판례를 통해 본 주식회사의 분할 및 분할합병

손대일(Dae Il Son) 중앙법학회 2012 中央法學 Vol.14 No.2

Corporate division systems were first introduced in Korea through revision to the Commercial Act in 1998 and since then there have been a wide range of economically-motivated corporate divisions or division-mergers, with a significant body of cases regarding this issue being accumulated. The main goal of this study is to classify and review the various issues to emerge during legal disputes regarding the corporate division or division-merger, and through this to identify trends within court decisions accumulated during the ten years following the introduction of corporate division systems. Accordingly, this study reviews numerous examples of procedures for corporate division or division-merger, the resulting succession of rights and duties, joint and several liability to protect creditors and actions taken to nullify the division of a company, as well as decisions made by the Supreme Court or the trial and appellate courts in regard to these examples. As seen through these decisions, the stance taken by the courts has been to preserve legal stability by interpreting statutes defined under Article 530-2 of the Commercial Act in a manner as faithful as possible to their meaning, while also striving for concrete validity by opting for an interpretational approach in regard to disputable issues. When there are a large number of stakeholders affected by the corporate division or division-merger, it is essential to apply Commercial Act upon strict interpretation of relevant provisions. However, as the Commercial Act includes no specific provisions in regard to regulations pertinent to this issue, a certain amount of interpretation becomes inevitable. When considering that, ultimately, this issue can be solved only by performing systematic and logical analysis when applying pertinent provisions to each individual case, the courts` stance is understandable. While there have been a significantly increasing number of court decisions related to corporate division systems in recent years, the trial and appellate courts fail to present a consistent system of interpretation for each specific issue, thus making it difficult to accept these decisions as a unified interpretation standard. It will be necessary for the Supreme Court, as the court of final instance, to present clear standards and thus establish the definitive stance of the courts. At the same time it will also be necessary to perform interpretation that both promotes the division system as a means of corporate reorganization to improve the efficiency of a company and protects the status of interested parties such as shareholders and creditors at the same time.

