(1) A person who intends to limit liability in accordance with the provisions of this Chapter shall file with the court an application for commencement of the procedures for limitation on liability, within one year after he/she receives a written claim from a creditor which specifies the amount of claim exceeding the limit on liability.
(2) An application to commence the procedures for limitation on liability, and the formation, public notice, participation in, distribution of the liability limitation fund, and other necessary matters shall follow the example of the Act on the Procedure for Limiting the Liability of Shipowners, etc. to the extent not contrary to its nature.[This Article Newly Inserted by Act No. 10696, May 23, 2011]