bankruptcy Act, the former Company Reorganization Act and the former Composition Act were abolished, to recognize the exemption effect of the foreign bankruptcy procedure of this case violates the domestic judicial order and infringes domestic creditor's profits unfairly and thus, it cannot be allowed | |
