The following properties comprise the liquidation estate:
1. All properties which belong to the debtor at the time of the court's ruling on the initiation of the liquidation process, and all property claims which may be exercised in the future by the debtor.
2. Any properties which are acquired by inheritance or without compensation after the court's ruling on the initiation of the liquidation process but before termination or conclusion of the process.
Any rights which are exclusively owned by the debtor, as well as the properties which are not subject to judicial seizure, shall not belong to the liquidation estate.

Within one month after the ruling on the initiation of the liquidation process, the court may, on application of the debtor or on its own initiative, take into consideration the living status of the debtor, category and amount of the property of the liquidation estate, the foreseeable income of the debtor and other factors to rule on the extension of the scope of the property not belonging to the liquidation estate.

If the debtor inherits property within three months before the application for liquidation, the inheritance may not be waived after the application for liquidation.

After the court's ruling on the initiation of the liquidation process, the debtor shall submit to the court and the administrator a written record of the properties belonging to the liquidation estate.

The debtor and the users of the properties shall hand over all books and documents relating thereto and all properties in their custody to the administrator or the person designated by the court, except for the property which is not subject to judicial seizure.
If the persons under the preceding paragraph refuse the handover, the court may, on application or on its own initiative, carry out compulsory enforcement.

The debtor is obliged to reply to the inquiries of the administrator regarding his/her property, income and business status.
The provisions of Article 10 shall apply mutatis mutandis to the investigation of property, income and business status made by the administrator. However, the provisions of Article 10 shall not apply if the inquired person is an individual and is exempt from inquiries regarding his/her property, income and business status.

If any rights of the debtor belong to the liquidation estate, the administrator shall take all necessary acts to preserve those rights.

The administrator shall prepare a list of collected and collectible assets of the debtor, which shall be publicly announced by the court.
The list of claims and the list of assets shall be deposited at the court and at the place where the liquidation affairs are processed for review or transcription thereof by the interested parties.

Each of the following is an estate expense:
1. The fee advanced by the national treasury.
2. The expenses arising out from management, appraisal and distribution of the liquidation estate and the taxes payable on the liquidation estate.
3. The application and trial fees required for common interests of creditors.
4. The remuneration to the administrator.
The necessary living expenses and funeral expenses of the debtor and the persons who should be legally supported by him/her shall also be deemed as estate expenses.

Each of the following is an estate debt:
1. Debt arising out from acts conducted by the administrator regarding the liquidation estate.
2. Debt incurred under a bilateral contract of which the performance is requested by the administrator for the liquidation estate, or debt incurred under a bilateral contract which must be performed after the court's ruling on the initiation of the liquidation process.
3. Debt incurred for the management of liquidation without mandate.
4. Debt arising out from the unjust enrichment of the liquidation estate.

Each of the following shall be repaid by the liquidation estate from time to time with priority to the liquidation claims.
1. Estate expenses
2. Estate debts
3. The debts under subparagraph 2 of paragraph 1 of Article 21 and paragraph 2 of Article 26.
4. Any labor wages which were owed by the debtor under a labor contract which could not be repaid by other methods within the six-month period before the court's ruling on the initiation of the liquidation process.

In the circumstances under the preceding Article, when the liquidation estate is insufficient for the repayment, the following shall be repaid in order; if the order is the same, repayment shall be made in proportion to the amounts of claims:
1. The estate expenses under subparagraphs 1 to 4 of paragraph 1 of Article 106.
2. The estate debts under subparagraph 1 of Article 107.
3. The estate expenses under paragraph 2 of Article 106, and the estate debts under subparagraphs 2 to 4 of Article 107 and subparagraphs 3 and 4 of the preceding Article.

If the administrator is liable for compensation of damage to the liquidation estate, the provision of Article 97 shall apply mutatis mutandis.