Law Firm Cheongchul (Lead Attorney: Park Jong-han) recently obtained a ruling on the request for a stay of enforcement.

• This ruling is to stop the voluntary auction requested by the counterparty regarding the material security of the secured claim, which consists of land and buildings, and is a ruling for the stay of enforcement regarding the voluntary auction application.

• Regarding the stay of enforcement, the amount of the deposit is very important. This decision has significant meaning as it has achieved a court order for providing security by submitting a cash deposit of 460 million won out of the total deposit amount of 4.6 billion won for the stay of enforcement.

• Law Firm Cheongchul stated in relation to the above:

  1. That they are contesting the secured claim in court

  2. That the counterparty's claims regarding the secured claim are not valid

  3. They asserted the necessity to substitute monetary deposit with the submission of a document for a payment guarantee trust contract instead of a cash deposit, and the court accepted Cheongchul's opinion.

The court decided to accept Cheongchul's opinion, allowing the submission of the document for the payment guarantee trust contract to substitute for the remaining deposit amount while the cash deposit is 460 million won out of the total deposit amount of 4.6 billion won.

Law Firm Cheongchul promises to do its best for the benefit of the client in the future.