(1) If the Fair Trade Commission deems it impracticable for a person on whom a penalty surcharge has been imposed (hereinafter referred to as "person liable to pay a penalty surcharge") to pay the penalty surcharge in a lump sum due to any of the following causes as the sum of the penalty surcharges exceeds the threshold amount prescribed by Presidential Decree, the Commission may extend a deadline for paying such penalty surcharge or permit the person to pay such penalty surcharge in installments; in such cases, security may be required, where necessary:
1. Where the person has sustained a substantial property loss due to disaster or theft, etc.;
2. Where the person’s business is at considerable risk due to worsening business conditions;
3. Where paying the penalty surcharge in a lump sum is expected to cause significant difficulties in the financial situation;
4. Where any ground equivalent to those specified in subparagraphs 1 through 3 exists.
(2) Where a person liable to pay a penalty surcharge intends to apply for an extension of the deadline for paying the penalty surcharge or for payment in installments pursuant to paragraph (1), the person shall file an application with the Fair Trade Commission within 30 days after the date of he or she receives the notice to pay the penalty surcharge.
(3) Where a person liable to pay a penalty surcharge who has been granted an extension of the deadline for paying the penalty surcharge or permitted to pay such penalty surcharge in installments under paragraph (1), falls under any of the following, the Fair Trade Commission may revoke the decision to grant an extension of the deadline for paying the penalty surcharge or to permit payment in installments and may collect such penalty surcharge in a lump sum:
1. Where the person fails to pay the penalty surcharge decided to be paid in installments by the deadline for payment;
2. Where the person fails to comply with the order of the Fair Trade Commission necessary for security change or other security preservation;
3. Where it is deemed impossible to collect the full or remaining amount of the penalty surcharge due to forced enforcement, commencement of an auction, declaration of bankruptcy, dissolution of a corporation, disposition on delinquent national or local taxes, etc.;
4. Where it is deemed possible for the person to pay the penalty surcharge in a lump sum as any cause specified in paragraph (1) has ceased.
(4) Matters necessary for an extension of the deadline for paying a penalty surcharge or payment in installments, etc. under paragraphs (1) through (3) shall be prescribed by Presidential Decree.