Korean Law in English
Laws › Commercial Act › SECTION 3 External Relationship of Company

Commercial Act — Article 212 (Liability of Members)

상법 제212조

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) If the assets of a company are insufficient to fully repay its all obligations, all the members shall be jointly and severally liable for the repayment of the obligations.

(2) The provisions of the preceding paragraph shall also apply if a compulsory execution on the company's assets has proved ineffective.

(3) The provisions of the preceding paragraph shall not apply if any member proves that the company is capable of performing its obligations and that the execution can easily be effected.

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