Citizens who filed a 'Martial Law Compensation' lawsuit against Yoon couple apply for Acro Vista seizure

[Financial News] Claiming mental damage due to the declaration of martial law on December 3, citizens who filed a compensation lawsuit against former President Yoon Suk-yeol and his wife have applied for a seizure of Yoon's residence in Acro Vista, Seocho-dong, Seoul.
According to the legal community on the 19th, lawyer Kim Kyung-ho of the law firm Hoin announced on his Facebook that he would submit a seizure application to the Seoul Central District Court on behalf of 12,225 citizens. A seizure is a system that temporarily freezes the debtor's assets before a lawsuit so that they cannot be disposed of.
He had previously filed a lawsuit against former President Yoon and his wife, claiming 100,000 won in compensation per plaintiff.
Lawyer Kim stated that he applied for the seizure to prevent the possibility of Yoon and his wife disposing of or concealing their residence. The court will decide whether to approve the seizure after considering the necessity of freezing Yoon's assets in the future.
Lawyer Kim argued, "The debtor (former President Yoon) is highly likely to dispose of or conceal his only major asset, the Acro Vista apartment in Seocho-dong, Seoul, through sale or donation to evade future compulsory execution amid significant judicial crises such as impeachment, arrest, investigations against him, and large civil lawsuits."
He continued, "If the property is disposed of during the main lawsuit, more than 10,000 creditors will face a clear risk of being unable to receive substantial relief even if they win the judgment, making the execution significantly difficult," explaining that the seizure was applied to ensure the effectiveness of the main judgment and preserve future compulsory execution.
He also emphasized, "We aim to prevent the debtor's unfair disposal of assets in advance and establish the minimum legal mechanism for creditors to quickly receive compensation once the judgment is finalized." Regarding the provision of collateral for the seizure application, he requested, "Considering the nature of the claim and the debtor's attitude, please allow the submission of a surety insurance policy instead of a cash deposit."
When applying for a seizure, the creditor must provide collateral to prevent damage to the debtor due to excessive claims. If collateral is not provided within the set period, the application is dismissed, and a seizure order is issued only when collateral is provided. In general, in real estate seizure applications, a surety insurance policy with 10% of the claim amount as the guarantee amount is used. This is a commonly used method as it only requires paying the insurance premium without separate cash expenditure.
 
scottchoi15@fnnews.com Choi Eun-sol Reporter