Statutes of the Republic of Korea

No. 8138
Promulgation Date 2006-12-30
Ministry of Justice

ALL

PART I GENERAL PROVISIONS

Article 1 (Purpose)

Article 2 (Status of Foreigners and Foreign Corporations)

Article 3 (Jurisdiction)

Article 4 (Transfer Aimed at Avoiding Damage or Delay)

Article 5 (Cooperation Among Courts)

Article 6 (Declaration of Bankruptcy Following Discontinuation of Rehabilitation Procedures, etc.)

Article 7 (Public-Interest Claims, etc. Where Bankruptcy Procedures Continue)

Article 8 (Delivery)

Article 9 (Publication)

Article 10 (Publication in Lieu of Service)

Article 11 (Cases Where Both Publication and Service are Required)

Article 12 (Optional Argument and Ex Officio Inspection)

Article 13 (Immediate Appeal)

Article 14 (Methods of Raising Objection)

Article 15 (Establishment of Custodial Committee)

Article 16 (Composition, etc. of Custodial Committee)

Article 17 (Work and Authority of Custodial Committee)

Article 18 (Commission of Clerical Services Involving Permission to Members of Custodial Committee)

Article 19 (Raising of Objection to Acts by Members of Custodial Committee)

Article 20 (Composition of Creditors' Consultative Council)

Article 21 (Function, etc. of Creditors' Consultative Council)

Article 22 (Provision of Materials to Creditors' Consultative Council)

Article 23 (Commission of Registers of Corporations)

Article 24 (Commission of Register, etc. of Registered Rights)

Article 25 (Duties of Registry Offices and Exemption of Registration Tax)

Article 26 (Register of Negation)

Article 27 (Application Mutatis Mutandis of Registered Rights)

Article 28 (Perusal, etc. of Case Records)

Article 29 (Inquiry about Property, etc. of Debtor)

Article 30 (Remunerations of Custodians, etc.)

Article 31 (Compensation, etc. for Proxy Members of Custodial Committee)

Article 32 (Suspension of Prescription)

Article 32-2 (Prohibition of Discriminative Treatment)

Article 33 (Mutatis Mutantis Application of Civil Procedures Act and Civil Execution Act)

PART II REHABILITATION PROCEDURES

CHAPTER I COMMENCEMENT OF REHABILITATION PROCEDURES

Section 1 Application for Commencement of Rehabilitation Procedures

Section 1 Application for Commencement of Rehabilitation Procedures

Article 34 (Application Filed for Commencing Rehabilitation Procedures)

Article 35 (Obligation to File Bankruptcy Petition and Application for Commencement of Rehabilitation Procedures)

Article 36 (Written Application)

Article 37 (Keeping of Documents)

Article 38 (Explanations)

Article 39 (Prepayment, etc. of Expenses)

Article 40 (Notifications, etc. to Supervisory Administrative Agencies)

Article 41 (Questioning)

Article 42 (Grounds for Turning Down Application Filed for Commencing Rehabilitation Procedures)

Article 43 (Provisional Seizure, Provisional Disposition and Preservation Disposition)

Article 44 (Order Given to Suspend Other Procedures, etc.)

Article 45 (General Order Given to Prohibit Compulsory Execution, etc. Based on Rehabilitation Claims and Rehabilitation Security Rights)

Article 46 (Publication and Service, etc. of General Prohibition Order)

Article 47 (Exclusion of Application of General Prohibition Order)

Article 48 (Restrictions on Withdrawal of Application for Commencing Rehabilitation Procedures, etc.)

Section 2 Decision on Commencement of Rehabilitation Procedures

Article 49 (Decision on Commencement of Rehabilitation Procedures)

Article 50 (Matters that Must Be Prescribed When Decision Made on Commencement of Rehabilitation Procedures)

Article 51 (Publication and Service of Commencement of Rehabilitation Procedures)

Article 52 (Notification of Commencement of Rehabilitation Procedures)

Article 53 (Immediate Appeal Filed against Determination on Application for Commencing Rehabilitation Procedures)

Article 54 (Cancellation of Decision on Commencement of Rehabilitation Procedures)

Article 55 (Capital Reduction, etc. after Commencement of Rehabilitation Procedures)

Article 56 (Management of Business and Assets after Commencement of Rehabilitation Procedures)

Article 57 (Furnishing of Information, etc.)

Article 58 (Suspension, etc. of Other Procedures)

Article 59 (Suspension, etc. of Litigation Procedures)

Article 60 (Transfer)

Article 61 (Act Needed to Obtain Permission from Court)

Article 62 (Transfer of Business, etc.)

Article 63 (Service, etc. of Decision on Permission to Transfer Business, etc. of Stock Company)

Article 64 (Act of Debtor after Commencement of Rehabilitation Procedures)

Article 65 (Acquisition of Right after Commencement of Rehabilitation Procedures)

Article 66 (Recording and Registration after Commencement of Rehabilitation Procedures)

Article 67 (Repayment Made to Debtor after Commencement of Rehabilitation Procedures)

Article 68 (Presumption of Good Faith or Bad Faith)

Article 69 (Co-Ownership Relationship)

Article 70 (Reacquisition Rights)

Article 71 (Reacquisition of Sold Goods in Transit)

Article 72 (Right to Reacquire by Commission Agents)

Article 73 (General Reacquisition Rights)

CHAPTER II INSTITUTIONS IN CHARGE OF REHABILITATION PROCEDURES

Section 1 Custodians

Section 1 Custodians

Article 74 (Selection and Appointment of Custodians)

Article 75 (Performance of Duties by Multiple Custodians)

Article 76 (Acting Custodians)

Article 77 (Advisers)

Article 78 (Standing to Sue)

Article 79 (Inspection, etc. by Custodians)

Article 80 (Management of Postal Items and Ceasation of their Management)

Article 81 (Supervision of Custodians)

Article 82 (Obligations, etc. of Custodians)

Article 83 (Resignation and Dismissal of Custodians)

Article 84 (Obligation to Report Upon Completion of Duties)

Section 2 Preservative Custodians

Article 85 (Authority of Preservative Custodians)

Article 86 (mutatis mutandis Application of Provisions Governing Custodians)

Section 3 Inspectors

Article 87 (Inspectors)

Article 88 (mutatis mutandis Application of Provisions Governing Inspectors)

CHAPTER III INSPECTION AND SECURING OF DEBTOR'S ASSETS

Section 1 Inspection of Debtor's Assets

Section 1 Inspection of Debtor's Assets

Article 89 (Management of Debtor's Business and Property)

Article 90 (Appraisal of Asset Value)

Article 91 (Preparation of Assets Inventory and Balance Sheet)

Article 92 (Inspection and Report by Custodians)

Article 93 (Other Reports, etc.)

