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Commercial Act — Article 540 (Completion of Liquidation)

상법 제540조

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) When liquidation-related affairs have been completed, a liquidator shall without delay prepare a statement of the settlement of accounts and submit it to a general meeting of shareholders for approval.

(2) When the approval under the preceding paragraph has been granted, a company shall be deemed to have relieved the liquidator of his/her obligations: Provided, That this shall not apply where the liquidator has done any dishonest act.

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