지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
Hynix and KEB cases would make a good example for the competing bankruptcy arguments, i.e., the Creditors' Bargain Theory and the Team Production Theory as explained by Professor Lynn LoPucki's article. The Korean government, the largest substantial shareholder and future creditor of KEB, took initiative to sell the time-honored bank to an American private equity fund, Lone Star. At that time, as the Creditors' Bargain Theory insists, the government officials regarded the board of directors of KEB as a mere agent of shareholders. Likewise, the creditor banks and the government initially pursued to sell Hynix to Micron. However, the board of directors of Hynix refused to endorse the execution of MOU to sell the company to Micron on account of the stakeholders' interests as stressed by the Team Production Theory.
The review of Hynix and KEB cases confirms what matters in the bankruptcy reorganization, "Whose interests should bankruptcy serve first?" Total disregard of the interests of parties with non-economic rights and community interests might play havoc with the bankruptcy reorganization itself.
From the viewpoint of the sharing of information on bankruptcy reorganization, the Creditors' Bargain Theory seems to have an advantage because creditors and shareholders have more influence over the board of directors than any other constituencies of the insolvent firm. But Production Team members want to preserve the going concern value of the firm and are willing to delegate necessary powers to the board of directors to the extent they share such information with the board.
It is quite strange that KEB's shareholders and large creditors would make an agreement "ex ante" to dispose the bank to a foreign capital once the bank's capital adequacy ratio fell below the required level. On the contrary, it is reasonable to expect the board of directors of KEB rather than the biased shareholders to have concluded an independent reorganization plan with sufficient information.
In conclusion, it is advisable that the new Bankruptcy Act of Korea accommodate several improvements in line with the Team Production Theory and the efficient information sharing scheme. In addition to the proposed amendment, careful consideration of non-economic rights and community interests would be helpful to avoid the recurrence of a KEB case.
The review of Hynix and KEB cases confirms what matters in the bankruptcy reorganization, "Whose interests should bankruptcy serve first?" Total disregard of the interests of parties with non-economic rights and community interests might play havoc with the bankruptcy reorganization itself.
From the viewpoint of the sharing of information on bankruptcy reorganization, the Creditors' Bargain Theory seems to have an advantage because creditors and shareholders have more influence over the board of directors than any other constituencies of the insolvent firm. But Production Team members want to preserve the going concern value of the firm and are willing to delegate necessary powers to the board of directors to the extent they share such information with the board.
It is quite strange that KEB's shareholders and large creditors would make an agreement "ex ante" to dispose the bank to a foreign capital once the bank's capital adequacy ratio fell below the required level. On the contrary, it is reasonable to expect the board of directors of KEB rather than the biased shareholders to have concluded an independent reorganization plan with sufficient information.
In conclusion, it is advisable that the new Bankruptcy Act of Korea accommodate several improvements in line with the Team Production Theory and the efficient information sharing scheme. In addition to the proposed amendment, careful consideration of non-economic rights and community interests would be helpful to avoid the recurrence of a KEB case.
목차
Ⅰ. 문제의 제기
Ⅱ. 하이닉스와 외환은행의 사례연구
Ⅲ. 미국의 채권자협상이론과 팀 프로덕션 이론
Ⅳ. 우리나라에 바람직한 도산법제
Ⅴ. 결론
참고문헌
〈Abstract〉
참고문헌 (24)
참고문헌 신청
함께 읽어보면 좋을 논문
논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!
-
상법상 이사의 회사채권자에 대한 책임론
기업법연구
2009 .03
-
中國의 破産制度에 관한 硏究 : 個人破産立法을 中心으로
비교사법
2009 .12
-
Recent Development In Chapter 11 Reorganization Cases Under The Bankruptcy Reform Act Of 1978
저스티스
1984 .10
-
회생절차에 있어서 이해관계인들의 공정ㆍ형평한 권리조정 실현을 위한 방안
법학논총
2011 .02
-
이사의 채권자에 대한 책임 : 델라웨어주 판례의 흐름을 중심으로
한양법학
2014 .05
-
소비자파산에 있어서 파산자의 면책에 관한 연구
법학연구
2005 .11
-
개인파산의 현황과 법적 과제
중앙법학
2009 .04
-
도산법에 대한 법경제학적 고찰
법경제학연구
2011 .06
-
파산범죄에 관한 연구
형사정책연구원 연구총서
2005 .12
-
기업회생절차에서 자동중지제도의 도입에 관한 소고
경영법률
2012 .01
-
파산관재인이 통정허위표시의 제3자에 해당하는지의 여부와 선의·악의의 판단기준 － 대법원 2006.11.10.선고 2004다10299 판결 -
경영법률
2008 .01
-
도산법상 기존경영자 관리인의 지위
비교사법
2009 .03
-
2017년 도산법 중요 판례
인권과 정의
2018 .01
-
中國의 金融改革과 擔保制度
기업법연구
2003 .03
-
Bankruptcy Procedure in Korea: A Perspective
[KIEP] 연구보고서
1998 .07
-
기업의 재무특성과 소유구조가 주주와 채권자 간 대리인 문제에 미치는 영향
대한경영학회지
2019 .08
-
기업지배구조론의 회생기업에 대한 적용방안
경영법률
2010 .01
이 논문의 저자 정보
이 논문과 함께 이용한 논문
최근 본 자료
댓글(0)
0
UCI(KEPA) : I410-ECN-0101-2009-366-016741360