Article 94 (Appraisal of Fixed Assets Used for Business)

Article 95 (Keeping of Documents)

Article 96 (Suspension of Business)

Article 97 (Means, etc. to Keep Assets)

Article 98 (First Meeting of Persons Concerned)

Article 99 (Court's Hearing of Opinions)

Section 2 Negation Right

Article 100 (Negational Act)

Article 101 (Special Rules Governing Act Performed for Specially Related Persons as Other Parties)

Article 102 (Exception of Payment of Obligations of Bill)

Article 103 (Negation of Requirements for Establishing Alteration of Right and Requirements for Counteraction)

Article 104 (Negation of Execution Act)

Article 105 (Methods of Exercising Right to Set Aside)

Article 106 (Claims Filed for Avoidance)

Article 107 (Lawsuit Filed against Decision to Cite Claim for Avoidance)

Article 108 (Effect, etc. of Exercise of Negation Right)

Article 109 (Restoration of Claims of Other Parties)

Article 110 (Right to Set Aside against Subsequent Purchasers)

Article 111 (Restrictions on Setting Aside Effected on Grounds of Knowledge of Payment Suspension)

Article 112 (Period for Exercise of Right to Set Aside)

Article 113 (Stay of Proceedings Filed by Creditors for Revocation)

Section 3 Responsibilities of Directors, etc. of Corporations

Article 114 (Disposition Taken to Preserve Properties of Corporate Directors, etc.)

Article 115 (Final Inspection Judgment on Right to Claim Compensation for Damage, etc.)

Article 116 (Lawsuit Filed to Raise Objection)

Article 117 (Effect of Final Inspection Judgment)

CHAPTER IV REHABILITATION CREDITORS, REHABILITATION SECURED CREDITORS, SHAREHOLDERS AND EQUITY RIGHT HOLDERS

Section 1 Rights of Rehabilitation Creditors, Rehabilitation Secured Creditors, Shareholders and Equity Right Holders

Section 1 Rights of Rehabilitation Creditors, Rehabilitation Secured Creditors, Shareholders and Equity Right Holders

Article 118 (Rehabilitation Claims)

Article 119 (Options when Both Parties Fail to Fulfill Bilateral Contract)

Article 120 (Special Rules Governing Payment and Settlement System, etc.)

Article 121 (Cancellation and Termination of Bilateral Contracts Unfulfilled by Both Parties)

Article 122 (Bilateral Contract Aimed at Continued Payments)

Article 123 (Takeover of Bills of Exchange, etc. After Commencement)

Article 124 (Rental Contracts, etc)

Article 125 (Mutual Accounts)

Article 126 (Debtor Liable to Entirely Fulfill Obligations Jointly with Other Persons)

Article 127 (Obligations for Guarantee Borne By Debtor)

Article 128 (Participation in Rehabilitation Procedures for Persons Who Hold Unlimited Liabilities for Corporation's Obligations Where Rehabilitation Procedures Commence)

Article 129 (Participation in Rehabilitation Procedures by Persons Who Hold Limited Liabilities for Corporation's Obligations Where Rehabilitation Procedures Commence)

Article 130 (In the Case of Partial Guarantee)

Article 131 (Prohibition on Repayment of Rehabilitation Claims)

Article 132 (Permission to Repay Rehabilitation Claims)

Article 133 (Rights of Rehabilitation Creditors)

Article 134 (Interest-Free Claim with Time Limit)

Article 135 (Claim For Money Payable by Periodic Installments)

Article 136 (Interest-Free Claims of Indefinite Time Limit, etc.)

Article 137 (Non-Monetary Claims, etc.)

Article 138 (Conditional Claims and Future Claims)

Article 139 (Calculation of Period of Priority Right)

Article 140 (Reduction of and Exemption from Fines and Taxes, etc.)

Article 141 (Rights of Rehabilitation Secured Creditors)

Article 142 (Proxy Commissioners)

Article 143 (Trustee Companies)

Article 144 (Right of Setoff)

Article 145 (Prohibition on Setoff)

Article 146 (Rights of Shareholders and Equity Right Holders)

Section 2 Preparation of List of Rehabilitation Creditors, Rehabilitation Secured Creditors, Shareholders and Equity Right Holders and Reporting

Article 147 (List of Rehabilitation Creditors, Rehabilitation Secured Creditors, Shareholders and Equity Right Holders)

Article 148 (Report on Rehabilitation Claims)

Article 149 (Report on Rehabilitation Security Rights)

Article 150 (Report on Shares and Equity Shares)

Article 151 (Legal Fiction of Reporting)

Article 152 (Post-Reporting Supplementations)

Article 153 (Report on Rehabilitation Claims, etc. after Lapse of Reporting Period)

Article 154 (Change of Names)

Article 155 (Additional Report on Shares and Equity Shares)

Article 156 (Report on Fines and Taxes, etc.)

Article 157 (Dissatisfaction with Fine, etc. Prior to Commencement of Rehabilitation Procedures)

Section 3 Inspection and Confirmation of Rehabilitation Claims and Rehabilitation Security Rights, etc.

