Any claim against the debtor that was established before the court's ruling on the initiation of the rehabilitation or liquidation process shall be a claim in rehabilitation or liquidation.
Unless otherwise provided for in this Statute, the claims under the preceding paragraph, regardless of the existence of any party's right to court enforcement, may not be exercised unless they are made in accordance with the rehabilitation or liquidation process.

The claims under the following Subparagraphs are inferior claims and may be repaid only out of the balance after other claims are repaid. The same shall apply to the case after termination or conclusion of the rehabilitation or liquidation process:
1. The portion exceeding 2% of annual rate of the principal of the total amount of damage compensation, default penalty and other expenses arising from the default on performance of monetary debts before the court's ruling on the initiation of the rehabilitation or liquidation process. The same shall apply to any damage compensation, default penalty or other expense for secured or preferential claims.
2. Interests accrued after the court's ruling on the initiation of the rehabilitation or liquidation process.
3. Damage compensation and default penalties arising from the default on the performance of debts after the court's ruling on the initiation of the rehabilitation or liquidation process. The same shall apply to damage compensation and default penalties for secured or preferential claims.
4. Penalties, fines, default surcharges, overdue charges, delinquent reporting surcharges, late report fees, non-reporting surcharges, and additional levies.
If there are provisions in the law for claims under subparagraph 4 of the preceding paragraph, such provisions shall govern.
The creditor may not request the debtor to return the expenses paid for his/her participation in the rehabilitation or liquidation process.

If several persons are jointly and severally liable for the full repayment of the same money or other property, and if one or several or all of them are subject to the court's ruling on the initiation of the rehabilitation or liquidation process, the creditor may exercise his/her right to the existing amount of the claim at the time of the ruling against each rehabilitation debtor or the liquidation estate.
If the guarantor is subject to the court's ruling on the initiation of the rehabilitation or liquidation process, the creditor may exercise his/her right to the existing amount of the claim against the guarantor at the time of the ruling.

If several persons are jointly and severally liable for the full repayment of the same money or other property, and if one or several of them are subject to the court's ruling on the initiation of the rehabilitation or liquidation process, other joint debtors may exercise their rights to the amount that they may claim for repayment in the future; unless the creditor has exercised his/her right to the existing amount of the claim at the time of initiation of the rehabilitation or liquidation process.
The provision of the preceding paragraph shall apply mutatis mutandis to the person providing the security for the debtor or the guarantor of the debtor.

If the issuer or endorser of a bill of exchange is subject to the court's ruling on the initiation of the rehabilitation or liquidation process, and if the payer or other person who prepares to pay the bill of exchange makes acceptance or payment thereof without knowledge of such fact, the claim arising therefrom may be exercised as a right to the claim in rehabilitation or liquidation.
The provision of the preceding paragraph shall apply mutatis mutandis to checks and other securities of which objects are monetary payment or other things.

Any claim that has not yet become due shall be deemed to have become due at the time of the court's ruling on the initiation of the rehabilitation or liquidation process.
Regarding a claim without interest that becomes due only after the court's ruling on the initiation of the rehabilitation or liquidation process, the amount of such claim shall be deducted with the statutory interest accrued for the period from the court's ruling on the initiation of the rehabilitation or liquidation process until the due date.

The creditor shall, within the period for declaration of claims as fixed by the court, submit a description of claims, which shall include categories, amounts and priority of his/her claims, as well as supporting documents, if any.
If the creditor is a financial institution or an asset management company, the description of claims under the preceding paragraph shall also state the following:
1. The principal of the outstanding claim and the occurrence date of the claim.
2. The amount of interest and default penalties, and their respective calculation methods.
3. The amount already repaid by the debtor.
4. The sequence and amount of offset of expenses, interest and principal against the amount under the preceding subparagraph.
5. The account number at a financial institution used for repayment, the handling person, and the contact method.
6. Other matter requested by the debtor which is considered proper by the court.
If the creditor fails to submit the description of claims in accordance with the provision of the preceding paragraph, the court shall, on application of the debtor, determine a date and order the creditor to make all necessary corrections. If no correction is made within such period, the court, in rendering the ruling under Article 36, shall take into consideration any evidence presented during oral argument.
If a creditor cannot provide the declaration of claims within the period prescribed under paragraph 1 of this article due to a cause not attributable to him/her, he/she may supplement the declaration within 10 days after that cause is extinguished; however, the extra time allowed may not go beyond the period for supplemental declaration of claims prescribed by the court.
If the creditor declares his/her claim after the prescribed period, the supervisor or the administrator shall report to the court for dismissal of such declaration by a ruling; however, this shall not apply to the circumstances under the preceding paragraph.
After receipt of the declarations of claims, the supervisor or the administrator shall prepare the list of claims after expiration of the prescribed period for supplemental declaration of claims. Such list shall be publicized by the court and shall be served on the debtor and creditors whose residence, office, or business place are known.
If neither a supervisor nor an administrator is selected, the list of claims under the preceding paragraph shall be prepared by the court.

Any relevant statute of limitations shall be tolled by the declaration of claims.
At the end of the prescription period, if the prescription cannot be interrupted in accordance with the provision of the preceding Paragraph for cause not attributable to the creditor, the prescription shall not be completed within one month from the time when the hindering cause is extinguished.

If the creditor has a preferential right, pledge, mortgage, lien or other security right in rem over specific property of the debtor, he/she shall declare such claims in accordance with provisions of this Statute.
If necessary, the supervisor or the administrator may request the creditor under the preceding paragraph to surrender the object of his/her right or to assess the amount of its price. If the creditor fails to surrender it without any justifiable reason, the supervisor or the administrator may apply to the court for handover of such object.

Regarding the claims and their categories, amounts or priorities declared by the creditor, the debtor or other creditors may raise an objection within 10 days from the next day following the service of the list of claims, and the supervisor, administrator or other interested party may raise an objection within 10 days from the day following the last disclosure of the list of claims.
The objection under the preceding paragraph shall be ruled on by the court, and shall be served on the objector and the creditors subject to the objection.
For any appeal from a ruling under the preceding paragraph, the appeal court shall conduct the oral argument before rendering its ruling.
The appeal from the ruling under paragraph 2 of this article shall not be prejudicial to the resolution of the creditors' meeting. The creditor subject to the objection may exercise his/her right according to the content of such ruling before the ruling becomes final. However, the amount repaid according to the rehabilitation or liquidation process shall be lodged with the court.
The claims declared by the creditor, which are not subject to objection in accordance with the provisions of paragraph 1 of this article, or regarding which the objection is ruled upon and becomes final, shall be deemed as final and have same effect as a final judgment on the debtor and all creditors.

If the court's ruling on the dispute over the participation of a claim and its category, amount or priority becomes final, the supervisor, the administrator or the court shall revise and publicize the list of claims.