합병 및 분할 관련 채권자보호제도 개정 제안

정준혁(Joon Hyug CHUNG) 한국법학원 2019 저스티스 Vol.- No.174

합병이나 분할을 통하면 회사채권자의 동의 없이도 소멸회사나 분할회사의 채무 및 계약을 합병존속회사나 분할신설회사에 이전할 수 있다. 이 과정에서 회사채권자에게 손해가 발생하는 것을 막기 위해 상법은 채권자보호 제도를 두고 있다. 합병에 대해 채권자가 이의를 제출하면 회사는 해당 채권자에 대해 변제, 담보제공, 신탁재산 설정의 보호조치를 취하여야 한다. 분할당사회사들은 분할 전 회사채무에 대해 연대책임을 부담하거나, 채권자이의 절차를 거치는 대신 개별책임을 부담하는 방식 중 하나를 선택할 수 있다. 이러한 우리나라의 채권자보호 제도는 회사법 상 별도의 채권자보호 제도가 없는 미국은 물론 독일, 프랑스, 영국 등 유럽 국가들이나 일본, 중국, 싱가폴 등에 비해 상당히 강력한 편이다. 그런데 우리나라의 채권자보호 제도는 합병이나 분할로 인하여 실제 채권가치가 하락하는지, 채권자 별로 어떠한 영향을 받는지와 관계없이 일률적으로 적용되고, 이의를 제기할지 여부가 채권자의 선택에 맡겨지기 때문에 이로 인하여 과잉보호와 과소보호의 문제가 발생한다. 그 결과 보호의 필요성이 없는 채권자도 이의제기를 통해 조기변제나 담보를 제공 받을 수 있는 반면, 정작 보호의 필요성이 있는 채권자가 이의를 제기하지 못하여 보호를 받지 못할 수도 있다. 예를 들어 하청업체와 같이 회사와의 거래관계나 협상력을 고려할 때 이의를 제기하기 어려운 채권자나, 채권 발생 여부를 알지 못하여 이의를 제기하지 못하는 불법행위 피해자들은 현행 제도를 통해 보호받기 어렵다. 이의를 제기한 채권자에게 제공하여야 하는 담보 등 보호조치가 충분한지 여부에 대해 회사와 채권자간에 다툼이 있는 경우에는 합병이나 개별책임 방식에 의한 분할을 완료하는 것이 어렵다는 문제점도 있다. 우리나라의 채권자보호 제도는 채권자보호라는 본래의 목적을 적절하게 달성하지 못하면서도 합병이나 분할 거래 진행에 과도한 부담을 주고 있다. 본 논문에서는 이러한 문제의식을 바탕으로 채권자보호 제도의 개편을 제안한다. 먼저 합병의 경우에는 합병으로 인하여 실제 채권가치가 하락하는 채권자만 이의를 제기할 수 있도록 하여야 한다. 채권자의 이의제출로 인하여 합병이 무산되거나 장기화되는 것을 막기 위해, 합병이 완료된 이후 이의를 제출하는 사후적 방식으로 전환할 것을 제안한다. 이의권을 행사하는 것이 어렵거나 불가능한 채권자는 상법보다는 특별법 상 주주의 유한책임 제한 등의 방법을 통해 보호하는 것이 효율적이다. 분할당사회사가 개별적으로 책임을 부담하는 형태의 분할의 경우 앞서 본 채권자이의 제도와 관련한 문제점이 대부분 그대로 문제된다. 이에 따라 개별책임 방식을 폐지하고, 분할당사회사들이 분할 전 채무에 대해 공동으로 책임을 부담하게 하되, 해당 채무와 관련한 회사가 이를 우선적으로 변제하도록 연대책임 대신 보증책임 방식으로 전환할 것을 제안한다. Similarly with major European jurisdictions and Japan, the Korean Commercial Code provides for certain creditor protection mechanisms in case of corporate mergers and divisions. Creditors are exposed to changes in financial stability of debtor companies due to the universal transfer triggered by mergers of divisions, which do not require their individual consent, hence such protection is required. Under the Korean Commercial Code, in case of a merger, a creditor may request premature payment or collateral to assure performance. In case of a division, divided companies bear joint and several liabilities for any liabilities that arised before the division, but they may choose to be released from such liabilities if same protection measures as in case of the merger are offered to the dissenting creditors. Such protection mechanisms apply to all creditors regardless of whether their actual position worsens due to the merger or division. While this overprotects creditors who are not harmed by the merger or division as they can request additional collateral to the company, the current mechanism does neither protect suppliers with inferior bargaining power or tort victims who are unaware of the existence of their claims as they cannot raise objections when the merger or division is announced. Also, these requirements prove costly for the transacting companies as excessive collateral requests by disputing creditors may delay or even block the merger or division. This paper reviews how creditors are affected by the merger or division of debtor companies and suggests a new proposal for more efficient and balanced creditor protection. In case of merger, adequate safeguards shall be provided only when creditors are harmed by the transaction, which can be determined by observing changes in the credit ratings of the company. Any merger transactions should be allowed to be completed despite of any disagreements between dissenting creditors and the merging companies, which shall be resolved by a decision of the court. As for division, I suggest that each involved divided company should be required to guarantee the performance of the liabilities of the other involved company that antedate the division.

주식회사 합병에서 채권자 보호절차에 관한 입법론적 연구

옥무석(Ok, Moo-Seok) 한양법학회 2014 漢陽法學 Vol.25 No.1

The market participants have influenced the rule-making process since 1997. The main concerns of legal scholars on the reorganization system has been developing the system of corporate merger into more reasonable and cost-effective one. Under these thoughts, a number of provisions of the Commercial Act of Korea on the corporate reorganization, including merger in particular, has been continuously amended and added. For example, the provisions of division and merger through division of the company were introduced. Also, adding to traditional merger, simplified merger and small-scale merger were adopted as another type of merger. I think the legal system of M&A involves many issues to be examined thoroughly in various aspects. Despite the significant transformation in the corporate reorganization area, at this point it is still hard to evaluate that the legal system is sophisticated enough to address every details of relevant issues. In this paper, I focused on reviewing the issue of creditors" protection in the merger procedure from the legislative perspective. First, I gave an overview of the Korean M&A market and the way its legal system has developed during the past 10 years. We can observe that legal system of M&A in Korea has been immensely influenced by the change of economic environment. Then I explained the provisions of the Commercial Act on the creditors" protection in the merger procedures, and reviewed some problems they have. Those creditor protection provisions needs improvement, reflecting the newly emerging market of corporate division and merger. The possible conflicts among new and old statutory provisions should be considered as well. Even though considerable amendments have been made to the Commercial Act concerning creditor’s protection, there still remains several problems that need to be resolved. The statutory provisions on creditors" protection were adopted at the very time when the Commercial Act of Korea was first enacted and the half century has been passed since then. Still, the statutory provisions regarding creditors of mergers have been very slightly changed. As the creditors should be better protected, it is of great importance to modernize creditors" protection procedure in accordance with the rapid change in the M&A legislature.

