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Article 290
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The reorganizers of the company shall be selected and appointed by the court from among the relevant experts recommended by creditors, shareholders, directors, the central authority in charge of the relevant end enterprise, and/or the authority in charge of securities affairs.
The provisions set out in Article 30 hereof shall apply mutatis mutandis to reorganizers.
In the meeting of interested parties, if the result of the voting conducted in groups under Article 302 shows that two or more groups prefer a change of reorganizers, a list of candidates may be submitted to the court along with an application for such change.
In case there is a plural number of reorganizers, execution of all matters relating to reorganization shall be effected by a majority vote of them.
In the execution of duties, the reorganizers shall act under the supervision of the reorganization supervisors. In case a reorganizer Acts in violation of the laws or improperly, the reorganization supervisors may apply to the count for discharging his/her office and selecting a new one
In the execution of duties, the reorganizers shall secure the prior consent of the reorganization supervisor:
- Disposal of property of the company outside the scope of its business;
- Change of the business of the company or in the ways of operation;
- Contract of loans;
- Conclusion or rescission of important or long term contracts, the scope of which shall be determined by the reorganization supervisor;
- Proceeding in litigation or arbitration;
- Waiver or assignment of rights of the company;
- Dealing in cases where others exercise rights of retrieval, rescission or set-off;
- Appointment and removal of important officers of the company; and
- Other acts restricted by the court.
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