Earticle

우리나라 채무자 구제제도는 크게 두 개 축으로 나누어진다. 법원 밖 에서 채권자 중심으로 이루어지는 시스템과 법원 내에서 판사 중심으로 이루어지는 시스템 두 축이 있다. 채권자 중심으로 이루어지는 시스템 으로는 기업구조조정촉진법에 따른 워크아웃제도, 채권은행협약, fast-track제도, 사적화의, 신용회복지원 제도 등이 있다. 이중 가장 대표 적인 워크아웃 제도는 회생가능성은 있으나 재무적 곤경에 빠진 기업에 대해 채권자인 금융회사와 채무자인 대상기업 간 협상과 조정과정을 통 해 기업가치를 극대화하고 채권금융회사의 여신건전성 제고를 위해 사 업부문 재편 재무구조개선 등 경영의 각 부분을 혁신하고 조정하는 모 든 활동을 말한다. 워크아웃기업으로 선정되면 신규자금 지원, 대출원 리금 상환유예, 대출이자율 조정, 출자전환 등 채무조정 과정과 동시에 불요불급한 부동산 매각, 인력조정, 비용감축, 주력사업정비, 감자, 투자 유치, 인수합병 등 자구계획을 통해 재무구조를 개선시키는 구조조정 작업을 진행한다. 따라서 코로나19과 같은 예측할 수 없는 변수로 인해 유동성 위기에 빠진 기업은 주채권은행과 사전에 충분한 상담을 통해 이런 채무자 구제제도를 활용하여 위기를 슬기롭게 극복해야 할 것이 다. 다음은 법원 안에서 이뤄지는 채무자구제시스템으로 채무자 회생 및 파산에 관한 법률에 따른 기업회생절차, 개인회생절차, 파산절차가 있다. 회생절차는 재정적 어려움으로 인하여 파탄에 직면해 있는 채무 자에 대해 채권자, 주주, 지분권자 등이 법률관계를 서로 조정하여 채무 자 또는 그 사업의 효율적인 회생을 도모하거나 회생이 어려운 채무자의 재산을 공정하게 환가하여 배당하는 것을 목적으로 한다. 보통은 채 권자 중심의 워크아웃제도에서 이해당사자들이 이해관계가 서로 대립 되어 조정이 잘 안되거나 채권자가 회사의 존속가치가 없어 정상화가 불가능하다고 판단한 경우 법원에 회생신청을 하게 된다. 한편, 채무자 가 채무를 변제하지 못하게 되었을 때, 채무자 재산을 공정하게 환가하 여 배당함으로써 채권자의 이익을 극대화하고 채무자에게는 그 채무를 면책하게 함으로써 재기의 기회를 부여한다. 이를 위해 파산 및 면책제 도가 있다. 금융회사 등 채권자로부터 빚을 졌다가 불가피하게 빚을 갚 지 못할 상황이 생기면 법원에 파산신청 및 면책신청을 할 수 있다. 법 원에서 면책결정을 받게 되면 채무는 갚지 않아도 되고 정상적인 경제 활동도 할 수 있게 된다. 코로나19 등 불가피한 외부사정으로 인해 기업 이 도산위기에 처했을 때 현재 운용 중인 채무자 구제 시스템을 적극 활용하여 위기를 조기에 극복해야 한다. 그러나 현재 운용중인 채무자 구제제도는 많은 문제점이 있기 때문에 제도적인 또는 운용상 적극적인 개선노력이 필요하다.

