CHAPTER VIII PENAL PROVISIONS

Article 72 (Acceptance of Bribe)

(1) A member of the administrative committee, liquidation commissioner, preservative administrator, or administrator, who has accepted, requested, or promised a bribe in connection with his duties, shall be punished by imprisonment for not more than five (5) years or a fine not exceeding fifty million (50,000,000) won. This provision shall also apply to cases where the composition creditor, his agent, director, or an equivalent person has accepted, requested, or promised a bribe in connection with a resolution in the meeting of creditors.

(2) In the case of the preceding paragraph the accepted bribe shall be forfeited. If the forfeiture of the whole or part of it is not possible, its equivalent value shall be collected in addition.

Article 73 (Bribery)

(1) A person, who has delivered, offered, or promised a bribe to a member of the administrative committee, liquidation commissioner, preservative administrator, administrator, or composition creditor, his agent, director, or an equivalent person, shall be punished by imprisonment for not more than three (3) years or a fine not exceeding thirty million (30,000,000) won.

(2) If a person who commits a crime under the preceding paragraph, surrenders himself, the punishment may be reduced or exempted.

Article 74 (Breach of Duty of Explanation, Report, Examination)

(1) A person who has the duty of explanation under the provisions of Article 23 or 37 and has not explained or explained falsely without any justified reasons, shall be punished by imprisonment for not more than one (1) year or a fine not exceeding ten million (10,000,000) won. This provision shall also apply to cases where the applicant for the composition or the debtor, who refuses the inspection or the report under the provisions of Article 21 (1), 31 (5), 36 (1), or 62-2 or makes a false report.

(2) If a person who commits a crime under the preceding paragraph reports the fact to the composition court, the punishment may be reduced or exempted.

ADDENDA

(1) (Enforcement Date)

This Act shall enter into force on the date of its promulgation.

(2) (Repealed Act)

The Composition Act, which has applied pursuant to Subparagraph 12 of Article 1 of Korean Civil Affairs Decree (Chosun Minsaryung), Imperial Decree No. 7, 1912, shall be repealed.

(3) (Retroactivity)

This Act shall apply to cases which are pending in the court at the time this Act enters into force; provided, that this Act shall be without prejudice to the effect which has entered into force by the old Act.

ADDENDA

Article 1 (Enforcement Date)

This Act shall enter into force on the date of its promulgation.

Article 2 (Transitional Measures)

(1) This Act shall apply to cases which are pending in the court at the time this Act enters into force except for the cases under special provisions herein; provided, that the effect given by the previous provisions shall not be affected.

(2) The cases which are pending in the branch court of a district court at the time this Act enters into force shall be transferred to the competent district court within twenty (20) days from the enforcement date of this Act; provided, that exceptions shall be made in the cases where the decision of commencement of composition or the preservative measure is finally concluded at the time this Act enters into force.

(3) The amended provision of Article 20 (9) shall not apply to the cases where the preservative measure is concluded at the time this Act enters into force.

(4) Computation of period of time under the amended provision of Article 26-2 with regard to the cases pending at the time this Act enters into force shall begin to run from the enforcement date of this Act.

(5) The amended provision of Article 62-2 shall not apply to the cases where the decision of approval is confirmed finally at the time this Act enters into force.

(6) The application of penal provisions to the conduct performed prior to the enforcement of this Act shall be governed by the previous provisions.