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Laws › Commercial Act › SECTION 12 Liquidation

Commercial Act — Article 537 (Repayment to Excluded Creditors)

상법 제537조

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) Creditors who have been excluded from a liquidation process may demand repayment only out of the surplus assets yet to be distributed.

(2) If distribution has been made to some of the shareholders, assets which should be distributed to other shareholders in equal proportion thereto shall be deducted from the surplus assets mentioned in the preceding paragraph.

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