Article 158 (Table of Rehabilitation Creditors, Rehabilitation Secured Creditors and Shareholders and Equity Right Holders)

Article 159 (Delivery of Certified Copies)

Article 160 (Perusal of Documents During Inspection Period)

Article 161 (Objections, etc. Raised to Rehabilitation Claims and Rehabilitation Security Rights)

Article 162 (Inspection of Rehabilitation Claims and Rehabilitation Security Rights Reported after Reporting Period)

Article 163 (Delivering Notification of Special Inspection Date)

Article 164 (Presence of Persons Concerned)

Article 165 (Presence of Custodians)

Article 166 (Confirmation of Rehabilitation Claims and Rehabilitation Security Rights, etc.)

Article 167 (Recording on Table of Rehabilitation Creditors and Table of Rehabilitation Secured Creditors)

Article 168 (Effect of Entries)

Article 169 (Notification of Objection)

Article 170 (Final Judgement on Inspection of Rehabilitation Claims and Rehabilitation Security Rights)

Article 171 (Appeal against Final Claim Inspection Judgment)

Article 172 (Taking Assignment of Lawsuit on Objection to Claims)

Article 173 (Restrictions on Assertions)

Article 174 (Objections Raised to Claims, etc. with Title Having Executory Power)

Article 175 (Record of Result of Lawsuit Concerning Confirmation of Rehabilitation Claims and Rehabilitation Security Rights)

Article 176 (Effect of Judgment, etc. in Lawsuit Filed for Confirmation of Rehabilitation Claims and Rehabilitation Security Rights)

Article 177 (Reimbursement of Legal Costs)

Article 178 (Value of Subject Matter of Lawsuit Filed for Confirmation of Rehabilitation Claims or Rehabilitation Security Rights)

Section 4 Public-Interest Claims and Other Claims after Rehabilitation Procedures Commence

Article 179 (Claims That Become Public-Interest Claims)

Article 180 (Repayment, etc. of Public-Interest Claims)

Article 181 (Other Claims after Commencement)

CHAPTER V MEETING OF PERSONS CONCERNED

Article 182 (Notification of Date)

Article 183 (Notification of Date)

Article 184 (Presiding Over by Court)

Article 185 (Publication of Date and Purposes)

Article 186 (Combination of Date for Meeting of Persons Concerned and Special Inspection Date)

Article 187 (Objection Raised to Voting Rights)

Article 188 (Exercise of Voting Rights)

Article 189 (Exercise of Voting Right in Descent)

Article 190 (Exclusion of Unjust Voting Right Holders)

Article 191 (Persons Prohibited from Exercising His/Her Voting Rights)

Article 192 (Exercise of Voting Rights by Proxy)

CHAPTER VI REHABILITATION PLAN

Section 1 Contents of Rehabilitation Plan

Article 193 (Contents of Rehabilitation Plan)

Article 194 (Rights of Rehabilitation Creditors, etc.)

Article 195 (Deadline for Obligations)

Article 196 (Furnishing of Security and Bearing of Obligations)

Article 197 (Unconfirmed Rehabilitation Claims, etc.)

Article 198 (Repaid Rehabilitation Claims, etc.)

Article 199 (Public-Interest Claims)

Article 200 (Transfer, etc. of Business or Assets)

Article 201 (Rights on Which Dispute Is Not Settled)

Article 202 (Amendment of Articles of Incorporation)

Article 203 (Change in Directors, etc.)

Article 204 (Matters Concerning Selection and Appointment of Directors, etc.)

Article 205 (Capital Reductions of Stock Companies or Limited-Liability Companies)

Article 206 (Issuance of New Shares by Stock Companies and LimitedLiability Companies)

Article 207 (All-Inclusive Exchange of Shares of Stock Companies)

Article 208 (Total Transfer of Shares of Stock Companies)

Article 209 (Issuance of Bonds by Stock Companies)

Article 210 (Mergers of Companies by Absorption)

Article 211 (Incorporation of Companies by Mergers)

Article 212 (Splits of Stock Companies)

Article 213 (Split and Merger of Stock Companies)

Article 214 (Asset Spinoff of Stock Companies)

Article 215 (Incorporation of New Company by Stock Companies or LimitedLiability Companies)

Article 216 (Dissolution)

Article 217 (Fair and Equal Differentiation)

Article 218 (Principles of Equality)

Article 219 (Setting Aside of Act of Giving Special Profits)

Section 2 Submission of Draft Rehabilitation Plan

Article 220 (Submission of Draft Rehabilitation Plan)

Article 221 (Submission of Draft Rehabilitation Plan by Rehabilitation Creditors, etc.)

Article 222 (Draft Rehabilitation Plan Whose Details Aim for Liquidation or Business Transfer, etc.)

Article 223 (Prior Submission of Draft Rehabilitation Plan)

Article 224 (Meeting of Persons Concerned Held to Examine Draft Rehabilitation Plan)

Article 225 (Hearing of Opinions with Respect to Draft Rehabilitation Plan)

Article 226 (Opinions of Supervisory Administrative Agencies, etc.)

Article 227 (Opinions of Debtor's Union, etc.)

Article 228 (Revision of Draft Rehabilitation Plan)

Article 229 (Order Given to Revise Draft Rehabilitation Plan)

Article 230 (Resumption of Meeting of Persons Concerned)

Article 231 (Exclusion of Draft Rehabilitation Plan)

Article 232 (Meeting of Persons Concerned Called to Resolve on Draft Rehabilitation Plan)

Article 233 (Presence of Persons who Bear Obligations for Rehabilitation)

Article 234 (Amendment of Draft Rehabilitation Plan)

Section 3 Resolution for Draft Rehabilitation Plan

Article 235 (Timing of Resolution)

Article 236 (Methods of Resolution and Categorization of Rehabilitation Creditors, etc.)

Article 237 (Requirements for Resolutions)

Article 238 (Designation of Extended Deadline)

Article 239 (Timing of Resolution)

Article 240 (Resolutions in Writing)

Article 241 (Surviving Corporation If Draft Rehabilitation Plan Adopted)

Section 4 Authorization, etc. of Rehabilitation Plan

Article 242 (Authorization Granted for Rehabilitation Plan)

Article 243 (Requirements for Authorizing Rehabilitation Plan)

Article 244 (Authorization in Case of Group in Disagreement)

Article 245 (Declaration, etc. of Determination on Whether to Grant Authorization for Rehabilitation Plan)

Article 246 (Timing When Rehabilitation Plan Takes Effect)

Article 247 (Appeal)

Article 248 (Where Decision Not to Grant Authorization for Rehabilitation Plan is Confirmed)

Article 249 (Entires in Table of Rehabilitation Creditors, etc.)

