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In June 1996 the 1971 Fund Executive Committee, whilst noting that under Korean law the shipowner, having failed to commence limitation proceedings within the prescribed time, had lost the right to limit liability, decided nevertheless not to take recourse action against the shipowner to recover the amounts paid by the Fund in compensation, since the shipowner had no assets.
paras 3.3.1-3.3.5
para 3.7.4