기업회생절차상 ‘한국형Prepack제도’(P-Plan)의 개선 방안

In 2017, ‘Korean Prepackaged Bankruptcy’ (hereafter, P-Plan) has been stressed under Corporate Rehabilitation Proceedings of Daewoo Shipbuilding & Marine Engineering Corporation for the effective and fast progress of business rationalization. The plan is believed to overcome the weaknesses of the Work-Out rule and resolve several problems of Rehabilitation Proceedings. At first, notwithstanding the current Work-Out system has a strength which can normalize the business through bond creditor-led destructing, it also has an inevitable defect that the range must be limited within Corporate Restructuring Promotion Act. Besides, if they files for Reorganization Proceedings to Court, it can negatively affect to credit rating of the debtor. It possibly leads to the shut-down of most business, and a shortage of finance and leave of talented employees may exacerbate the problem. In particular, in a case of core player of domestic industry, bankruptcy can bring a significant influence to the national economy. However, the current P-plan rule cannot exercise its own role because: the strict regulation of application condition; restriction of submission period of Rehabilitation Proceedings; and lack of proper rules which can accelerate the procedure. From this perspective, the paper suggests P-Plan with the following process: ① the system is prioritized the core industry of national economy, not for all debtors. ② before the rule is applied, primary meeting by debtors, creditors, and court have to have consultations. ③ conduct a due diligence by main creditors. ④ establish a Rehabilitation Plan and get the creditor’s consent before the system starts. ⑤ in addition to essential documents, necessary reports, for instance, a report of due diligence, a prepackaged plan for Rehabilitation, and a letter of intent for new funds should be submitted. ⑥ the Court has to initiate the Rehabilitation process. ⑦ the process targets early termination, and main creditors exercise their authorities.