When a corporate borrower in the Republic of Korea (Korea) faces financial difficulties, there are two different restructuring and insolvency options available. One is a program that is centered on an out-of-court restructuring procedure. The other is debtor rehabilitation and bankruptcy procedure that is led by the court. Creditor-centered systems include the workout program under the Corporate Restructuring Promotion Act (“CRPA”), creditor bank agreements, fast track system, privatization agreement, and credit recovery support system. Workout is aimed at speedy business normalization of financially distressed companies by cooperation between the debtor company and its creditors. The most commonly used of these, “workout system, is used as a way to maximize corporate value through negotiations and restructuring between the creditor financial institutions and a debtor company in case creditors believe that a debtor company has higher value as a going concern. Workout is aimed at speedy business normalization of financially distressed companies by cooperation between the debtor company and its creditors by business restructuring and financial structure improvement, to restore the credit soundness of the target company. If selected as a workout company, a target company will go through or perform a part or all of the following processes according to the plan agreed with the creditors; debt restructuring process such as support for new funds, rescheduling of repayment schedule of principal and interest on loans, adjustment of loan interest rate, debt-equity swap, etc., as well as restructuring means such as sale of non-core real estate, manpower restructuring, cost reduction, reorganization of main businesses, capital reduction, attraction of new investment, and M&A, etc. Therefore, companies facing a liquidity crisis due to unpredictable variables such as COVID-19 should consult with a main creditor bank in advance to overcome the crisis wisely by using this debtor relief system. The following are the debtor rehabilitation processes that take place within the court: corporate rehabilitation procedures, individual rehabilitation procedures, and bankruptcy procedures according to the Debtor Rehabilitation and Bankruptcy Act. Regarding the debtor facing bankruptcy due to financial difficulties, creditors, shareholders, equity holders, etc. mediate legal relations with each other to promote efficient rehabilitation of the debtor or its business or fair realization of the debtor's assets that are difficult to rehabilitate. It aims to distribute debtors' liquidated assets fairly to stakeholders. Usually, in the creditor-centered workout system, if the interests of the interested parties are conflicting and the adjustment is not successful, or if the creditor determines that normalization is impossible because the company has no value, the creditor applies for rehabilitation to the court. On the other hand, when the debtor is unable to repay the debt, the debtor's property is fairly liquidiated and distributed to maximize the interest of the creditor and to grant the debtor a chance to recover by indemnifying the debtor. Regarding this situation, there is a bankruptcy and indemnity system. If a debtor owes debts to creditors such as financial institutions and inevitably encounters a situation where they cannot repay the debt, they can apply for bankruptcy from the court. If the court grants an exemption from liability, the debt will not have to be repaid and normal economic activities will be possible. When a company is in danger of bankruptcy due to unavoidable external circumstances such as COVID-19, the debtor relief system currently in operation must be actively utilized to overcome the crisis as quickly as possible. However, since the debtor relief system currently in operation in Korea has many practical problems from the point of view of creditors and debtors, it is necessary to actively improve issues from the institutional or operational point of view.

Nowadays, the debt ratio of social assets and the pressure of economic downturn are constantly increasing, so many emerging industries are constantly emerging, and huge debts have been generated in the process of "three reductions, one reduction, and one supplement". As one of the important ways of debt restructuring, debt-to-equity swap has become a choice for many enterprises to deal with debt crisis. These enterprises use debt-to-equity swaps to reduce their debt ratios and improve their balance sheets, so that they can raise new funds, restore their own ability to continue operations, and avoid going bankrupt due to debt crises. However, enterprises adopting debt-to-equity swaps will face the problem of increasing tax burden, which is mainly due to the insufficient tax policies. At present, there is still a certain gap in the tax policy on debt-to-equity swap enterprise income tax, which still needs to be further improved. Therefore, we can improve the system of China's debt-to-equity swap enterprise income tax by refining the tax difficulties in debt-to-equity swap enterprise income tax, drawing on the relevant policies of the US debt-to-equity swap enterprise income tax, and combining with China's specific conditions.

如今，社会资产的负债率正在不断增高、经济下行的压力也在不断增大，许多新兴产业因此 不断兴起，并在“三去一降一补”的过程中产生了巨额的债务。债转股作为债务重组的一种重要 方式，已经成为很多企业用来应对债务危机的选择。这些企业通过债转股的方式来降低企业的 负债率、改善企业的资产负债表，使企业能够筹集新的资金，恢复其自身的持续经营能力，避 免企业因债务危机走向破产。但是采用债转股方式的企业将面临税负压力增大的难题，这主要 归结于相关的税收政策不够完善。目前在债转股企业所得税方面的税收政策还存在一定的空 白，仍然需要进一步完善，因此可以通过细化债转股企业所得税中的税收难题，借鉴美国债转 股企业所得税方面的相关政策，结合我国的具体情况，对我国债转股企业所得税的制度进行完 善。

파산절차 중 채무재편형 법인세 부과 문제는 기업회생에 매우 큰 의미가 있다. 하지 만, 중국법 상 이에 대한 규정이 미비하고, 국세청의 ｢기업구조조정 업무 기업소득세 처리 약간 문제에 관한 통지(关于企业重组业务企业所得税处理若干问题的通知)(재세 (2009년) 규정 관련 규정이 조세실무에 있어 복잡하다. 또 관련 내용 상 제도에 대한 규정도 부족하다. 이런 점을 감안해 채무재편에 따른 법인세 부과제도를 기업하기 좋은 기준으로 보완해야 한다. 본고에서는 파산절차 중 기업소득세의 유형분석을 통해 합리 적인 징수방식을 모색하고 제도완화의 건의를 제시하였다. 구체적으로 채무면제 유형 에 대한 파산재편은 파산절차 중 채무자의 세부담을 낮추기 위해 미국의 '세책공제규칙 '을 도입할 것을 권고하였다. 또한, 출자전환 유형에 대한 세무기관 선심제도를 신설해 야 하며, 주로 채권액과 지분공정가치 간의 차액만큼 과세할지에 대한 재량권을 부여함 으로써 파산절차에 있어 채권자의 세부담을 줄이고 조세징수를 탄력적으로 하여야 할 것이다.

