Company Act Article 283Aug. 1, 2018

The application for reorganization of a company shall be filed to the court in writing in five copies by the applicant(s) and shall state therein the following particulars:

1. The name and domicile or residence of the applicant and a statement on the status of the petitioner as such; in case the applicant is a juristic person, or an organization or agency, the title, the business place of office of the applicant;
2. The name or title and the location of the statutory representative or the agent, if any, and the relationship between the statutory representative and the applicant;
3. The name, location, office, business place, and the name, domicile or residence of the responsible person representing the company;
4. The cause and the fact of the application;
5. The business undertaken by the company and the condition of such business;
6. The reports, financial statements, records and books prepared by the company for the most recent year in accordance with the provisions set out in Article 282 hereof. If the application date falls beyond the sixth month after commencement of a year, a separate semi-annual balance sheet for the first half of the current year shall also be submitted; and
7. Opinions on the reorganization of the company.

The matters as required in Items 5 through 7 of the preceding Paragraph may be supplemented by attachments. "In case the application is filed by the company, a substantial reorganization proposal shall be submitted. In case the application is filed by shareholders, creditors, labor unions or employees employed by the company, the documents identifying the qualification of the applicants shall be filed along with the application, but particulars as required in Items 5 and 6 of Paragraph I under this Article need not be stated.

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Company Act Article 283-1Aug. 1, 2018

Under any of the following circumstances, an application for reorganization shall be dismissed by the court: "1.Where the application is not filed in accordance with the proper procedure provided, however, that if the improper filing procedure can be rectified, the applicant shall be ordered to take corrective action; "2.Where the company has not made public issuance of shares or corporate bonds; "3.Where the company has been adjudicated bankrupt by a final ruling; "4.Where the settlement resolution made by the company in accordance with the Bankruptcy Law has become final; "5.Where the company has been dissolved; or "6.Where the company has been ordered to wind up and to liquidate within a given time limit.

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Other Related Laws

Company Act Article 228Aug. 1, 2018

At the close of each fiscal year, the board of directors shall prepare the following statements and records and shall forward the same to supervisors for their auditing not later than the 30th day prior to the meeting date of a general meeting of shareholders: "1.the business report; "2.the financial statements; and "3.the surplus earning distribution or loss off-setting proposals. "The financial statements and records as required in the preceding Paragraph shall be prepared in accordance with the rules prescribed by the central competent authority. "Supervisors may request the board of directors to provide in advance the financial statements and records for auditing as required in Paragraph I hereinabove.

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