전자방식 외상매출채권 담보대출과 관련된 실무상 문제점 - 회생절차와 관련된 문제점을 중심으로 -

Accounts Receivable Loans(ARLs), implemented in 2001, are widely used as means of payment in place of Bills. Although accounts receivables are not the same as Electronic Bonds, the main process of ARLs is accomplished by electronic means. An ARL with Recourse is not a bond sale, but a secured loan in which a selling enterprise pledges accounts receivables owed by a purchasing enterprise as collateral and obtains a loan from a financial institution. The purchasing enterprise pays back such loan owed by the selling enterprise to the financial institution, but if the purchasing enterprise fails to pay back, the financial institution has a right of recourse to the selling enterprise. The selling enterprise offers the accounts receivables as collateral to the financial institution, by way of assignments(Yangdo-Dambo). Therefore, when a rehabilitation proceeding is commenced for the selling enterprise, the financial institution, holding the secured loans, shall be confirmed as a rehabilitation secured creditor. Meanwhile, when a rehabilitation proceeding is commenced for the purchasing enterprise, the financial institution, holding the accounts receivables as collateral, not the selling enterprise, shall be confirmed as a rehabilitation creditor. Since the selling enterprise transfers the legal title of the accounts receivables for security purpose to the financial institution, the selling enterprise can not claim Tax Deductions for Bad Debts provided in Value-Added Tax Act, even though a rehabilitation plan of the purchasing enterprise is approved by the Court. However, certain exception rules must be legislated for the small & middle sized selling enterprises.