The law firm Cheongchul (Lead Attorney: Park Jong-han) applied for a provisional seizure of the claims that the client had against the other party’s judgment claims against a third party. They received a decision from the court to grant the provisional seizure.

• If you have a claim against the other party, you can apply for a provisional seizure or other protective measures against the assets of the debtor (the other party) based on that claim.

• The assets of the debtor against which protective measures can be applied include the judgment claims in ongoing litigation between the debtor and a third party. Therefore, if the debtor is involved in any monetary lawsuit against a third party, the creditor can specify the judgment amount of that lawsuit as the subject of the provisional seizure.

• The creditor’s application for provisional seizure is not limited to just the amount won in the specific level of judgment in the lawsuit against the debtor's third-party debtor but targets the funds that the debtor will receive once the lawsuit is finalized. It also extends to the substantive debt claims in the case, meaning claims that the debtor has against the third party.

The client in this case is currently engaged in litigation to recover the payment for construction work after terminating a construction contract with the other party, and while searching for the other party's assets, they unfortunately discovered that the other party had no significant tangible assets (such as real estate). During this process, the client learned that the other party was pursuing a lawsuit against a third party for payments due under another construction contract and requested assistance in securing that asset.

The law firm Cheongchul proceeded with the provisional seizure by using the client's claims against the other party as the protected claim and the judgment claim against the third party (the third-party debtor) as the claim subject to seizure, and the court accepted Cheongchul's argument and issued a decision to grant the provisional seizure.

In normal cases of provisional seizure, it is common to seize the bank deposits of the other party as the debtor. However, in such cases, the cash collateral amount required by the court is often larger than expected, and since it happens without even knowing how much the debtor has deposited in the bank, it is sometimes found that there are no deposits when reviewing the third-party statements from banks.

In such situations, if it becomes known that the other party (the debtor) is also engaged in litigation with another person, the creditor may wish to seize the claims that are the basis for the debtor's lawsuit against the third party to secure their own claim. Cheongchul made every effort to realize the client's intentions, and accordingly, the client was able to secure their claim.

 The law firm Cheongchul promises to continue making every effort for the interests of the client.