M&A에 대한 상법상의 규제와 몇 가지 문제점- 합병, 분할, 주식의 포괄적 교환을 중심으로 -

홍복기 법무부 2014 선진상사법률연구 Vol.- No.67

In 2011, the Ministry of Justice amended the Korean corporate law portion of the Korean Commercial Act in order to strengthen the competitiveness of Korean companies in international markets by establishing effective forms of corporate governance and market-oriented discipline. Among the amended provisions two important institutional devices in relation to the merger are newly introduced. One is the cash-out merger which the subparagraph of Article 523 of the Korean Commercial Act set forth the cash amount or property which is to be paid by the surviving corporation to the shareholders of the merged corporation, the other is the triangular merger which the Article 523-2 authorize the use of shares of parent's shares as consideration for mergers. Now the cash-out merger and the triangular merger are became the means of corporate reorganization. After the enforcement of the amended law one case was reported as a the triangular merger. Nevertheless there are many legal obstacle including corporate law, capital market law, competition law, labor law and tax law in order to reorganize the corporation. Recently Korea Government has released its legislative plan for introducing the reverse triangular merger to revitalize the national economy in the small sized corporations and the venture business corporations. The reverse triangular merger is not permitted under the current Korean Commercial Act because of that the merger subsidiary is prohibited to acquire the parent's share for exchange between the parent's and the target's shares. This paper reviews some legal issues about the merger, division, and share exchange of corporations related to M&A in the amended Korean Commercial Act, 2011 including the interpretation of the correspond article and the suggestion of amendment of the law. 본 논문에서는 편집자의 요청에 따라 기업의 구조조정 또는 기업재편의 가장 중요한 수단인 M&A에 대한 회사법상의 규율과 몇 가지 문제점을 합병, 분할, 주식의 포괄적 교환 및 이전을 중심으로 살펴보았다. 합병, 분할 및 주식의 포괄적 교환은 상법상 M&A의 다양한 수단 중 가장 중요한 것이며, 기업구조조정 또는 기업재편의 수단으로 활용되기 때문이다. 합병에 있어서는 무증자합병, 채무초과합병, 삼각합병, 소규모합병에 있어서 주식매수청구권의 인정, 역삼각합병 등의 문제를 검토하였다. 회사의 분할에 있어서는 대상회사의 범위, 분할의 대상, 물적 흡수분할합병의 인정, 채무초과회사의 분할, 무증자분할합병, 분할교부금, 불비례적 분할, 분할 후의 회사의 책임, 단순분할시 주식매수청구권, 삼각분할 등의 문제를 다루고 있다. 주식의 포괄적 교환⋅이전에 있어서는 주식의 포괄적 교환 대가의 유연화, 소규모주식교환의 요건, 삼각주식교환 등의 문제를 다루고 있다. 합병, 분할, 주식의 포괄적 교환에 대한 상법상의 규율은 2011년 개정상법이 교부금합병과 삼각합병을 인정함에 따라 일대 전환기를 맞이하였다고 볼 수 있다. 교부금합병제도에 의하여 합병수단의 유연화ㆍ다양화를 가져왔으며, 삼각합병이 인정됨에 따라 역삼각합병, 삼각분할, 삼각주식교환 등 소위 ‘삼각적 조직개편수단’의 도입논의가 본격적으로 시작되었고, 이를 제도화하기 위한 입법작업도 진행되고 있다. 이들 제도의 도입을 결정함에 있어서는 회사법상의 구조조정을 위한 회사법상의 제도의 특성과 차이점을 분석하고, 제도간의 균형을 잃지 않도록 하여야 할 것이다. 또한 우리 실정에 맞는 기업구조조정의 원활화와 회사를 둘러싼 이해관계인의 보호가 조화롭게 이루어져야 할 것이다. 아울러 회사의 구조조정에 관한 법적 문제는 헌법, 세법, 노동법, 경제법, 금융법 등 다른 인접분야와 융합적 해결을 필요로 한다.

