도산격리의 연구

The “bankruptcy remoteness” is a very new concept to Korea. It came from the States. It is introduced mainly through ABS and true sale. The Korean “ASSET-BACKED SECURITIZATION ACT” was legislated in 2005. The act has a regulation on true sale. Some essays say that ABS is made bankruptcy remote through true sale. This essay touches some issues on bankruptcy remoteness in Korea. First, it tries to define what the bankruptcy remoteness is and how it works. It finds that bankrupcy remoteness consists of two aspects. The one thing is to avoid the risk of being avoided. The other thing is to avoid the risk of being treated as security rather than true sale. This essay comes to the conclusion that it is not necessary to use “bankruptcy remoteness” only to ABS and that “true sale” in Korean ABS act cannot make perfect bankruptcy remoteness, contrary to some other essays conclusion. This essay analyses some methods to bring the bankruptcy remoteness effect. Those are ① true sale in Korean ABS act, ② trust, ③ ipso facto clause, ④ bankuptcy exemption. I d like to suggest that trust is the most effective method for bankruptcy remoteness in Korea till now.