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Article 282
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Where a company which publicly issues shares or corporate bonds suspends its business due to financial difficulty or there is an apprehension of suspension of business thereof, but there is a possibility for the company to be constructed or rehabilitated, the company or any of the following interested parties may apply to the court for reorganization:
- Shareholders who have been continuously holding shares representing ten per cent or more of the total number of issued shares for a period of six months or longer;
- Creditors of the company who have claims equivalent to ten per cent or more of the capital from the total number of issued shares;
- Labor unions; or
- Two-third or more of the Employees of a company.
For filing the reorganization application by a company under the preceding Paragraph, the Board of Directors of the company shall adopt a resolution by a majority vote of the directors present at a meeting of the Board of Directors attended by over two-thirds of all directors.
The labor unions referred to in Item Three, Paragraph One denote the following labor unions:
- Corporate union;
- The industrial union whose members are joined by more than one half of employees employed by the company.
- The professional union whose members are joined by more than one half of employees with the same professional skills employed by the company.
The employees referred to in Item Four, Paragraph One shall be calculated based on the employee number of the roster of labor insurance of the company at the date of applying for reorganization.
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