합성 CDO 거래에서의 Flip Clause의 도산절차상 효력
Enforceability of the Flip Clause in Synthetic CDOs
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On the enforceability of the flip clause, which has been widely used as a standard industry practice in synthetic CDO transactions, under insolvency proceedings, the U.S. and U.K. courts have recently rendered their respective judgments that are in conflict with each other. This article begins with basic explanations of such concepts as CDO, CDS, synthetic CDO and flip clause, and then proceeds with a brief description of the relevant facts of the case before the two courts. It thereafter reviews the reasonings of the judgments, and concludes with some remarks on how the case would have been handled under the Korean insolvency law.
Abstract
On the enforceability of the flip clause, which has been widely used as a standard industry practice in synthetic CDO transactions, under insolvency proceedings, the U.S. and U.K. courts have recently rendered their respective judgments that are in conflict with each other. This article begins with basic explanations of such concepts as CDO, CDS, synthetic CDO and flip clause, and then proceeds with a brief description of the relevant facts of the case before the two courts. It thereafter reviews the reasonings of the judgments, and concludes with some remarks on how the case would have been handled under the Korean insolvency law.