If the object of a claim is not money, or it is money but its amount is uncertain, or it is foreign currency, the administrator shall include the amount estimated at the time of the court's ruling on the initiation of the liquidation process into the distribution. The administrator shall also include the estimated amount in cases where the repaid amount of ordinary guaranteed claims, the amount of fixed-term claims, or the duration of claims is uncertain.
In a case where the creditor or the debtor disputes the amount estimated under the preceding Paragraph, the provision of Article 36 shall apply mutatis mutandis.
In a case where the creditor's claim is conditional, the creditor may claim the entire amount as its liquidation claim.

Before the court's ruling on the initiation of the liquidation process, the rights of any creditors with a pledge, mortgage, lien or other security right in rem over the property of the debtor, shall be exempt from the liquidation process.
A creditor with exemption rights may not exercise his/her rights irrespective of the liquidation process. However, if necessary, the administrator may auction or sell off the objects of exemption rights, and use the net proceeds from their sale after deducting expenses for the repayment, and may ask the court to request the competent registration authority to cancel the registration of such rights.

A creditor with exemption rights may, for the purpose of repayment of claims, exercise his/her rights with respect to any claim which cannot be repaid after the exercise of exemption rights. However, this does not apply to claims which are not declared according to the liquidation process.

A holder of rights in property that does not belong to the debtor may retrieve it from the administrator irrespective of the liquidation process.
If the property under the preceding paragraph is transferred to a third person by the debtor before the court's ruling on the initiation of the liquidation process, or by the administrator after the court's ruling on the initiation of the liquidation process, but the debtor or administrator who transferred the property did not receive money or other property in consideration for the transfer, the holder of rights in paragraph 1 of this article may request a transfer from the administrator to him/her of the right to all money or other property due as consideration for the transfer.
In the circumstance under the preceding paragraph, where the administrator receives money or other property as consideration, the retrieval right holder may request delivery thereof.

If the seller has sent the object of a transaction, but the buyer has not received it, nor paid the full price, and the transaction therefore is subject to the court's ruling on the initiation of the liquidation process, the seller may rescind the contract and retrieve its object. However, the administrator may request for delivery of the object by repaying the full price.
The process forretrieval of the object under the preceding paragraph shall apply mutatis mutandis to the case where the broker has sent the object bought under mandate to a consignor.

Any preferential claims on the property of the liquidation estate shall be repaid in priority to other claims. If preferential claims are of the same priority, they shall be repaid in proportion to their amounts of claims.

If, at the time of the court's ruling on the initiation of the liquidation process, the creditor owes debts to the debtor, offset may be made without following the liquidation process, regardless whether the categories of money and other property are same.
The creditor's claims which are subject to expiration, or which may be released only if certain conditions are met, may be offset.
Any claims that become effective only when a certain condition is met, may be offset if the condition is fulfilled within 30 days of the public announcement of the list of claims.
With respect to any offset, the creditor subject to resolutory condition shall provide reasonable security, and the provision of paragraph 2 of Article 124 shall apply mutatis mutandis thereto.
The provision of paragraph 2 of Article 52 shall apply mutatis mutandis to the circumstances under paragraphs 1 to 3 of this article.

The creditors' meeting may resolve the following matters:
1. The management of the liquidation estate and the method of disposition of its properties.
2. The suspension or continuance of business operation.
3. Return to debtors or waiver of property which cannot be easily appraised.

At the creditors' meeting, the administrator shall present the list of claims and the list of assets, and report the status of the liquidation.

The resolution of the creditors' meeting shall be adopted with the consent of a majority of the attending creditors who have declared unsecured claims, if the amounts of claims represented by them has exceeded one-half of the total amount of the declared unsecured and non-preferential claims.
In calculating the claims under the preceding paragraph, all inferior claims shall be deducted.

If the court does not convene the creditors' meeting, it may issue a ruling in lieu of the resolution of the meeting. However, before ruling, the court shall give written notice under Article 101 to the creditors.
No appeal may be taken from a ruling under the preceding paragraph, and such ruling shall be publicly announced.