The issue of levying enterprise income tax as a result of debt restructuring in bankruptcy reorganization is unique, and it has significant implications for enterprise rehabilitation. However, the Chinese legal regulations on this subject are not faultless. The relevant provisions provided in the Circular on Issues Concerning Treatment of Enterprise Income Tax in Enterprise Restructuring Business (Cai Shui [2009] No. 59) are quite complicated to apply in actual taxation practice, and the design of the collection system is against the goal of bankruptcy reorganization. Therefore, the collection system of enterprise income tax in debt restructuring should be perfect in legislation in order to facilitate the rehabilitation of insolvent enterprises. This article examines the various types of corporate income tax in reorganization, explores suitable ways of taxation and makes recommendations for institutional improvement. Specifically, for the “debt forgiveness” type of bankruptcy restructuring, it is recommended to transplant the U.S. “Reduction of Tax Attributes” in order to reduce the tax burden of the reorganized enterprises. For “debt-equity swap” type of bankruptcy restructuring, it is recommended to include a pre-judgment mechanism for the tax authorities, primarily to give them the discretion on whether to impose tax on the difference between the amount of debt and the fair value of equity, so as to reduce the tax burden of creditors and eliminate the space for tax arbitrage.

This paper analyzes the incentives of credit banks and firms that face financial crisis, focusing on their debt-equity swaps. Empirical analyses show that firms with larger asset sizes, higher debt ratios, lower debt coverage ratios, lower ownership by largest shareholder, and smaller fixed assets tend to implement debt-equity swaps. It also shows that banks with lower BIS ratios and higher loan concentration prefer debt-equity swaps as a way of restructuring failing corporate customers. These results provide an indirect evidence that supports too-big-to-fail hypothesis in corporate loan market.

Under the Corporate Restructuring Promotion Act, non-negotiable debt is defined as the debt claim exempted from out-of-court debt restructuring. However, under receivership, the Bankruptcy Act requires the non-negotiable debt claims to be ranked equally with other debt claims against firms. Recently, some experts have expressed concerns about firms with large non-negotiable debts strategically filing for receivership to avoid taking responsibility for the debt claims. Further, other experts believe that non-negotiable debt holders jeopardize a firm’s workout process by re-emphasizing their debt claims during this process. This study investigates the effect of non-negotiable debts on the choice between formal receivership and an informal corporate workout, particularly if firms borrowing more from non-negotiable debt holders prefer receivership to a workout. I analyze all the receivership and workout cases recorded in Korea Investor Service Value database (KisValue) during 1999 ? 2013 to examine if firms borrowing more from non-negotiable debt holders are more likely to choose receiverships over workouts. The results are consistent with my expectation. First, firms with large non-negotiable debt are more likely to choose receiverships over workouts. Second, the result remains qualitatively the same when firms are matched by using a propensity score matching approach, which is widely used to alleviate the endogeneity problem. Additional tests show that other types of non-negotiable debts such as accounts payable and foreign currency liabilities do not affect a firm’s choice between receivership and a workout, and that the effect of non-negotiable debts on the choice of debt restructuring has become pronounced in economic recession. This study contributes to the literature by introducing non-negotiable debts as a determinant of the choice between receivership and a workout.

