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초록

영어

The Debtor Rehabilitation and Bankruptcy Act adopts the DIP system of America, which does not call for appointing a trustee or can stipulate principally to appoint the turnaround debtor as a trustee when needed. A company, however, currently undergoing a turnaround procedure, has already forfeited the stock value whose ownership is of the creditor within the liquidation value range. Hence, it should be uncontested that the creditor within the liquidation value range resolves the governance system. For that point, developed nations reflect the creditor’s opinion during the process of appointing a trustee who is in charge of the management of a turnaround company. In Korea, however, the court exercises plenary powers, and the creditor is left with only the rights to express opinions which are not generally satisfactorily contemplated. Moreover, M&A cannot go without a hitch insofar as a trustee is appointed out of the previous management. M&A must be sought to acquire working capital when a company’s management status seems problematical for a turnaround with only its own profit and when it is necessary for a large scale of investment in plant and equipment or an extensive foundation for marketing. In that case, a trustee must not be appointed from the previous management, but should be an expert on M&A or corporate restructuring. Lastly, a newly-appointed trustee should be a competent person with previous managerial experiences, who can prevail over the limitations of previous managerial skills. Although previous managers earnestly operated the company without any insolvency management, an outside expert should be resolutely appointed as a trustee upon exposing limits on managerial skills. Professional managerial skills should reflect previous managerial experiences and necessitate trusteey attainments, for which a trustee must take into consideration his positive attitude by, for example, completing a related managerial curriculum. Furthermore, for an efficient division of management for a turnaround, a multiple number of trustees can be sought for mutual cooperation and control, but confliction may deteriorate managerial efficiencies or set off a division of the company due to excessive competition and recrimination. Hence, a multiple trustee system can be exceptionally effective in the areas that require professional managerial know-how’s.

목차

Ⅰ. 서론
 Ⅱ. 선진각국의 관리인제도
  1. 미국
  2. 영국
  3. 일본
 Ⅲ. 관리인제도의 개선방향
  1. DIP 제도의 한계성 극복
  2. 법원관리시스템의 개선
  3. 채권자 참여의 확대
  4. 인수·합병(M&A)의 원활화
  5. 전문경영인의 활용
 Ⅳ. 결론
 참고문헌
 Abstract

키워드

채무자회생법 회생절차 관리인 복수관리인제 기업구조조정 채권자 청산가치 경영능력 DIP M&A DIP M&A Debtor Turnaround Act turnaround procedure trustee multiple trustee system corporate restructuring creditor liquidation value managerial skill

저자

• 박승두 [ Park, Seung-Du | 청주대학교 법과대학 교수 ]

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