論重整制度之適用與修正趨勢 —自規範目的出發

The Implementation and the Trend of Legal Reform in Enterprise Reorganization─To Start With Purposive Approach

陳盈君(Christina Ying-Chun Chen)

指導教授 ： 林仁光 博士

國立臺灣大學/法律學院/法律學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.00046

摘要

本篇論文是對於自民國五十五年施行之重整制度之鳥瞰與立法沿革用以觀察台灣重整制度之現況與未來。採用之方式為自規範目的觀察台灣重整制度現行架構與施行之問題，觀察行政院與司法院對於債務清理制度之研修狀況是否已解決問題，若尚未得能解決目前施行之問題，嘗試提出改進之方法。

台灣自民國五十五年引進重整制度係為拯救企業、避免員工事業與損失擴大，然施行至今使用率、效率與成功率皆低，為本論文探究制度問題之動機，本論文決定自規範之目的觀察產生制度問題根源。於整理國內外文獻(主要為英美二國)、判決後列出重整規範之目的(本文第貳章)，於後闡述現行重整制度之現況與沿革（本文第參章），於第肆章檢討現行制度與修正趨勢產生問題之部分，並提出建議。

重整最重要之規範目的為重建企業，但一完好之制度並非僅單單追求此目的。雖然重建企業將重整制度明顯與其他債務清理制度區別，但不能完全撇棄重整公司之債權人權益完全不顧僅為重建企業。因此如何調和債權人、重整公司之間利益之均衡為重整制度最大之難題。

重建企業，為防免債務人資產狀況惡劣化或發生債權人間不平等狀態導致債務人事業重建困難，維持債務人資產之制度係屬必要，司法院西元二○○四年破產法草案參考公司法第二百八十七條增訂保全處分制度、經建會提出之企業破產法草案引進英美之自動凍結制度，皆彰顯立法者對於債務人資產維持制度有所認知。而重整制度於我國以往被批評為效率不彰，本文亦探討重整程序中重整人、重整監督人與法院對於程序有效率進行之義務。公平與效率性為債務清理程序之最高要求，重整債權與重整債務之區分影響重整程序中所有債權人之權益，本文對於現行法規範缺失部分提出建議。經查現行規範，重整計畫與關係人會議之規範甚為缺乏，賦予參與程序當事人資訊亦為程序保障之重要一環，本文將予提出資訊公開之重要性。於此部分最後將探討應如何使重整程序之進行更具效率性。

本文最後，就現行規範之分析，兼與英美法之比較，探討自公司財務困難、重整聲請至重整程序進行中之公司治理結構，對於規範不足之處將提供建議。另根據實務判決，探討司法機關面對重整事件之審理，期法院審理能夠兼顧專業性、重整事件迅速性與當事人程序保障等要求。

關鍵字

企業重整 ； 重整 ； 自動凍結 ； 破產 ； 債務清理 ； 公司治理

並列摘要

This is a framework overview of principles of enterprise reorganization and contains necessary generalizations in order to establish and examine enterprise reorganization legal policies during insolvency law reform process in Taiwan. In 1966 Taiwan adopted reorganization procedure for rescue of public companies faced with financial difficulties, aiming to reduce private losses (eg. job saved), public losses (protection of the economy, especially in case of financial crisis) and maximize creditor recoveries. Since then, reorganization procedure, as observed, however, has not been used effectively leading to a very low success rate of companies being saved. The reasons of ineffectiveness and low success rates are thus discussed in this thesis.

The method in this thesis mainly adopted is to take the legal policies as a starting point to discuss current insolvency legislation and the bills proposed by the Administrative Yuan and Judicial Yuan. After the analysis of judicial decisions, domestic and foreign academic materials (mainly from the US and the UK), legal policies of enterprise reorganization are drawn as Chapter 2 of this thesis. Although the most important and distinctive objective of enterprise reorganization is enterprise rescue, the perfect system would not only aim at single party, in instant case, the debtor. The rights and interests of creditors shall not be disregarded.

As the insolvency law reform has begun to re-shape enterprise reorganization legal system since the 1990’s, Enterprise Insolvency Bill has been raised by Executive Yuan in 2005 and the new Insolvency Bill proposed by Judicial Yuan is still under way. This thesis further observes legal policies during the law reform process, comparing them with current legislation in Chapter 3. In Chapter 4 the thesis examines if they adequately fulfill insolvency law requirements, and evaluating their efficiency and effectiveness in implementation.

In terms of enterprise rescue, in order not to worsen debtors’ financial situation as well as not to jeopersize inequality among creditors, the maintenance of assets of debtors is vital. The “Enterprise Insolvency Bill” raised by Administrative Yuan shows the awareness of proposers in this respect by virtue of the adoption of automatic stay. As to promoting efficiency of the procedure, the thesis further puts emphasis on the importance of clearness of legislation and duties of administrators and the court. The fairness and effeiciency are highly demanded in reorganization proceeding, so the distinction has to be clearly drawn between claims happening before the start of the proceeding and those happening after the start of the proceeding. Disclosure of information to parties, and protection of rights to participation by parties ought to be strengthened.

Corporate governance issues in reorganization proceeding being not properly regulated, and court’s inefficiency in dealing with corporate rescue, have resulted in delay, high costs of reorganization proceeding and jeopardized creditors’ willingness to consent enterprise rescue in Taiwan. Subsequently, in the end of the thesis, from the analysis of current legislation and comparative study of English and the US law, corporate governance structure of reorganization are discussed. The attitude of the court, the competent authority, is also decisive in promoting the efficiency of reorganization proceeding. It is hoped that the court will pursue the objectives of acuteness, efficiency, flexibility and protection of parties’ rights to participation in coping with cases with respect to enterprise reorganization.

並列關鍵字

Enterprise Reorganization ； Reorganization ； Administration ； Automatic Stay ； Bankruptcy ； Insolvency ； Corporate Governance

參考文獻

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