公司重整計畫之研究－以債權人保護出發

A Study on the Corporate Reorganization Plan-From Creditor Protection Perspective

林家豪(Chia-Hao Lin)

指導教授 ： 張心悌

國立臺北大學/法律學院/法律學系/碩士(2009年)

摘要

本篇論文旨在探討公司重整程序下之債權人保護，並以重整計畫為重心。研究範圍不僅包括現行公司法、企業併購法之規定，並將司法院於二○○七年一月公佈之「債務清理法草案」中重整相關規定一併納入本文探討範圍。
我國自民國五十五年於公司法增定重整章以來，已逾四十多年。然而，成功者寡而濫用者眾。公司除據之為與債權人談判之籌碼，進而達到延緩清償之目的外；妄為者更利用該程序，遂行掏空公司資產等不法目的，更嚴重侵害到債權人之利益。雖然重整制度最終目的在於拯救財務困難公司而使其重生。但一個完善的制度不可偏廢而完全置債權人利益於不顧。故兩者間之衝突就有調和之必要。
由於公司重整乃一門複雜之學問，學界與實務之研究多著眼於整體程序之設計，對於細部之規範內容，常受限於現實情況而無法詳述。復因重整計畫乃重整程序之核心，利害關係人之權利義務將遵行其所載而確定。故本文僅就重整計畫之相關規範加以探討，藉此補足各資料甚少著力之點。從而，本文將先行介紹重整制，並將檢視利害關係人間之衝突與債權人面臨之風險。進而探討重整立法目的間之衝突調和。其次，於比較法之立法例操作上，以美國聯邦破產法主，和我國法加以綜合比較，並連帶整理學界就現行法制之建議。其後立於比較之結果，本文更進一步深入去探討美國聯邦法現行實務操作情況與學界意見。藉由美國學說與實務之整理，加以探究相關重整規範之適當性與可適用性。
最後，基於前開所得結論，回頭檢視債務清理法草案之相關規範。除就債務清理法草案於重整章之修正重點加以介紹外，並和現行公司法加以比較，以得出學界建言是否受到採納。此外，本文以美國聯邦破產法為基礎，針對債務清理法草案之相關規範加以評析並提出建議，希冀藉此能提供未來立法者一個可供參考之資料來源。

關鍵字

重整計畫 ； 公司重整 ； 債權人保護 ； 強制認可 ； 絕對優先原則 ； 新價值原則 ； 債權人最佳利益原則 ； 債權分組 ； 資訊揭露 ； 美國聯邦破產法

並列摘要

This thesis meanly focuses on creditor protection under the corporate reorganization procedure, especially to the reorganization plan. Not only Company Act or Business Mergers and Acquisitions Law, but also the new Insolvency Bill, which was promulgated by Judicial Yuan on January 2007, is discussed and investigated in this thesis.
Since 1966, more than 43 years from now, the system of corporate reorganization has been legislated in Company Act. However, there are only a few financial distressed companies honestly restructure itself by utilizing the system above. The majority dishonestly abused the system as a tool to force creditors to compromise on a more favorable repayment term to debtor in the negotiation process. Moreover, some may use the drawbacks of the system to misappropriate the company assets and thus extremely impairs creditors’ interests of repayment. Although the most important legal purpose for corporate reorganization is to save the financial distressed company from liquidation and thus successfully rehabilitated, a sound system should never pursue it by sacrificing the creditors’ interests and rights. Therefore, the conflicts between corporation rehabilitation and creditor protection must be harmonized.
Most previous researches per academia and practice focus on the whole construction of corporate reorganization system rather than detailed statutes examination, due to the complexity of this subject and the limitation of time and resources. Since all parties’ future obligations and rights m will be ascertained under the reorganization plan which was confirmed by a court, the reorganization plan is truly the core of the system. While all procedures cast influences on creditors, the reorganization plan must be the most significant one. As a result of the reasons above, this thesis will only examine and discuss the statutes related to the reorganization plan so as to expend the “depth” of the existing researches.
This thesis will explore the entire reorganization procedure and compare it with other similar insolvency procedure in order to demonstrate the distinctive characteristic of reorganization. Further, by examining the conflicts between parties and the potential risks undertaken by creditors during the reorganization proceeding, the solution of harmonization can be reached. Moreover, the comparison between current Company Act of Taiwan and Federal Bankruptcy Code of United State will be listed and commented in Chapter 3, and the suggestions from scholars will also be presented simultaneously.
Furthermore, the current practices of reorganization in United State, which is the best way to reveal the applicability of Federal Bankruptcy Code, will be demonstrated in Chapter 4 by presenting the important opinions from academia and courts on real bankruptcy cases. Finally, based on the inference reached above, Chapter 5 will not only introduce the important amendments of the new Insolvency Bill and the comparison with the current Company Act, but also address the suggestions about the current Insolvency Bill. Hopefully this thesis can be considered as a reference document and make some contributions to future amendment.

並列關鍵字

Corporate reorganization ； Reorganization plan ； Creditor protection ； Cram down ； Absolute priority rule ； New value rule ； Exclusivity period ； Classification of claim ； Disclosure statement ； Best interest of creditors’ test ； United States Bankruptcy Code

參考文獻

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