회생절차에서 기업가치산정방법에 관한 고찰

Abstract

If the sale process is fair, the bankruptcy process of selling real assets is hardly contested. However, the reorganization proceedings creates a variety of problems because it is a process to adjust the rights of each creditor while retaining the entity on the basis that it can best derive the interests of creditor. In particular, the issue of valuation is only one of the many problems arising from the reorganization proceedings, but it is an important issue throughout the reorganization proceedings. The valuation results are the basis for the exercise of each creditor's voting rights as a participant in the reorganization proceedings, particularly the basis for the confirmation of the reorganization draft. This paper criticized the interpretation theory on various standards of valuation occurring in the reorganization proceedings, with the focus on the valuation method set by the Supreme Court. In addition, the correct interpretation method was suggested, focusing on the criticism. Meanwhile, in the U.S., alternatives without valuation are also being suggested. It also proposed a creditor-centered valuation to reduce the problem that takes into account the fact that the current valuation issue arises from the court-centered focus.