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Laws › Commercial Act › SECTION 6 Liquidation

Commercial Act — Article 248 (Voluntary Liquidation and Protection of Creditors)

상법 제248조

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 a company has harmed any of its creditors by disposing of its assets in violation of paragraph (3) of the preceding Article, such creditor may request the court to nullify such disposal.

(2) The provisions of Article 186 of this Act and the proviso to Article 406 (1), Articles 406 (2) and 407 of the Civil Act shall apply mutatis mutandis to requests for revocation under the preceding paragraph.

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