Korean Law in English
Laws › Commercial Act › SECTION 6 Liquidation

Commercial Act — Article 247 (Voluntary Liquidation)

상법 제247조

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) Methods for disposing of the assets of a dissolved company may be determined by the articles of incorporation or with the consent of all the members. In such cases, an inventory of assets and balance sheets shall be prepared within two weeks from the date of occurrence of the ground for dissolution.

(2) The provisions of the preceding paragraph shall not apply in cases of dissolution of a company under subparagraph 3 or 6 of Article 227.

(3) The provisions of Article 232 shall apply mutatis mutandis in cases falling under paragraph (1).

(4) In cases falling under paragraph (1), when there exists a person who has seized the equity interest of a member of the company, the consent of such person shall be obtained.

(5) The company under paragraph (1) shall register the completion of liquidation within two weeks at the place of its principal office and within three weeks at the place of its branch office after the disposal of its assets. <Newly Inserted by Act No. 5053, Dec. 29, 1995>

‹ Article 246All articlesArticle 248 ›

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

For AI agents and developers — get this article as JSON, with the English and current Korean effective dates and an outdated-translation flag, from the korea-law API or as an MCP tool: https://mcp.apify.com?tools=kr-data/korea-law