株式會社分割에 있어서 利害關係人의 保護

金秉紀 한국기업법학회 2001 企業法硏究 Vol.7 No.-

The environment of the domestic and international economy is being changed more rapidly than ahs ever been. It's imperative that corporations should adjust themselves to this changing environment through constant reformation. There are two strategies that corporations may take to adjust themselves to the economic environment; one is about a business strategy for adjustment to the market condition and the other about corporate organization strategy to control the internal operation; the latter is very important to increase the corporate efficiency. The inefficient organization may make the corporation lose the ability to adjust to the market, and even more the future of the corporate be threatened. In America the term 'restructuring', meaning a vast reformation, ahs been used since 1980s with the recognition of the importance of corporate organization and it was introduced to Japan and Korea. Restructuring means merger of corporations, corporate division, establishment of the holding corporation and the subsidiary, and effective reorganization of internal work. The Commercial Code of Korea reflected the international trend in the 1998 revised version. The code rules the corporate division system with the name of division and division-merger. Restructuring, on the ground of financial states of corporations and corporate efficiency, is imperative and corporate division will play a great role in restructuring. Corporate division, including the division of the corporate body and the division of positive property and passive property, will affect the positions of stockholders and creditors of the divided corporations. Corporate division is a influential change which makes stakeholder adjust themselves to the new condition when stakeholder, including stockholders and creditors, have predicted the existing conditions and have and have had the legal relations. It is natural that this change affects the positions of stockholders and creditors. In most cases of division the decision is made by major stockholders, but to protect stockholders' and creditors' profit the opinion of the miner stockholders and creditors should be reflected in the process of making the decision to protect their interest. If stockholders who disagree with division claim the right to demand to purchase stocks, the fair way to estimate the stock price should be made. And legal considerations for the lawsuit against invalidity of division should be performed when there is any defect in the process to divide corporations. This thesis aims to search for the ways to prevent the small stockholders and creditors from getting damaged by the division, and through the study to discuss the defects of the code and to suggest the alternatives.