Article 250 (Scope of Effect of Rehabilitation Plan)

Article 251 (Immunity of Rehabilitation Claims, etc.)

Article 252 (Change in Rights)

Article 253 (Rights of Rehabilitation Creditors and Rehabilitation Secured Creditors)

Article 254 (Rights of Shareholders and Equity Right Holders who are Not Reported)

Article 255 (Effect of Entries in Table of Rehabilitation Creditors, etc.)

Article 256 (Invalidation of Suspended Procedures)

CHAPTER VII PROCEDURE SAFTER REHABILITATION PLAN AUTHORIZED

Article 257 (Implementation of Rehabilitation Plan)

Article 258 (Court's Order Given to Implement Rehabilitation Plan)

Article 259 (Inspection of Debtor)

Article 260 (Exclusion of Provisions of Acts and Subordinate Statutes Governing Resolutions, etc. of General Meetings)

Article 261 (Special Cases Concerning Business Transfer, etc.)

Article 262 (Special Cases Concerning Amendment to Articles of Incorporation)

Article 263 (Special Case Concerning Change in Directors, etc.)

Article 264 (Special Cases Concerning Decrease in Capital)

Article 265 (Special Cases Concerning Issuance of New Shares without Payment, etc. therefor)

Article 266 (Special Cases concerning Issuance of New Shares for which Payments, etc. are Made)

Article 267 (Special Cases concerning Issuance of Bonds without Payments, etc. by Stock Companies)

Article 268 (Special Cases Concerning Issuance of Bonds with Payments, etc. by Stock Companies)

Article 269 (Special Cases concerning Total Exchange of Shares of Stock Companies)

Article 270 (Special Cases concerning Total Transfer of Shares of Stock Companies)

Article 271 (Special Case Concerning Mergers)

Article 272 (Special Case Concerning Merger or Merger by Split)

Article 273 (Special Cases Concerning Incorporations of New Companies without New Investments)

Article 274 (Other Special Cases concerning Incorporation of New Companies)

Article 275 (Special Cases Concerning Dissolution)

Article 276 (Transfer of Rights to Underwrite Shares, etc.)

Article 277 (Exclusion of Application of Securities and Exchange Act)

Article 278 (Special Cases Concerning Restrictions on Disposal of Factory Foundation, etc.)

Article 279 (Succession of Rights by Means of Permission and Authorization, etc.)

Article 280 (Succession to Tax Liabilities)

Article 281 (Severance Pays, etc.)

Article 282 (Amendment of Rehabilitation Plan)

Article 283 (Discontinuation of Rehabilitation Procedures)

Article 284 (Prohibition on Participation in Corporate Governance by Directors, etc.)

CHAPTER VIII DISCONTINUATION OF REHABILITATION PROCEDURES

Article 285 (Discontinuation Prior to Order Given to Submit Draft Rehabilitation Plan)

Article 286 (Discontinuation before Authorization Granted for Rehabilitation Plan)

Article 287 (Discontinuation by Application)

Article 288 (Discontinuation after Authorization Granted for Rehabilitation Plan)

Article 289 (Publication of Discontinuation Decision)

Article 290 (Appeal)

Article 291 (Repayment of Public-Interest Claims)

Article 292 (Effect of Entires in Tables, etc. of Rehabilitation Creditors)

Article 293 (Provisions Applicable mutatis mutandis)

PART III BANKRUPTCY PROCEDURES

CHAPTER I COMMENCEMENT OF BANKRUPTCY PROCEDURES, ETC.

Section 1 Petition for Bankruptcy

Section 1 Petition for Bankruptcy

Article 294 (Holders of Right to File Petition for Bankruptcy)

Article 295 (Holders of Rights to File Petition for Bankruptcy of Corporation)

Article 296 (Petition for Bankruptcy Filed by Directors, Etc.)

Article 297 (mutatis mutandis Application to other Corporations)

Article 298 (Petition of Bankruptcy Filed after Corporation Dissolution)

Article 299 (Holders of Rights to File Petition for Bankruptcy on Inherited Assets)

Article 300 (Bankruptcy Petition Period for Inherited Assets)

Article 301 (Where Bankruptcy Is Declared Overseas)

Article 302 (Written Petition)

Article 303 (Prepayment of Expenses for Bankruptcy Procedures)

Article 304 (Provisional Payment of Expenses for Bankruptcy Procedures)

Section 2 Declaration of Bankruptcy, etc.

Article 305 (Grounds for General Bankruptcy)

Article 306 (Grounds for Corporate Bankruptcy)

Article 307 (Grounds for Bankruptcy regarding Inherited Assets)

Article 308 (Inheritance after Petition for Bankruptcy or Declaration of Bankruptcy)

Article 309 (Grounds for Dismissal)

Article 310 (Declaration of Bankruptcy)

Article 311 (Time When Bankruptcy Takes Effect)

Article 312 (Matters Needed to be Prescribed at Declaration of Bankruptcy)

Article 313 (Publication and Service of Declaration of Bankruptcy)

Article 314 (Notification of Corporate Bankruptcy)

Article 315 (Notification to Prosecutors)

Article 316 (Immediate Appeal Filed against Judgment on Petition for Bankruptcy)

Article 317 (Declaration of Bankruptcy and Simultaneous Discontinuation of Bankruptcy)

Article 318 (Exception of Simultaneous Discontinuation of Bankruptcy Procedures)

Article 319 (Arrest of Debtor whose Bankruptcy Is Declared)

Article 320 (Arrest of Legal Representative, etc. of Debtor who is Declared Bankrupt)

Article 321 (Obligation of Debtor, etc. to Explain)

Article 322 (Arrest Before Declaration of Bankruptcy)

Article 323 (Preservation Disposition before Declaration of Bankruptcy)

