기업회생제도(2006-2012)에 관한 실증적 연구

This empirical study reveals following facts. A. Among total filed cases, 27% cases did not commenced, 52% cases were cancelled before the confirmation of the plan, 11% cases were cancelled after the confirmation and 10% cases were closed with success. B. It took 25 days from the filing to the commencement in closed cases with success, 33 days in cancelled cases after the confirmation and 37 days in cancelled cases before the confirmation. The sooner the rehabilitation proceeding commenced, the smoother it proceeded. C. It took 220 days from the commencement to the confirmation in closed cases with success and 263 days in cancelled cases after the confirmation. The requirements for the confirmation to be made within 1 year after the commencement were met in practice. D. The amount of assets in examiner’s report was reduced to 50% in the rehabilitation plan. It means rapid decrease of assets right before the filing and the possibility of window dressing. The amount of debts in examiner’s report increased 10% in the rehabilitation plan. E. The correlation between the amount of assets and liquidation value counld not be found. It is because the liquidation value was assessed by different criteria from the principle which regulate the accounting of assets. F. The going concern value was estimated on the basis of sales prospects, which were made discretionally by examiners. The findings of this empirical research suggest some further reform for the development of insolvency law and practice. Firstly, rehabilitation proceedings need to be operated to facilitate the rehabilitation of micro and small enterprises. Secondly, more detailed criteria should be applied in evaluating machineries, sales claims and stocks. Thirdly, the practice which requires examiners to calculate exact number of liquidation value should be corrected.