2015년 개정 상법의 주요 내용과 기업의 실무 대응

강희주 한국상사법학회 2016 商事法硏究 Vol.35 No.2

The amended Korean Commercial Code (“KCC”) in 2015 newly stipulated the triangular reorganization system including the triangular share exchange and triangular merger through division. In addition, the amended KCC stipulates and modifies the dissenting shareholders’ appraisal rights, alleviated requirements on governing small-scale exchange, regulated requirements for small-scale mergers, simplified business transfer system, and prescribed the liabilities pursuant to the division and stock for non-stock division merger as part of the major regulation relating to corporate division merger. Such amendments were made as an effort to effectively respond to a situation in Korea where new business development and restructuring throughout various industries are being required due to the global economic depression following the financial crisis. Notably, a large part of the amendments to the KCC focuses on stipulating M&A transactions. In consideration of the modifications made to the Japanese regulations on M&A transactions have greatly contributed to Japan’s corporate restructuring and cross-border M&A transactions, it is expected that the amended KCC on triangular reorganization will generate similar contributions to M&A transactions in Korea; the amended KCC will not only facilitate M&A transactions, establish efficient restructuring process throughout various industries, and create new business but also lay foundation for the companies to expand their businesses overseas. In regards to the newly implemented triangular reorganization regulation (on triangular share exchange and triangular merger through division), a party to the transaction may consider various options in providing the parent company’s stock (new stock or one’s own stock) as a consideration for the stock exchange or division merger transaction. The party’s option will depend on the reasonableness of the time, tax expenditure and other costs spent on the transaction under each option. Meanwhile, as cross border M&A commonly takes form in a share exchange or triangular reorganization, the amended KCC will be more suitable to facilitate international M&A transactions. With the compiling domestic M&A experience under the amended KCC, domestic companies may actively pursue overseas M&A transactions, which will significantly contribute to efficient restructuring various industries and strengthening the competitiveness of the newly formed businesses in Korea. 2015년 개정 상법은 삼각주식교환과 삼각분할합병 등 삼각조직재편제도를 새로 규정하였고, 반대주주의 주식매수청구권제도의 정비, 소규모주식교환요건의 완화와 소규모합병의 요건 규정, 간이영업양수도제도의 도입, 회사의 분할 합병 등에 관한 주요 규정으로서 분할에 따른 책임과 교부금분할합병 등에 대하여 규정하였다. 이는 2008년 금융위기 이후 전개되고 있는 세계적인 경제의 침체 등으로 인하여 우리나라의 산업전반에 걸쳐서 구조조정과 신산업의 발굴이 필요한 상황에 효율적으로 대응하기 위한 노력의 일환으로 이루어졌다. 특히, 개정 상법에서는 M&A에 관한 제도가 주로 정비되었는데, 일본의 회사법 등에 의한 M&A제도의 정비가 일본의 산업의 구조조정과 기업의 해외 M&A에 크게 기여한 바가 있다는 사실을 감안하면, 개정 상법에 도입된 각종 M&A제도들은 향후 M&A의 활성화를 통하여 우리나라의 합리적인 산업구조조정과 성장동력으로서의 신산업의 발굴은 물론 기업의 해외진출의 중요한 바탕이 될 수 있을 것이다. 새로 도입된 삼각조직재편제도인 삼각주식교환과 삼각분할합병제도와 관련하여, 거래의 당사자가 주식교환이나 분할합병의 대가로 지급할 모회사의 주식(신주 혹은 자기주식)을 어떤 방식으로 조달하여야 하는지에 대해서는 여러 가지 조달방법이 고려될 수 있는데, 결국 그 요체는 거래에 소요되는 시간과 세금 등의 비용이 얼마나 합리적인지 여부에 있다. 한편, Cross Border M&A는 주식교환이나 삼각조직재편제도의 형태로 이루어지는 경우가 많기 때문에, 향후 국내에서 활발한 삼각조직재편을 이용한 M&A가 이루어지고, 거기에서 축적된 다양한 삼각조직재편의 경험을 토대로 활발한 해외 M&A를 진행한다면 합리적인 산업의 구조조정과 신산업 경쟁력의 강화 등의 목표 달성에 상당한 도움이 될 수 있을 것이다.

株式會社分割에 있어서 債權者保護와 根抵當權에 관한 硏究

金秉紀(Pyung-Key Kim) 한국기업법학회 2008 企業法硏究 Vol.22 No.1

The environment of the domestic and international economy is being changed more rapidly than has ever been. There are two strategies that corporations may take to adjust themselves to the economic environment; one is about a business strategy for adjustment to the market condition and the other about corporate organization strategy to control the internal operation; the latter is very important to increase the corporate efficiency. The inefficient organization may make the corporation lose the ability to adjust to the market, and even more the future of the corporate be threatened. In America the term ‘restructuring’, meaning a vast reformation, has been used since 1980s with the recognition of the importance of corporate organization and it was introduced to Japan and Korea. Restructuring means merger of corporations, corporate division, establishment of the holding corporation and the subsidiary, and effective reorganization of internal work. The Commercial Code of Korea reflected the international trend in the 1998 revised version. The code rules the corporate division system with the name of division and division-merger. Restructuring, on the ground of financial states of corporations and corporate efficiency, is imperative and corporate division will play a great role in restructuring. Corporate division, including the division of the corporate body and the division of positive property and passive property, will affect the positions of stockholders and creditors of the divided corporations. Corporate division is a influential change which makes stakeholder adjust themselves to the new condition when stakeholder, including stockholders and creditors, have predicted the existing conditions and have had the legal relations. It is natural that this change affects the positions of stockholders and creditors. In most cases of division the decision is made by major stockholders, but to protect stockholders' and creditors' profit the opinion of the miner stockholders and creditors should be reflected in the process of making the decision to protect their interest. This thesis aims to search for the ways to prevent the small stockholders and creditors from getting damaged by the division, and through the study to discuss the defects of the code and to suggest the alternatives.