Article 324 (Order Given to Suspend limitation of Liability Procedures)

Article 325 (Publication and Service of Revocation of Bankruptcy)

Article 326 (Suspension of Bankruptcy Procedures until Decision to Discontinue Limitation of Liability Procedures is Confirmed)

Article 327 (Measures in Cases of Discontinuation of Limitation of Liability Procedures)

Section 3 Effect of Bankruptcy on Legal Acts

Article 328 (Dissolved Corporations)

Article 329 (Legal Act after Debtor is Declared Bankrupt)

Article 330 (Acquisition of Rights after Declaration of Bankruptcy)

Article 331 (Registration and Recording, etc. after Bankruptcy Declaration)

Article 332 (Repayment Made to Debtor after Bankruptcy Declaration)

Article 333 (Underwriting and Paying Bills after Declaration of Bankruptcy)

Article 334 (Presumption of Good Faith or Bad Faith)

Article 335 (Options Concerning Bilateral Contract Not Fulfilled by Both Parties)

Article 336 (Special Rules Governing Payment and Settlement System, etc.)

Article 337 (Cancellation and Termination by Trustee in Bankruptcy and Right of Other Parties)

Article 338 (Regular Purchase and Sale of Marketable Goods in Exchange)

Article 339 (Where Civil Acts Prescribe Right to Terminate or Cancel)

Article 340 (Rental Contracts)

Article 341 (Contracts for Construction Works)

Article 342 (Delegation Contracts)

Article 343 (Mutual Accounting)

Article 344 (Bankruptcy of Co-Owners)

Article 345 (Management of Property of Spouse, etc.)

Article 346 (Bankruptcy, Qualified Approval and Property Division)

Article 347 (Takeover of Lawsuit Involving Assets Belonging to Bankrupt Organization)

Article 348 (Effects of Compulsory Execution and Preservation Disposition)

Article 349 (Effect of Disposition on Default)

Article 350 (Effect on Administrative Cases)

Section 4 Responsibilities of Corporate Directors, etc.

Article 351 (Disposition Taken to Preserve Assets of Corporate Directors)

Article 352 (Final Inspection Judgment on Right to Claim Compensation for Loss, etc.)

Article 353 (Lawsuit Filed for Objection)

Article 354 (Effect of Final Inspection Judgment)

CHAPTER II INSTITUTIONS IN CHARGE OF BANKRUPTCY PROCEDURES

Section 1 Trustees in Bankruptcy

Section 1 Trustees in Bankruptcy

Article 355 (Selection and Appointment of Trustees in Bankruptcy)

Article 356 (Number of Trustees in Bankruptcy)

Article 357 (Qualification Certificates)

Article 358 (Supervision of Court)

Article 359 (Standing to Sue)

Article 360 (Performance of Duties by Multiple Trustees in Bankruptcy)

Article 361 (Obligations, etc. of Trustees in Bankruptcy)

Article 362 (Agents for Trustees in Bankruptcy)

Article 363 (Resignation of Trustee in Bankruptcy)

Article 364 (Dismissal of Trustee in Bankruptcy)

Article 365 (Obligation to Report Accounting)

Article 366 (Emergency Disposition Upon Completion of Duties)

Section 2 Meeting of Creditors

Article 367 (Convocation)

Article 368 (Publication of Date and Agenda of Meeting)

Article 369 (Presiding Over by Court)

Article 370 (Requirements for Passing Resolutions)

Article 371 (Independent Exercise of Voting Rights)

Article 372 (Vicarious Exercise of Voting Rights)

Article 373 (The Amount of Claims over which Voting Rights Can be Exercised)

Article 374 (Effect in Lieu of Agreement of Members of Audit Committee)

Article 375 (Prohibition on Execution of Resolution)

Section 3 Members of Audit Committee

Article 376 (Resolution on Establishment of Audit Committee)

Article 377 (Qualifications, etc. for Members of Audit Committee)

Article 378 (Methods of Performing Duties)

Article 379 (Performance of Duties of Members of Audit Committee)

Article 380 (Dismissal of Members of Audit Committee)

Article 381 (Mutatis Mutandis Provisions)

CHAPTER III COMPOSITION AND CONFIRMATION OF BANKRUPTCY FOUNDATION

Section 1 Composition of Bankruptcy Foundation

Section 1 Composition of Bankruptcy Foundation

Article 382 (Bankruptcy Foundation)

Article 383 (Assets not Belonging to Bankruptcy Foundation)

Article 384 (Authority to Perform Management and Disposal)

Article 385 (Absolute Acceptance after Bankruptcy Declaration)

Article 386 (Renunciation of Inheritance After Bankruptcy Declaration)

Article 387 (Bankruptcy and General Legacy)

Article 388 (Bankruptcy and Specific Legacy)

Article 389 (Bankruptcy against Inherited Assets)

Article 390 (Disposal of Inheritor's Assets)

Section 2 Right of Negation

Article 391 (Negatable Act)

Article 392 (Special Rules Governing Acts Performed with Specially Related Persons as Other Parties)

Article 393 (Exception of Payment on Promissory Notes)

Article 394 (Requirements for Establishing Alteration of Rights or Negation of Requirements for Counter)

Article 395 (Negation of Act of Execution)

Article 396 (Means of Exercising Negation Rights)

Article 397 (Effect of Exercise of Negation Right)

Article 398 (Status of Other Party)

Article 399 (Restoration of Claim of Other Party)

Article 400 (Right of Negation where Inherited Assets Subject to Bankruptcy)

Article 401 (Negation of Repayment, etc. to Person who Takes Legacy)

Article 402 (Repayment to Other Party of Negation)

Article 403 (Right of Negation on Subsequent Purchasers)

Article 404 (Restrictions on Negation on Grounds of Awareness of Payment Suspension)

Article 405 (Period During Which Negation Right is Exercised)

Article 406 (Suspension of Lawsuit to Revoke Filed by Creditor)

Section 3 Reacquisition Rights

Article 407 (Reacquisition of Assets Not Belonging to Debtor)

Article 408 (Reacquisition of Sold Goods in Transit)

Article 409 (Rights of Commission Agents to Reacquire)

Article 410 (General Reacquisition Rights)

Section 4 Right to Foreclose Outside Bankruptcy

Article 411 (Holders of Rights to Foreclose Outside of Bankruptcy)

Article 412 (Exercise of Right to Foreclose Outside Bankruptcy)

Article 413 (Exercise of Bankruptcy Claims by Holders of Rights to Foreclose Outside of Bankruptcy)

Article 414 (Holders of Quasi-Rights to Foreclose Outside of Bankruptcy)

Article 415 (Housing Tenants, etc.)

