Korean Law in English
Laws › Commercial Act › SECTION 4 Withdrawal of Members

Commercial Act — Article 224 (Requests for Withdrawal of Members by Creditors who Seized Members' Equity Interest)

상법 제224조

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 creditor who seized a member's equity interest in the company may cause the member to withdraw at the end of any business year: Provided, That he/she shall give a notice to the company and the relevant member six months prior to the withdrawal.

(2) A prior notice under the proviso to the preceding paragraph shall lose its effect when the relevant member makes repayment or furnishes an adequate security.

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