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Commercial Act — Article 176 (Dissolution Order against Company)

상법 제176조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) A court may, upon the request of an interested person or a prosecutor or ex officio, order that a company be dissolved, in any of the following cases:

1. Where the company was incorporated for an illegal purpose;

2. Where a company, without good cause, failed to commence its business within one year after its establishment or discontinued its business for one year or more;

3. Where a director or a member managing the affairs of the company violated statutes or the articles of incorporation of the company, as a result of which it is deemed impermissible for the company to continue its existence.

(2) In cases where a request under the preceding paragraph has been filed, the court may, at the request of an interested person or a prosecutor or ex officio, appoint an administrator or take any other necessary disposition for the preservation of the company's assets, even before issuing the dissolution order.

(3) In cases where a request under paragraph (1) has been filed by an interested person, the court may, upon the request of the company, order such interested person to furnish adequate security.

(4) In order to make a request under the preceding paragraph, the company shall meet the minimal showing with respect to the fact that the application was filed in bad faith.

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Korean original (law.go.kr) · Get articles as JSON via API

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