기업구조조정의 바람직한 방향 = Desirable Directions for Corporate Restructuring

다국어 초록 (Multilingual Abstract)

Corporate restructuring can mean either a process of assisting companies to maintain their competitiveness when they have high corporate values but struggle with temporary difficulties, or it can mean eliminating ailing companies that have high liquidation values. In other words, from an economic viewpoint, corporate restructuring enhances effectiveness of the whole economy by avoiding the waste of limited economic resources flowing into an ailing company, and it raises the soundness of the financial system by protecting investors’ and creditors’ profits. There are problems with corporate restructuring initiated by creditor financial institutions. These include lack of clear standards for selection of the target company, government-controlled financing, lack of professionalism in financial authorities and institutions, market disturbances caused by unrealized risks and absence of methods for dealing with conflicts of interest. Additionally, there have been many controversies over voluntary agreements and the Debtor-in-Possession (DIP) system, requiring planned improvements in how these agreements and this system operates going forward.
It is necessary for an objective and neutral arbitrator to participate in corporate reconstructing in order to avoid conflicts of interest which may occur in the course of corporate reconstructing. In addition, utilization of private equity funds as a tool in corporate restructuring should be encouraged. Instead of sticking to a bail-out program, which is the current method of infusing public funds, it is necessary to aggressively employ a bail-in program.
There is a global trend for companies involved in corporate restructuring and rehabilitation to select any of a variety of corporate restructuring procedures including out-of-court workout procedures, which is a voluntary restructuring method, as well as court-supervised receivership procedures. The method chosen depends on the company’s financial condition. We should also follow this trend.
People argue for or against adoption of the Corporate Restructuring Promotion Act (the “CRPA”). However, I am in favor of adopting the CRPA because over ten years it has largely contributed to overcoming Korean financial crises two times by preventing the spread of companies showing signs of insolvency and assisting early corporate normalization.

참고문헌 (Reference)

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