(a) In relation to each type of insolvency procedure available in the legal system of this economy, what types of claims of creditors are properly admissible for payment in the context of that procedure? (for example liquidated debts, future debts, contingent claims, secured claims, unliquidated claims for damages, interest claims, costs of administration or of legal proceedings, periodical payments, debts owed by guarantors of the business organization.)

Under all the insolvency procedures, all types of claims with financial value may be admissible for payment. Please note, under composition and bankruptcy, the secured creditors maintains its right to be paid by the enforcement of its security interest.

(b) At what date are the amounts of admissible debts computed?

At the date of approval for commencement of the composition or reorganization proceedings or at the date of bankruptcy declaration, the amounts of admissible debt shall be appraised and computed.

(c) By what method are claims of creditors proven by those creditors in the context of each type of insolvency procedure?

(d) How are disputed claims made by creditors adjudicated upon? (for example by the administrator, or by a Court.)

In all procedures, the creditors shall report their claims in accordance to the reporting method as provided respectively. The reporting procedure is administrative in nature. The reported claim is then reviewed and may be disputed or denied as follows:

Composition Procedure:

Other creditors, debtor or the administrator may give an objection against other claims. Creditors may prove its claims by any proofs or evidence.

Reorganization Procedure:

Administrator or creditors may give an objection against another claims reported by other creditor, who shall bring lawsuit to the court against the administrator or creditors in opposition.

Bankruptcy Procedure:

Creditors may give an objection against other claims reported by another creditor, and the court shall judge the disputed claims. The method to prove the claims may be made by any proofs or evidence.

(a) In relation to each type of insolvency procedure available in the legal system of this economy, what principles apply to the division of available assets of the corporate debtor among those of its creditors entitled to payment? Is there a basic principle of equality of payment, or are rights of priority of payment enjoyed by secured creditors, or by certain classes of creditors over others? (for example costs of the administration, claims for taxes owed by the debtor, amounts owed to employees of the organization.)

(b) Give a brief account of the order of priorities, if any, of payment of creditors prescribed by the legal system of this economy.

Priority of payment to creditors' claims under each type of insolvency procedure is classified in the following order: (i) common benefit claims ("Kongick Chaekwon") - the minimum amount of debt as recognized to maintain the debtor company; (ii) secured claims; and (iii) unsecured claims. Creditors holding the same class of claims shall be treated and paid equally.