Successful Full Recovery of 30 Million Won Court Deposit for Suspension of Compulsory Execution
26-07-28 132
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1. Case Overview
The client deposited 30 million KRW in accordance with the court's order while applying for a stay of compulsory execution in the past. After the main case was concluded, the deposit had to be recovered, but the client was experiencing difficulties as the funds were frozen because the opposing party did not agree to the cancellation of security.
If the opposing party does not agree to the cancellation of security, a procedure called "peremptory notice to exercise rights" must be undergone to recover the deposit, which takes a certain period. Without prompt and accurate legal measures, the valuable funds would remain frozen for a long period.
The attorney in charge at Law Firm Theo immediately filed an application with the court for a peremptory notice to exercise rights and cancellation of security for the prompt recovery of the client's deposit. The procedure was meticulously managed to perfectly meet the requirements, ensuring the opposing party did not exercise their rights during the peremptory notice period set by the court.
4. Result of Assistance
Acknowledging that the opposing party did not exercise their rights within the peremptory notice period, the court deemed them to have agreed to the cancellation of security and issued a decision to cancel the security of 30 million KRW. Through this, the client was able to safely recover the entire frozen deposit.
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