Law Firm Cheongchul (Lead Attorney: Park Jong-han) has recently obtained a ruling on the reduction of the security deposit imposed on the decision to grant the motion to stay enforcement.

This decision is aimed at reducing the security deposit imposed on the ruling to grant the motion to stay enforcement regarding the existing voluntary auction. The deposit of 4.6 billion won that was imposed on the previous motion has been reduced to 600 million won, which is significant as it means a reduction of as much as 4 billion won.

In relation to this, Law Firm Cheongchul 

1. explained the situation in which SGI, the only company handling the security deposit insurance in accordance with the court's order to provide security, refused to subscribe to the security deposit insurance, 

2. emphasized that the appropriate amount of security for temporarily suspending enforcement should correspond to the 'damage incurred due to the delay in execution caused by the stay of enforcement,' and 

3. requested a recalibration of the corresponding security deposit amount after estimating the provisional damages that the respondent (opposing party) would incur from the motion to stay enforcement, and the court accepted Cheongchul's opinion.

The court reduced 40 billion won from the total security deposit of 4.6 billion won due to the existing decision to grant the motion to stay enforcement, and
granted the motion to stay enforcement on the condition of depositing 600 million won, accepting Cheongchul's opinion.

A decision to reduce such a large-scale security deposit is very rare, and Law Firm Cheongchul promises to continue to do its best for the benefit of its clients.