Soribada "Receives Decision on Preservation Measures and Comprehensive Prohibition Order in Rehabilitation Proceedings"

[Asia Economy Reporter Hwang Junho] Soribada announced on the 6th that the Seoul Rehabilitation Court has decided on an asset preservation order and a comprehensive injunction. Debtors are prohibited from repaying or providing collateral for any monetary debts incurred before 11 a.m. on the 6th. Additionally, debtors cannot transfer ownership, establish security interests or lease rights, or dispose of any registered or recorded assets they own, such as real estate, automobiles, construction machinery, patents, or other assets worth more than 10 million won. Furthermore, borrowing funds under any name is also prohibited. All rehabilitation creditors and rehabilitation secured creditors are barred from enforcing compulsory execution, provisional seizure, provisional disposition, or auction procedures to enforce security rights based on rehabilitation claims or rehabilitation secured claims.

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