기업재편과정에서의 투자자보호: 인적분할과 물적분할을 중심으로

The company split is moving from split-up to corporate division and then back to split-up. Before corporate division became a subject of controversy, split-up was mainly used to reorganize the corporate structure in the process of converting to a holding company structure, and there was criticism regarding the use of treasury stock during this process, calling it the magic of split-up. Therefore, instead of using split-up, corporate division was used in the reorganization purpose in the course of corporate reorganization. However, after the corporate division, the ban on listing of subsidiaries became issue on debate. It has already been decided to be banned through public opinion through the term ‘split listing’ whether the listing of the divided company. As criticism is raised about corporate division, split-up are being used as a means to reorganize the company's structure. This trend may be due to the recent decline in the number of holding company conversions, but it is also believed that one of the main reasons is the increased social criticism of the division after the LG Energy Solutions controversy. As corporate division were criticized in relation to the listing of subsidiaries, personal spin-offs were used again, and criticism was raised regarding the issue of the treasury stocks being treated as assets or not. In that regards, even though it is not a matter of corporate restructuring itself, such as division of corporations, but a matter of discipline for other actions that occur simultaneously or sequentially, those ways to reorganization of the corporations are being struggled due to some acts thereafter. It is not proper to to make a patchwork legislation but instead to conduct a comprehensive review and revise the law would be appropriated. In this regard, I think it should be reviewed whether it is appropriate to grant opposing shareholders the appraisal rights in unlisted companies in the 2023 Commercial Act Amendment.