Article 23-2Request for Performance of Obligations from a Transferee Company Related to Fraudulent Transfer of Business

①If a transferor company transfers business, with the knowledge that it harms creditors of the obligations that are not succeeded by the transferee company (hereinafter the creditors are referred to as "remaining creditor" in this Article), the remaining creditor may demand from the transferee company the performance of obligations up to the value of the succeeding properties; provided, however, that this does not apply to cases where the transferee company has no knowledge that it harms remaining creditor when the transfer of business becomes effective.

②If a transferor company is liable to performance of obligations referred to in the preceding paragraph pursuant to that paragraph, relevant liability for a remaining creditor, who does not demand or give an advance notice of the demand within two years from when the transferee company transferred business with the knowledge that it harms the remaining creditor, extinguishes when that period elapses. The same applies when ten years have elapsed from the day when the transfer of business comes into effect.

③When an order of commencement of bankruptcy proceedings, order of commencement of rehabilitation proceedings, or order of commencement of reorganization proceedings is made against the transferor company, the remaining creditor may not exercise the right to demand pursuant to the provisions of paragraph (1) from the transferee company.