會社分割·分割合倂에 있어서 債權者保護

김병기 전북대학교 동북아법연구소 2010 동북아법연구 Vol.4 No.2

The environment of the domestic and international economy is being changed more rapidly than has ever been. There are two strategies that corporations may take to adjust themselves to the economic environment; one is about a business strategy for adjustment to the market condition and the other about corporate organization strategy to control the internal operation; the latter is very important to increase the corporate efficiency. The inefficient organization may make the corporation lose the ability to adjust to the market, and even more the future of the corporate be threatened. In America the term ‘restructuring’, meaning a vast reformation, has been used since 1980s with the recognition of the importance of corporate organization and it was introduced to Japan and Korea. Restructuring means merger of corporations, corporate division,establishment of the holding corporation and the subsidiary, and effective reorganization of internal work. The Commercial Code of Korea reflected the international trend in the 1998 revised version. The code rules the corporate division system with the name of division and division-merger. Restructuring, on the ground of financial states of corporations and corporate efficiency, is imperative and corporate division will play a great role in restructuring. Corporate division, including the division of the corporate body and the division of positive property and passive property, will affect the positions of stockholders and creditors of the divided corporations. Corporate division is a influential change which makes stakeholder adjust themselves to the new condition when stakeholder, including stockholders and creditors, have predicted the existing conditions and have had the legal relations. It is natural that this change affects the positions of stockholders and creditors. In most cases of division the decision is made by major stockholders, but to protect stockholders' and creditors' profit the opinion of the miner stockholders and creditors should be reflected in the process of making the decision to protect their interest. This thesis aims to search for the ways to prevent the small stockholders and creditors from getting damaged by the division, and through the study to discuss the defects of the code and to suggest the alternatives.