Section 5 Offset Right

Article 416 (Rights of Setoff)

Article 417 (Setoff of Claims and Obligations Subject to Deadline and Conditions for Rescission, etc.)

Article 418 (Offset of Condition Precedent Claim and Claim of Future)

Article 419 (Offset of Claim Subject to Rescission)

Article 420 (Setoff Amount of Automatic Claims)

Article 421 (Setoff of Rents, Security Deposits and Land Rents)

Article 422 (Prohibition on Setoff)

CHAPTER IV BANKRUPTCY CLAIMS AND FOUNDATION CLAIMS

Section 1 Bankruptcy Claims

Section 1 Bankruptcy Claims

Article 423 (Bankruptcy Claims)

Article 424 (Exercise of Bankruptcy Claims)

Article 425 (Arrival of Repayment Period for Claims Subject to Deadline)

Article 426 (Amount of Bankruptcy Claim of Non-Monetary Claims, etc.)

Article 427 (Bankruptcy Claim Sum of Conditional Claims, etc.)

Article 428 (Sum of Bankruptcy Claims Where Person Liable to Fulfill Total Amount of Obligations Declared Bankrupt)

Article 429 (Amount of Bankruptcy Claim Where Guarantor Declared Bankrupt)

Article 430 (Persons Holding Rights to Claim Reimbursements in Future)

Article 431 (Amount of Bankruptcy Claims When Multiple Persons Stand as Guarantees)

Article 432 (Bankruptcy of Partners with Unlimited Liability)

Article 433 (Bankruptcy of Partners with Limited Liability)

Article 434 (Bankruptcy of Inheritors)

Article 435 (Bankruptcy against Inherited Assets and of Inheritors)

Article 436 (Qualified Acceptance of Inheritors)

Article 437 (Claims, etc. of Inheritors on Predecessors)

Article 438 (Creditors of Inheritor)

Article 439 (Expenses Incurred from Participation in Bankruptcy Procedures)

Article 440 (Equal Repayments to Persons on Same Order)

Article 441 (Priority Bankruptcy Claims)

Article 442 (Calculation of Priority Right Period)

Article 443 (Superiority of Inheritance Creditors)

Article 444 (Ranking of Creditors Where Inheritor Declared Bankrupt)

Article 445 (Ranking of Inherited Assets and Bankruptcy Foundation of Inheritors)

Article 446 (Subordinate Bankruptcy Claims)

Section 2 Report on, and Inspection of Bankruptcy Claims

Article 447 (Means of Reporting Claims)

Article 448 (Preparation of Table of Bankruptcy Creditors)

Article 449 (Maintaining Table of Bankruptcy Creditors and Documents Concerning Claim Reports)

Article 450 (Inspection of Claims)

Article 451 (Presence of Persons Concerned)

Article 452 (Presence of Trustees in Bankruptcy)

Article 453 (Inspection of Claims Reported After Expiration of Report Period)

Article 454 (Changes Causing Loss of Profits of Bankruptcy Creditors)

Article 455 (Report of Claims after General Date)

Article 456 (Publication and Notification of Special Date)

Article 457 (Change, etc. in Claim Inspection Date)

Article 458 (Confirmation of Claims)

Article 459 (Entry of Inspection Results in Table of Bankruptcy Creditors)

Article 460 (Effect of Entry of Confirmed Claims in Table of Bankruptcy Creditors on Bankruptcy Creditors)

Article 461 (Notification of Objection Raised to Bankruptcy Claims)

Article 462 (Judgment on Inspection Confirmation of Bankruptcy Claims)

Article 463 (Appeal against Objection Raised to Final Claim Inspection Judgment)

Article 464 (Takeover of Lawsuit on Claims to Which Objection Is Raised)

Article 465 (Restrictions on Grounds of Claims)

Article 466 (Ways to Raise Objections to Claims with Right of Execution in Title)

Article 467 (Entry of Lawsuit Result Confirming Bankruptcy Claim)

Article 468 (Effect of Judgment, etc. on Lawsuit on Confirmation of Bankruptcy Claims)

Article 469 (Refund of Litigation Costs)

Article 470 (Value of Purpose of Bankruptcy Claim Confirmation Lawsuit)

Article 471 (Report on Fines, etc.)

Article 472 (Administrative Trial or Administrative Litigation)

Section 3 Foundation Claims

Article 473 (Scope of Foundation Claims)

Article 474 (Claim for Share of Legacy that is Sharable)

Article 475 (Repayment of Foundation Claims)

Article 476 (Preferential Repayments of Foundation Claims)

Article 477 (Ways to Make Repayments Where Bankruptcy Foundation Unable to Make Full Payments)

Article 478 (mutatis mutandis Application of Provisions Governing Bankruptcy Claims)

CHAPTER V MANAGEMENT, CONVERSION AND DISTRIBUTION

Section 1 Management and Conversion of Bankruptcy Foundation

Article 479 (Possession and Management of Bankruptcy Foundation)

Article 480 (Seal)

Article 481 (Closure of Assets Book)

Article 482 (Appraisal of Property's Value)

Article 483 (Preparation of Property Assets Inventory and Balance Sheet)

Article 484 (Management of Postal Items)

Article 485 (Cancellation of Management of Postal Items)

Article 486 (Continuation of Business)

Article 487 (Means of Safekeeping Valuable Goods)

Article 488 (Report on History of Bankruptcy)

Article 489 (Matters on which Meeting of Creditors Resolves)

