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제목Bankruptcy of Large Firms and Exit Mechanisms in Korea


설명Contents Preface Summary 1 Ⅰ. Introduction 6 Ⅱ. Extent of the Debt Crisis 12 Ⅲ. Main Issues in the Law and Economics of Insolvency 22 Ⅲ-1. The Role of Insolvency Mechanisms 22 Ⅲ-2. Three Fundamental Ex-Post Decisions 25 Ⅲ-3. Decision-Making Process 27 1) Regime 1: Decision by a Single Authority 27 2) Regime 2: Formal Bargaining Games 29 3) Regime 3: Informal Bargaining Games 31 4) Regime 4: Recent Proposals That Do Not Depend on Bargaining 32 Ⅳ. Formal Bankruptcy Proceedings 35 Ⅳ-1. Corporate Reorganization 38 1) Basic Procedure 38 2) Filing 39 3) Commencement 43 4) Reorganization Plan 47 5) Post-confirmation Procedures 52 6) Problems and Analysis 55 Ⅳ-2. Composition 59 1) Basic Procedure 59 2) Filing 60 3) Commencement 61 4) The Condition of Composition 62 5) Problems and Analysis 63 Ⅳ-3. Bankruptcy 65 1) Basic Procedure 65 2) Filing 65 3) Commencement 66 4) Claims and Distribution 68 5) Conclusion 69 6) Problems and Analysis 69 Ⅳ-4. Comparison and Transferability between Proceedings 70 Ⅴ.Workouts 72 Ⅴ-1. Legal Basis for Workouts 72 Ⅴ-2. Process of Workout 73 1) Selection of Target Firms and Formation of the Council of Creditors 73 2) Investigation of Target Firms 74 3) Confirmation of Workout Plans 74 4) Conclusion of Memorandum of Understanding (MOU) 75 5) Monitoring 75 Ⅴ-3. Scope of Workouts 76 Ⅴ-4. Problems and Analysis 83 vi Ⅵ. Governance of Debtor Firms and Creditors, Markets for Ailing Firms 85 Ⅵ-1. Corporate Governance of Large Firms and Chaebol Problems 86 Ⅵ-2. Corporate Governance of Financial Institutions 92 Ⅵ-3. Markets for Ailing Firms and Their Assets 98 Ⅵ-4. Vulture Funds 100 Ⅶ. Other Measures Taken by the Government or Creditors 102 Ⅶ-1. Rationalization Measures of the 1970s and 1980s 102 Ⅶ-2. “Big Deals” of 1998 106 Ⅶ-3. More Discussion on the Role of the Government 109 Ⅷ. Comparative Analysis of the Bankruptcy Proceedings of Six Asian Countries 112 Ⅷ-1. Creditors, Debtors, and the Government 113 1) Financial Markets 113 2) Corporate Governance 117 3) The Government 121 Ⅷ-2. Comparative Analysis of the Insolvency Proceedings of the Six Countries 122 1) Overview 122 2) Unitary versus Plural System 123 3) Expediency 125 4) Quantum Requirement 127 5) Expertise of the Court 128 6) Role of Creditors and Managers of Debtor Firms 130 vii 7) Civil and Criminal Penalties for Managers of Insolvent Firms 132 Ⅸ. Progress Made and Challenges Ahead 135 References 142


생산자남일총 외


날짜2000-12-31


기록유형문서류


기록형태보고서/논문


주제정치경제


연관링크https://www.kdi.re.kr/kdi_eng/publication/publication_view.jsp?pub_no=6022


식별번호KC-R-00440


제목Bankruptcy of Large Firms and Exit Mechanisms in Korea


설명Contents Preface Summary 1 Ⅰ. Introduction 6 Ⅱ. Extent of the Debt Crisis 12 Ⅲ. Main Issues in the Law and Economics of Insolvency 22 Ⅲ-1. The Role of Insolvency Mechanisms 22 Ⅲ-2. Three Fundamental Ex-Post Decisions 25 Ⅲ-3. Decision-Making Process 27 1) Regime 1: Decision by a Single Authority 27 2) Regime 2: Formal Bargaining Games 29 3) Regime 3: Informal Bargaining Games 31 4) Regime 4: Recent Proposals That Do Not Depend on Bargaining 32 Ⅳ. Formal Bankruptcy Proceedings 35 Ⅳ-1. Corporate Reorganization 38 1) Basic Procedure 38 2) Filing 39 3) Commencement 43 4) Reorganization Plan 47 5) Post-confirmation Procedures 52 6) Problems and Analysis 55 Ⅳ-2. Composition 59 1) Basic Procedure 59 2) Filing 60 3) Commencement 61 4) The Condition of Composition 62 5) Problems and Analysis 63 Ⅳ-3. Bankruptcy 65 1) Basic Procedure 65 2) Filing 65 3) Commencement 66 4) Claims and Distribution 68 5) Conclusion 69 6) Problems and Analysis 69 Ⅳ-4. Comparison and Transferability between Proceedings 70 Ⅴ.Workouts 72 Ⅴ-1. Legal Basis for Workouts 72 Ⅴ-2. Process of Workout 73 1) Selection of Target Firms and Formation of the Council of Creditors 73 2) Investigation of Target Firms 74 3) Confirmation of Workout Plans 74 4) Conclusion of Memorandum of Understanding (MOU) 75 5) Monitoring 75 Ⅴ-3. Scope of Workouts 76 Ⅴ-4. Problems and Analysis 83 vi Ⅵ. Governance of Debtor Firms and Creditors, Markets for Ailing Firms 85 Ⅵ-1. Corporate Governance of Large Firms and Chaebol Problems 86 Ⅵ-2. Corporate Governance of Financial Institutions 92 Ⅵ-3. Markets for Ailing Firms and Their Assets 98 Ⅵ-4. Vulture Funds 100 Ⅶ. Other Measures Taken by the Government or Creditors 102 Ⅶ-1. Rationalization Measures of the 1970s and 1980s 102 Ⅶ-2. “Big Deals” of 1998 106 Ⅶ-3. More Discussion on the Role of the Government 109 Ⅷ. Comparative Analysis of the Bankruptcy Proceedings of Six Asian Countries 112 Ⅷ-1. Creditors, Debtors, and the Government 113 1) Financial Markets 113 2) Corporate Governance 117 3) The Government 121 Ⅷ-2. Comparative Analysis of the Insolvency Proceedings of the Six Countries 122 1) Overview 122 2) Unitary versus Plural System 123 3) Expediency 125 4) Quantum Requirement 127 5) Expertise of the Court 128 6) Role of Creditors and Managers of Debtor Firms 130 vii 7) Civil and Criminal Penalties for Managers of Insolvent Firms 132 Ⅸ. Progress Made and Challenges Ahead 135 References 142


생산자남일총 외


날짜2000-12-31


크기 및 분량147쪽


언어영어


출처한국개발연구원


연관링크https://www.kdi.re.kr/kdi_eng/publication/publication_view.jsp?pub_no=6022


기록유형문서류


기록형태보고서/논문


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소주제산업


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파일 6474ab352493bb979c14a005f4aafd1f.pdf