2015년 M&A 관련 개정 상법의 주요내용과 과제

황현영 한국경영법률학회 2016 經營法律 Vol.26 No.3

The amendment of Company Part in Korean Commercial Act passed the National Assembly on 12 November 2015 and came into force on 2 March 2016. The amendment was placed after a year from amendment in 2014 which abolished equity holdings and a large-scale revision of Company Part in Commercial Act in 2011. This amendment in Company Part is distinctive in the follow up of 「M&A Activation Plan」 jointly announced by seven government agencies for government policy package; economy activation. The Activation Plan provided 25 improvements and those plans are in motion under each government agencies. Ministry of Justice legislated the amendment of Commercial Act for a improvement of M&A system and procedure as it already announced to introduce triangle share swaps, a triangle merger after division, and a simplified business transfer. 24 articles were amended, one article was newly inserted, and 2 articles were deleted in amended Commercial Act. In criterion related contents, amendments can divided into two. one is introduction of the new systems like triangle share swaps, the other is a improvement of system related to merger and division. 24 articles were amended, one article was newly inserted, and 2 articles were deleted in amended Commercial Act. In criterion related contents, amendments can divided into two. one is introduction of the new systems like triangle share swaps, the other is a improvement of system related to merger and division. As M&A relevant systems; triangle share swaps, triangle merger after division, and simplified business transfer system are introduced. Next, for the improvement of system related to merger and division, a relationship of rights and duties of shareholders without voting rights was made clear and newly inserted period of request for appraisal rights regard to appraisal rights of opposing shareholders. Also, a reorganization related system was modified. Company’s own share shall be aggregated in case of small scale merger and regulations about small scale share swap were relaxed. Reflected flexibility of swaps and a division allowing transfer of company’s own share instead of issuance of new shares and following non-capital increasing swaps and division. Lastly, a regulation of a division was improved by defining name of division related company as abbreviation and inserted division date. Penal provision on acquirement of shares of parent company was also inserted. Insert of a new article allowing direct issuance of shares by parent company in case of triangle reorganization, unification of standards for small scale reorganization, issue of concern to find balance between procedural efficiency in exercising appraisal rights of opposing shareholders and protection of shareholders, benefits in taxation from triangle reorganization are suggested as future tasks induced by amended Commercial Act related to M&A. 지난 2015년 11월 12일 상법 회사편 개정안이 국회 본회의를 통과하였고, 2016년 3월 2일부터 시행되고 있다. 2011년 상법 회사편의 대대적인 개정이 있었고, 그 후 2014년 무기명주식을 폐지하는 개정이 있은 후 1년만에 이루어진 상법 회사편의 개정이다. 이번 상법 회사편 개정은 경제 활성화라는 정부 정책기조에 맞추어 2014년 3월 7개 부처가 공동으로 발표한 「M&A 활성화 방안」의 후속조치라는 점에서 특징적이다. M&A 활성화를 위한 25개의 개선과제를 제시하였고, 각 부처에서 진행 중에 있다. 법무부는 M&A 제도 및 절차 개선을 위한 상법 개정사항으로 삼각분할합병, 삼각주식교환, 간이영업양수도 제도를 도입하겠다고 발표하였는 바, 이를 입법화한 것이다. 개정 상법은 구체적으로 24개 조문을 개정하고, 1개 조문을 신설하며, 2개 조문을 삭제하였는데, 내용을 기준으로 크게 분류하면 삼각주식교환 등 새로운 제도의 도입과 합병과 분할 관련 제도의 정비로 나누어 볼 수 있다. M&A 관련 새로운 제도로 삼각주식교환, 삼각분할합병, 간이영업양수도 제도를 도입하였다. 다음으로 합병·분할 관련 제도 정비로 반대주주의 주식매수청구권과 관련하여 무의결권 주주의 권리관계를 명확하게 하였고 매수청구기간을 신설하였다. 또한 소규모 합병 기준 관련 자기주식 합산을 명문화 하고 소규모 주식교환 요건을 완화하는 등 소규모 조직재편 관련 제도를 정비하였고, 신주발행에 갈음하여 자기주식을 이전할 수 있도록 하는 규정을 정비하고 교환·분할 대가의 유연화를 반영하였으며 이에 따른 무증자 교환·합병 규정을 두었다. 마지막으로 분할 관련 회사의 명칭을 약칭으로 정의하고, 분할기일을 신설하는 등 분할 관련 규정을 정비하고 모회사 주식의 취득에 대한 벌칙 규정을 두었다. 이러한 M&A 관련 개정 상법에 대한 향후 입법 과제로 삼각조직재편시 모회사에 의한 신주의 직접 발행을 허용하도록 하는 규정의 신설, 소규모 조직재편의 기준을 일원화하는 정비, 합병유지청구권 등 주주보호방안 마련, 삼각 조직재편에 대한 과세혜택 인정을 제안하였다.

會社分割에 있어서 分割反對株主의 株式買受請求權에 관한 小考

金東民(Dong-Min Kim) 한국기업법학회 2007 企業法硏究 Vol.21 No.4

As the domestic and international environments surrounding the companies are turbulently changed, a number of companies carry out the corporate restructuring through the division of company, which splits off a particular subdivision of a company into an independent corporation. However, in case that the division of a company, even though it is urgently requested for the company, is carried out through the arbitrary decision making of company's management or controlling shareholders by means of their majority status in company's shares, the probability that the rights of minority shareholders who have contradictory interests with them can be infringed by such decision making on the division of company will increase as much. The necessity is urgently raised that we should sincerely consider and search for a series of rational solutions for such problems as contradiction between controlling and minority shareholders. So this study focuses on the protection and coordination of concerned parties' rights in the direction of harmonizing two factors, which might be called the supreme measures of value in the regulation of corporate restructuring by corporate law. Thus, the ideal of the protection of rights of those minorities who have contradictory interests in the corporate restructuring through the division of company comes to the fore and is considered in a different perspective from the past. Especially, to protuct the minority shareholders the appraisal right (rights of shareholders to request the purchase of shares) is essentially requested all the shape of a corporate division including the shape of the real division (where a company to be divided acquires the total number of shares of a company to be incorporated due to a division or a merger through division) and the division merger. And when the controlling shareholders give a particular disadvantages to the minority shareholders, the scope of the appraisal right is enlarged just the same minority shareholders in a corporate division.