법정관리에서의 채권자와 주주의 지위에 관한 소고

A Study on the Position of Creditors and Shareholders in Court Receivership

Korea’s shipbuilding and marine transportation industries, which have been struggling since their economic base weakened in 2008, are undergoing major restructuring as they are unable to sustain further losses. Unlike Hyundai Merchant Marine and Daewoo Shipbuilding & Marine Engineering, Hanjin Shipping has filed for court receivership instead of a corporate workout. Opposition parties and financial authorities have criticized the unprincipled restructuring moves amidst allegations that Choi Soon-sil is related to Hanjin’s court receivership. While it is best for companies to attempt restructuring once signs of distress are identified, most do so only after their liabilities exceed their assets or when facing insolvency. The main reason behind this vicious cycle is that corporate restructuring involves many stakeholders, such as creditors, companies, shareholders, management, employees, and subcontractors. In other words, the key to successful restructuring lies in ensuring not only the efficiency of the restructuring process but also in maintaining agreeable relationships among interested parties. Due to differences in initiation, companies’ insolvencies, liabilities, support for new funds, and the status of existing management or shareholders, corporate workouts and court receiverships differ in their efficiency at restructuring and maintenance of compatible relationships among those involved. Although court receiverships have flaws of their own, they are considered a more powerful policy compared to workouts, in terms of the protection of interested parties.