Section 39: Conversion of liquidation of company into restructuring program

1) Where, based on the study and examination of the business and assets of the company, the nature of the goods or services to be produced by the company and the market potentiality thereof, the liquidator thinks that the restructuring program of the company can be adopted by a meeting of creditors and approved, the liquidator may make an application, accompanied by the reasons, to the Court for an order to keep pending the order on liquidation of company issued by the Court pursuant to this Act for a certain period of time and to implement the restructuring program pursuant to this Act.

2) Where the Court is satisfied with the contents of the application received pursuant to sub-section (1), it may issued previously for any certain period of time and implemented the restructuring program.

3) Where an order is issued pursuant to sub-section(2), the order shall be implemented to this Act.