본 연구는 코로나19 팬데믹 이후 가중된 부채 부담으로 재무적 곤경에 처한 자영업 소비자를 대상으로, 새출발기금과 같은 공적 채무조정제도가 이들의 재무 건전성 회복과 상환 행태 변화에 미친 영향을 실증적으로 탐색하고자 하였다. 분석을 위해 신용정보사(KCB)의 58개월 고빈도 월별 패널 데이터를 활용하였으며, 성향점수매칭(PSM)과 시차적 이중차분법(CSDID) 등의 방법론을 적용하여 정책 수혜집단과 유사한 특성을 지닌 비교군 간의 차이를 동태적으로 추적하였다. 실증분석을 통해 도출된 주요 결과는 다음과 같다. 첫째, 채무조정 약정 이후 소비자의 대출 잔액은 평균적으로 약 8천2백만 원 감소하는 경향이 나타났다. 이는 해당 제도가 부채의 악순환을 차단하고 절대적인 채무 부담을 경감시키는 데 기여 할 수 있음을 시사한다. 둘째, DSR 분석에서는 약정 이후 지표가 일부 상승하는 현상이 관찰되었으나, 이는 상환 능력을 상실했던 소비자가 정상적인 상환 체계로 복귀하는 과정에서 나타나는 재기 신호(Recovery Signal)로 해석될 수 있다. 셋째, 연체 보유 확률은 약 48%p 감소하는 것으로 나타났으며, 이러한 행태적 개선 효과는 약정 이후 일정 기간 안정적으로 유지되는 양상을 보였다. 본 연구의 결과는 새출발기금과 같은 채무조정제도가 일각의 우려와 같은 도덕적 해이를 유발하기보다 감내 가능한 수준으로 부채를 조정함으로써 소비자의 상환 의지를 높이고 경제적 자립을 돕는 유효한 금융 안전망으로 기능할 가능성을 시사한다.

This study empirically examines the effects of public debt restructuring programs on the financial rehabilitation and delinquency behavior of self-employed consumers facing severe debt distress in the aftermath of the COVID-19 pandemic. To conduct the analysis, this study utilizes a high-frequency monthly panel dataset covering 58 months provided by the Korea Credit Bureau (KCB). Propensity Score Matching (PSM) and the Callaway and Sant’Anna Difference-in-Differences (CSDID) approach were employed to dynamically compare policy beneficiaries with a comparable control group sharing similar characteristics. The main empirical findings are as follows. First, after entering debt restructuring agreements, borrowers’ outstanding loan balances decreased by approximately KRW 82.58 million on average, suggesting that the program contributes to alleviating excessive debt burdens and interrupting the cycle of debt accumulation. Second, although the DSR showed a temporary increase following the restructuring agreement, this pattern may reflect a recovery signal in which previously distressed consumers gradually return to a normal repayment process. Third, the probability of delinquency decreased by approximately 48.11 percentage points, and this behavioral improvement effect remained relatively stable over time after the agreement. The findings of this study suggest that debt restructuring programs may function as effective financial safety nets by reducing debt burdens to sustainable levels, thereby strengthening borrowers’ incentives to repay and supporting their economic rehabilitation.

본 연구는 랜덤포레스트 방법을 활용하여 취약 채무자의 채무조정 약정에 미치는 결정요인을 추정함으로써 채무조정 약정여부를 예측할 수 있는지 확인하는데 목적이 있다. 이를 위해 한국자산관리공사가 2013년부터 2020년까지 금융회사 등으로부터 인수한 무담보 부실채권 정보를 분석에 활용했다. 분석 결과, MDA와 MDG 기준으로 채무조정 약정에 중요한 영향을 미치는 상위 10개 변수 중 연체기간, 공공기관 여부, 인수가액 등 9개 변수가 서로 중첩되는 것으로 나타남에 따라 해당 변수들이 취약 채무자의 약정여부를 가늠하는 지표임을 확인할 수 있었다. 본 연구는 랜덤포레스트를 통해 채무조정 약정이 예상되는 채무자와 그렇지 않은 채무자를 선별할 수 있음을 확인함으로써 채무자 정보를 반영한 현 채무조정제도의 고도화 필요성을 시사했다는 점에서 의의가 있다.

This study investigates determinants of the commitment of the troubled debt restructuring using Random Forest method. For this task, we utilize information on the overdue debts which were taken over by the Korea Asset Management Corporation (KAMCO) between 2013 and 2020. We find that some debtor information like overdue period, whether public institution as an origin creditor, takeover price have critical effects on possibilities of the vulnerable debtors’ commitment of the debt restructuring. The contribution of this paper is to determine that troubled debt restructuring is able to be predicted in advance through analyzing some debtors’ information and to present the necessity of development of the debt restructuring system by reflecting debtors' Characteristics.

NML Capital v. Argentina 사건에서의 미국 연방법원의 판결로 인하여 pari passu 조항의 해석을 둘러싼 논란이 재연되었다. 이 논란의 배경에는 일방적이고 강요적인 채무자 국가의 교환공개매수와 일부 채권자의 버티기에 따른 비효율적인 국가부채 구조조정의 문제가 놓여 있다. 이러한 비효율을 극복하기 위하여 Sovereign Debt Restructuring Mechanism(SDRM)이나 Collective Action Clause(CAC)와 같은 집단적 의사결정 기제의 도입이 장려되어야 한다. 그러나 국가는 ‘청산’될 수 없으므로, 그 도덕적 해이를 궁극적으로 제거할 수 있는 방안은 찾을 수 없다.

