TITLE	Supreme Court Decision 2015Da6517, 6524, 6531 Decided April 26, 2017¡¼Proceeds; Proceeds; Lawsuit Seeking the Affirmation, etc. of Claim for Deposit Release¡½ [full Text]
Summary
[1] In the event rehabilitation procedures commence for a company at a time when both the company and its shareholder have yet to complete the performance of a share purchase agreement entered into as a result of a claim for the share purchase of a shareholder objecting to a transfer of business, etc. under Article 374-2 of the Commercial Act, whether the custodian may either rescind the agreement or perform the company¡¯s obligations and claim for the shareholder¡¯s performance under Article 119(1) of the Debtor Rehabilitation and Bankruptcy Act (affirmative) Whether the custodian may still rescind the agreement in its entirety when, after the shareholder claims for share purchase, part of the share price owed by the company remains unpaid for reasons attributable to the company (affirmative in principle) [2] Whether the effect of contract rescission is affected in any way if, after the custodian¡¯s rescission of a contract under Article 119(1) of the Debtor Rehabilitation and Bankruptcy Act, a decision to discontinue rehabilitation procedures becomes final and conclusive, and thus the company undergoes bankruptcy proceedings pursuant to the court¡¯s ex officio declaration of bankruptcy under Article 6(1) of the Act (negative)

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