Korea - Attachment of Assets
Originally from Attachment of Assets
Matters concerning attachments are regulated by various provisions in the Code of Civil Execution (the “CCE”). The Code of Civil Execution was previously a part of the Code of Civil Procedure, but it was separated from the Code of Civil Procedure (the “CCP”) and enacted as an independent statute in 2002. An informal translation of the CCE, containing only relevant provisions, is appended hereto.
Attachments provided for in the CCE are generally of two types; namely, attachments obtainable as security for judgments, which may be called Provisional Attachments and attachments obtainable for enforcement of judgments, which may be called post-judgment attachments. Some provisions are common to both of these types while other provisions are particular to each of these types. In the discussion of attachments hereinafter, a distinction between these two types of attachments has been brought out wherever relevant.
1. What is the general nature and effect of judicial measures available for plaintiffs to obtain provisional relief affecting property of debtors to obtain security for judgments to be obtained (“attachments”)? Freezing property in place? Placing it in the custody of a third party, such as a court official, sheriff or marshall?
There are two particular types of judicial measures available to plaintiffs as security for judgments to be obtained. One is called Provisional Attachment and the other is called Provisional Injunction. The remedy of Provisional Attachment is applicable for preservation of any of the debtor’s property as security for discharge of a monetary obligation whereas the remedy of provisional injunction is applicable for preservation of a specific property of the debtor which has become the subject matter of a dispute.