CHAPTER VII CANCELLATION OF CONCESSION AND COMPOSITION

Article 66 (Cancellation of Concession)

Articles 301 through 303 of the Bankruptcy Act shall apply mutatis mutandis to the cancellation of concession determined by the composition.

Article 67 (Cancellation of Composition in Case of Fraud in Insolvency)

If there is a conduct of fraud in insolvency on debtor, the court may decide the cancellation of composition ex officio or upon the request of composition creditor.

Article 68 (Cancellation of Composition through Non-Compliance of Composition)

(1) Article 304 (1) and (2) of the Bankruptcy Act Shall apply mutatis mutandis to the cancellation of composition.

(2) In cases where a debtor neglects the performance of the composition conditions without proper reason and is deemed to have no will or capacity to perform the composition conditions in the future, the court shall decide the cancellation of composition upon the application of a creditor or ex officio. < Newly Inserted by Act No. 5518, Feb. 24, 1998>

(3) The calculation of the sum of credits and all credits necessary for the application for the cancellation of composition shall depend on the sum of credits as decided pursuant to the provisions of Article 52.

Article 69 (Effect of Cancellation of Composition)

The cancellation of composition shall not affect the rights which a composition creditor attains through composition.

Article 70 (Public Notification of Cancellation of Composition)

(1) If the court dismisses an application for cancellation of composition or decides a cancellation of composition, it shall notify publicly the judgement and the abstract of reasoning.

(2) An immediate appeal may be filed against the decision under the preceding paragraph.

Article 71 (Progress of Bankruptcy Proceeding by Cancellation of Composition)

Articles 310, 312, and 313 of the Bankruptcy Act shall apply mutatis mutandis to the adjudication of bankruptcy under Article 9.