Termination of Bankruptcy Procedures and its Effects
무거운 빚도 결국 법이 빛을 비추는 순간에 무너질 수 있습니다. 당신의 가능성을 믿으세요.
If the bankruptcy estate is insufficient to cover the costs of the bankruptcy procedure after the bankruptcy ruling, the bankruptcy court, either upon the application of the bankruptcy trustee or by its own motion after consulting with the creditors’ meeting, may decide to terminate the bankruptcy (Article 545 of the Debtor Rehabilitation and Bankruptcy Act). This is referred to as a simultaneous termination, and most cases are terminated in this manner in practice.
Bankruptcy Termination Decision
When the bankruptcy trustee applies for the simultaneous termination, the court convenes a creditors’ meeting to hear opinions regarding the termination and the trustee's final accounting report. After the bankruptcy trustee makes the accounting report at the creditors’ meeting and the meeting concludes, the court will make a bankruptcy termination decision (Article 545 of the Debtor Rehabilitation and Bankruptcy Act).
Appeal Against Bankruptcy Termination Decision
An immediate appeal can be filed against the bankruptcy termination decision, and the immediate appeal has the effect of suspending enforcement (Article 545, Paragraph 3, and Article 13, Paragraph 3 of the Debtor Rehabilitation and Bankruptcy Act).
Final Distribution of Bankruptcy Creditors
When the final distribution to bankruptcy creditors has been completed, and the creditors’ meeting for the trustee's final accounting report is concluded, the court will make a decision to terminate the bankruptcy procedure (Article 530 of the Debtor Rehabilitation and Bankruptcy Act). No immediate appeal can be made against the bankruptcy termination decision, and the bankruptcy procedure is terminated simultaneously with the bankruptcy termination decision.
Effects of the Termination of Bankruptcy Procedures
Once the bankruptcy procedure is concluded, the bankruptcy trustee's duties end, and unless there are remaining assets, the legal personality of the debtor company is extinguished. Bankruptcy creditors are no longer bound by the restrictions of exercising rights through the bankruptcy procedure and are free to exercise their rights. However, even after the bankruptcy procedure is terminated, if there are assets of the debtor corporation that have not yet been liquidated, the bankruptcy claims will not be extinguished, and the creditors may execute compulsory enforcement using the bankruptcy creditors’ list as the basis for enforcement.
Impact on Guarantors and Co-Debtors
Even if the debtor’s legal personality is extinguished, the rights of the bankruptcy creditors regarding the guarantor or other co-debtors who are jointly liable with the debtor company, as well as any collateral provided for the bankruptcy creditors, remain unaffected (Article 548, Paragraph 2, and Article 567 of the Debtor Rehabilitation and Bankruptcy Act). Therefore, the bankruptcy creditor may exercise their rights against the guarantor or co-debtors only for the portion not covered by the distribution in the bankruptcy procedure.
Bucheon Personal Rehabilitation Lawyer무료 법률 상담
끝없는 빚의 터널 속에서도 빛은 있습니다. 개인회생과 파산은 절망이 아닌 희망의 과정입니다. 변호사는 당신의 곁에서 그 길을 열고, 당신이 다시 서도록 돕는 이정표가 되어줄 것입니다.
어디에서든 실력은 동일할지라도, 고객의 목소리에 귀 기울이고 끝까지 함께하는 것이 진정한 차이를 만듭니다. 결국, 변호사의 진정한 능력은 얼마나 마음을 다해 고객의 문제를 해결하려고 하느냐에 달려 있습니다.
형사 전문 변호사
criminallawyer.co.kr형사 전문 변호사는 형사 사건에 특화된 법률 정보를 제공하며, 체계적이고 알기 쉬운 설명으로 복잡한 형사 절차를 이해하는 데 도움을 줍니다. 주요 범죄 유형별로 사례와 법률적 대응 방안을 다루며, 구체적이고 현실적인 조언을 통해 신뢰할 수 있는 정보를 제공합니다.
무료법률상담 전문 변호사
lawis.tistory.com무료법률상담 전문 변호사 블로그는 개인회생, 파산, 이혼, 형사 소송 등 실생활과 밀접한 다양한 법률 정보를 다루는 블로그입니다. 특히, 복잡한 법률적 개념과 절차를 알기 쉽게 풀어낸 체계적이고 상세한 내용이 특징입니다. 더불어, 실제 사례를 기반으로 한 구체적인 조언도 함께 제공하여 이해를 돕고 있습니다.
법인 회생 · 파산
법인 회생 · 파산으로 재정적 안정을 회복하고, 지속 가능한 성장을 위한 새로운 시작을 준비하세요.
이혼 전문 법률사무소
관계의 파탄은 당신의 실패가 아닙니다. 당신의 행복을 지키기 위한 결단이며, 당신이 잘못된 길에서 올바른 길로 돌아서는 전환점일 뿐입니다.
