(1) If an industry cannot be operated for any reason, an application may be made to the industry registration body for the cancellation of that industry, in such a form and accompanied by such details or documents as prescribed.
Provided that in the case of being insolvent under the prevailing law, that law prevails.
(2) If an application is received under subsection (1) and it appears that the concerned industry has settled governmental liability including tax and other liability to be paid by it, the industry registration body shall cancel the registration of that industry by fulfilling the procedures as prescribed. The information of such
cancellation of registration shall be provided to the concerned applicant and all concerned government organizations.
(3) Notwithstanding anything contained in subsection (1) or (2), in the case of an industry that has undergone the insolvency process under the prevailing law, that law prevails, and if the industry is so liquidated, the liquidator shall give information thereof to the concerned industry registration body.