Article 490 (Presentation of Assets Subject to Right to Separate Settlement)

Article 491 (Restrictions on Timing of Liquidation)

Article 492 (Acts Requiring Court Permission)

Article 493 (Hearing of Debtor's Opinions)

Article 494 (Order Given By Court to Suspend)

Article 495 (Protection of Bona Fide Third Persons)

Article 496 (Means of Liquidation)

Article 497 (Liquidation of Goods Subject to Right to Separate Settlement)

Article 498 (Designation of Disposal Period by Holder of Right to Separate Settlement)

Article 499 (Report on Current Status by Trustee in Bankruptcy)

Article 500 (Claim for Return of Bailed Goods)

Article 501 (Liquidation of Corporate Bankruptcy Foundation)

Article 502 (Claim for Investments made by Anonymous Partners)

Article 503 (Inheritor's Bankruptcy and Disposal of Inherited Assets)

Article 504 (mutatis mutandis Provisions)

Section 2 Dividends

Article 505 (Timing of Distributing Dividends)

Article 506 (Permission Necessary for Distributing Dividends)

Article 507 (Preparation of Dividend Table)

Article 508 (Submission of Dividend Tables)

Article 509 (Publication of Amount of Dividends)

Article 510 (Publication of Discontinuation of Distributing Dividends)

Article 511 (Continuation of Procedures for Distributing Dividends and Publication Thereof)

Article 512 (Exclusion of Creditors and Holders of Rights to Separate Settlement with Objection to Dividends)

Article 513 (Correction of Dividend Table)

Article 514 (Objection Raised to Dividend Table)

Article 515 (Notification of Decision on Dividend Rates)

Article 516 (Distribution of Dividends to Creditors with Condition for Recession)

Article 517 (Means of Distributing Dividends)

Article 518 (Preferential Distribution of Dividends to Persons Excluded from Previous Distribution of Dividends)

Article 519 (Bailment of Proceeds of Dividends)

Article 520 (Permission for Final Dividends)

Article 521 (Period During which Distribution of Final Dividends is Excluded)

Article 522 (Decision on Amount of Final Dividends and Notification Thereof)

Article 523 (Exclusion of Condition-Precedent Creditors)

Article 524 (Payments to Creditors Subject to Recession)

Article 525 (Exclusion of Holder of Right to Separate Settlement)

Article 526 (Distribution of Bailment Funds)

Article 527 (Correction of Dividend Table if New Assets)

Article 528 (Deposit of Dividend Sum)

Article 529 (Accounting Report at Meeting of Creditors)

Article 530 (Decision and Publication of Bankruptcy Termination)

Article 531 (Publication of Additional Dividends and Notification of Dividend Sum)

Article 532 (Standards for Additional Dividends)

Article 533 (Accounting Report)

Article 534 (Foundation Creditors Unknown to Trustees in Bankruptcy)

Article 535 (Effect On Confirmed Claims of Debtor Declared Bankrupt and Entered in Table of Bankruptcy Creditors)

Article 536 (Application Filed for Restoration)

Article 537 (Residual Inherited Assets)

CHAPTER VI DISCONTINUATION OF BANKRUPTCY

Article 538 (Application Filed for Discontinuation of Bankruptcy by Way of Agreement)

Article 539 (Application Filed by Corporation, etc for Discontinuing Bankruptcy)

Article 540 (Application Filed for Discontinuing Bankruptcy and Corporate Continuation)

Article 541 (Submission of Written Verification)

Article 542 (Publication of Applications for Discontinuing Bankruptcies and Keeping of Documents)

Article 543 (Objections Raised by Creditors)

Article 544 (Hearing of Opinions of Persons Concerned)

Article 545 (Discontinuation of Bankruptcy for Lack of Funding)

Article 546 (Publication of Decision to Discontinue Bankruptcy)

Article 547 (Repayment and Deposit of Foundation Claims)

Article 548 (mutatis mutandis Provisions)

CHAPTER VII SUMMARY BANKRUPTCY

Article 549 (Requirements for Summary Bankruptcy)

Article 550 (Decision on Summary Bankruptcy in Course of Bankruptcy Procedures)

Article 551 (Cancellation of Summary Bankruptcy)

Article 552 (Combination of Date of Meeting of Creditors and Claim Inspection Date)

Article 553 (Nonestablishment of Audit Committee)

Article 554 (Decision in Lieu of Resolution of Meeting of Creditors)

Article 555 (One-Time Dividends)

CHAPTER VIII IMMUNITY AND RESTORATION

Section 1 Immunity

Article 556 (Application for Immunity)

Article 557 (Suspension of Compulsory Execution)

Article 558 (Examination of Debtor)

Article 559 (Grounds for Dismissing Application Filed for Immunity)

Article 560 (Inspection Report by Trustees in Bankruptcy)

Article 561 (Keeping of Documents, etc, Concerning Application for Immunity)

Article 562 (Objection to Application for Immunity)

Article 563 (Hearing of Opinion about Objections)

Article 564 (Immunity Granted)

Article 565 (Timing of Effect of Decision to Grant Immunity)

Article 566 (Effect of Immunity)

Article 567 (Effect on Guarantor, etc.)

Article 568 (Entry of Decision to Grant Immunity)

Article 569 (Revocation of Immunity)

Article 570 (Hearing of Opinions about Revocation of Immunity)

Article 571 (Timing for Effect of Decision to Revoke Immunity)

Article 572 (Priority Rights of New Creditors)

Article 573 (Entry of Decision to Revoke Immunity)

Section 2 Restoration

Article 574 (Obligatorily Restoration)

Article 575 (Restoration by Application)

Article 576 (Publication of Application for Restoration)

Article 577 (Objection Raised to Application for Restoration)

Article 578 (Timing of Effect of Decision on Restoration)

PART IV INDIVIDUAL REHABILITATION PROCEDURES

CHAPTER I GENERAL RULES

Article 579 (Definition of Terms)

Article 580 (Individual Rehabilitation Foundation)

Article 581 (Individual Rehabilitation Claims)

Article 582 (Repayment of Individual Rehabilitation Claims)

Article 583 (Claims of Individual Rehabilitation Foundation)

Article 584 (Negation Right)

Article 585 (Reacquisition Right)

Article 586 (Right to Foreclose Outside Bankruptcy)

Article 587 (Offset Right)

CHAPTER II COMMENCEMENT OF INDIVIDUAL BANKRUPTCY PROCEDURES

Article 588 (Holder of Right to File Application for Commencing Individual Bankruptcy Procedures)

Article 589 (Written Application Filed for Commencing Individual Rehabilitation Procedures)

Article 590 (Prepayment of Expenses)

Article 591 (Report on Accounting, etc.)