In the wake of the decisions of the United States federal courts in NML Capital v. Argentina, the controversy surrounding interpretation of pari passu clauses has resurfaced. Beneath the controversy lies the problem of inefficient sovereign debt restructuring related to unilateral and coercive exchange offers by sovereign debtors and holdouts by minority creditors. Introduction of collective decision-making mechanisms including Sovereign Debt Restructuring Mechanism (SDRM) or collective action clauses (CACs) should be encouraged to overcome such inefficiencies. As a sovereign state is not supposed to be “liquidated,” however, any ultimate solution to eliminating its moral hazard would be beyond reach.

상호저축은행 구조조정 특별계정은 2011년 1월 이후 발생한 상호저축은행의 부실을 정리하기 위해 예금보험기금 내 별도로 설치되어 2026년말까지 한시적으로 운영되는 예금보험기금의 일부 계정이다. 동계정은 그동안 31개 저축은행의 부실을 정리하는 데 크게 기여하였지만, 상환기일인 2026년말까지 막대한 규모의 부채가 기금의 안정성과 건전성에 적지 않은 영향을 미칠 것으로 예상되는 바, 현재와 같이 저축은행의 구조조정이 일단락된 시점에 부채 규모를 적절히 추정하고 그 상환대책을 마련하는 것이 무엇보다도 중요하다. 본 논문은 시나리오 분석을 활용하여 특별계정 부채를 추정하고 예금보험기금의 건전성을 제고하기 위한 상환대책을 제언하고자 하였다. 2018년말 기준 특별계정 부채 잔액 약 21.3조원에 대해 운영기한인 2026년말까지 특별계정 수입으로 부채 잔액을 추정한 결과, 현재의 특별계정 수입만으로 적립된 부채를 상환하기에는 어려운 것으로 파악되었다. 향후 보험료수입의 대폭 증가가 힘든 상황을 고려하면 회수자금 극대화 노력이 매우 주효함을 시사하는 결과라 할 수 있다. 본 연구에서는 상환기한의 연장을 가장 현실적인 대안으로 제언하고, 장기적으로는 공동계정의 설치 또는 유사계정간 통합 등 기금 체계의 개편과 자본조달수단의 다양화 등을 적극 검토할 필요가 있음을 제언한다.

Restructuring special accounts of mutual savings banks is part of the Deposit Insurance Fund (DIF) operated temporally until the end of 2026. The purpose of this change in the DIF is to reorganize the insolvent mutual savings banks that occurred after January, 2011. These accounts have greatly weakened 31 savings banks. But because massive debt considerably affects the safety and soundness of the fund until the end of 2026, the due date of repayment, it is vital that when savings bank restructuring is completed, the amount of liabilities is appropriately estimated and repayment policy is prepared. This paper suggests a repayment policy for estimating special account debts and enhancing the stability of DIF using a scenario analysis. As a result of approximating the debt balance of approximately 21.3 trillion won (with special account income until the end of 2026) as of the end of 2018, it is clear that it will be difficult to service the debt with only the present special account income. Given that a massive increase in additional income is unlikely, it could be said that maximizing public fund recovery is extremely important. This study suggests the extension of the repayment schedule as the most realistic alternative, and suggests that it is necessary to actively review the DIF system, including the establishment of joint accounts of integration between similar accounts, and diversification of fund-raising opportunities.

The recent financial Crisis in 1998 brought numerous changes to corporate re-organization in Korean market. In order to overcome financial Crisis of the corporation, insolvent obligations owed by the corporations were needed to be determined and regulated. The previous procedure of composition for insolvency and liquidation became impractical due to the complicated procedure and the lack of specific knowledge for restructuring by the public administrative officials. As this procedure was unsuitable for prompt normalization of the financial market during the Crisis, a new insolvency law was established. These are DEBTOR REHABILITATION AND BANKRUPTCY ACT and CORPORATE RESTRUCTURING PROMOTION ACT. The most useful method of corporate financial restructuring is Debt-equity swap. Debt-equity swap is usually achieved by the setoff. Under the CORPORATE RESTRUCTURING PROMOTION ACT, debt-equity swap is a process of corporate restructuring that takes place before a court orders. On the other hand under the DEBTOR REHABILITATION AND BANKRUPTCY ACT, debt-equity swap is undergoing by the court order, therefore debt-equity swap have a different legal effect for the joint debtor under these Act.