Article 592 (Preservation Disposition)

Article 593 (Suspension Order)

Article 594 (Withdrawal of Application to Commence Individual Rehabilitation Procedures)

Article 595 (Grounds for Dismissal of Applications Filed to Commence Individual Rehabilitation Procedures)

Article 596 (Decision To Commence Individual Rehabilitation Procedures)

Article 597 (Publication and Delivery of Commencement Publication)

Article 598 (Immediate Appeal Filed against Judgment on Commencement of Individual Rehabilitation Procedures)

Article 599 (Cancellation of Decision to Commence Individual Rehabilitation Procedures)

Article 600 (Suspension of Other Procedures, etc.)

CHAPTER III REHABILITATION COMMISSIONERS

Article 601 (Selection and Appointment Dismissals)

Article 602 (Work of Rehabilitation Commissioners)

CHAPTER IV CONFIRMATION OF INDIVIDUAL REHABILITATION CLAMS

Article 603 (Confirmation of Individual Rehabilitation Claims)

Article 604 (Confirmed Judgment on Inspection of Individual Rehabilitation Claims)

Article 605 (Appeal against Final Inspection Judgment on Individual Rehabilitation Claim)

Article 606 (Entry of Result of Appeal on Confirmation of Individual Rehabilitation Claims, etc.)

Article 607 (Effect of Judgment in Lawsuit on Confirmation of Individual Rehabilitation Claims)

Article 608 (Refund of Litigation Costs)

Article 609 (Value of Subject Matter of Lawsuit Filed for Confirmation of Individual Rehabilitation Claims)

CHAPTER V REPAYMENT PLAN

Article 610 (Submission and Revision of Draft Repayment Plan)

Article 611 (Contents of Repayment Plan)

Article 612 (Invalidation of Preferential Benefits)

Article 613 (Meeting of Individual Rehabilitation Creditors)

Article 614 (Whether to Authorize Repayment Plan)

Article 615 (Effect of Authorizing Repayment Plan)

Article 616 (Special Rules Concerning Assignment Order)

Article 617 (Performance of Repayments)

Article 618 (Immediate Appeal Filed against Decision on Repayment Plan)

Article 619 (Revision of Repayment Plan after Authorization Thereof)

CHAPTER VI DISCONTINUATION AND IMMUNITY

Article 620 (Discontinuation of Individual Rehabilitation Procedures Prior to Authorization of Repayment Plan)

Article 621 (Discontinuation of Individual Rehabilitation Procedures after Repayment Plan Authorized)

Article 622 (Publication of Decision to Discontinue Individual Rehabilitation Procedures)

Article 623 (Immediate Appeal Filed Against Discontinuation of Individual Rehabilitation Procedures)

Article 624 (Immunity Decision)

Article 625 (Effect of Decision to Grant Immunity)

Article 626 (Cancellation of Immunity)

Article 627 (Immediate Appeal Filed against Decision on Immunity)

PART V INTERNATIONAL BANKRUPTCY

Article 628 (Definitions)

Article 629 (Scope of Application)

Article 630 (Jurisdiction)

Article 631 (Application Filed for Approving Foreign Bankruptcy Procedures)

Article 632 (Decision to Approve Foreign Bankruptcy Procedures)

Article 633 (Effect of Approval for Foreign Bankruptcy Procedures)

Article 634 (Application by Representative of Foreign Bankruptcy Procedures for Commencing Domestic Bankruptcy Procedures, etc.)

Article 635 (Order, etc. Prior to Approval)

Article 636 (Support for Foreign Bankruptcy Procedures)

Article 637 (International Bankruptcy Custodians)

Article 638 (Simultaneous Proceedings of Domestic Bankruptcy Procedures and International Bankruptcy Procedures)

Article 639 (Multiple International Bankruptcy Procedures)

Article 640 (Authority for Custodians to Carry Out Activities Overseas)

Article 641 (Cooperation)

Article 642 (General Rules Governing Dividends)

PART VI PENAL PROVISIONS

Article 643 (Offense of Fraudulent Rehabilitation)

Article 644 (Offence of Fraudulent Rehabilitation Committed by Third Person)

Article 645 (Offense of Rehabilitation Bribery)

Article 646 (Offense of Rehabilitation Bribery)

Article 647 (Offense of Violating Prohibition on Management Participation)

Article 648 (Offense of Performing Act without Permission)

Article 649 (Offense of Refusing to Make Reports and Refusing Inspection)

Article 650 (Offense of Fraudulent Bankruptcy)

Article 651 (Offense of Negligent Bankruptcy)

Article 652 (Offenses of Fraudulent Bankruptcy and Negligence Bankruptcy by Person in Certain Position)

Article 653 (Offense of Resisting Arrest)

Article 654 (Offense of Fraudulent Bankruptcy by Third Person)

Article 655 (Offense of Bankruptcy Bribery)

Article 656 (Offense of Bankruptcy Bribery)

Article 657 (Offense of Using Results of Assets Inquiry for Other Purpose)

Article 658 (Offense of Breaching Obligation to Provide Explanation)

Article 659 (Overseas Offense)

Article 660 (Fine for Negligence)

ADDENDA

ADDENDUM<Act No. 7892, Mar. 24, 2006>

ADDENDA<Act No. 7894, Mar. 24, 2006>

ADDENDA<Act No. 7895, Mar. 24, 2006>

ADDENDA<Act No. 8138, Dec. 30, 2006>