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채무자 회생 및 파산에 관한 법률의 적격금융거래에 대한 특례조항의 비판적 검토

Critical Study on the Special Provision of the Debtor Rehabilitation and Bankruptcy Law relating to Qualified Financial Transactions

이영경
법학연구소 (The Institute of Legal Studies Konkuk University)|2019.06|서울대학교 법학|제60권 제2호|pp. 211-274|DOI 10.22850/slj.2019.60.2.211

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참고문헌

키워드

금융위기derivativesfinancial crisisclose-out nettingsystemic risk시스템 위험특례조항일괄정산파생금융거래리포거래채권자 평등원칙조기종료권의 일시정지safe harborsrepurchase transactionsprinciple of creditors’ equalitytemporary stay on early termination rights
주제분류법학

초록

채무자 회생 및 파산에 관한 법률(“채무자회생법”) 제120조 제3항은 파생금융거래 등 적격금융거래에 대한 특례를 정하고 있다. 미국의 연방파산법은 파생금융거래, 리포거래 등의 금융거래를 도산절차에서 우대하는 특례조항을 두고 있는데, 2008년 금융위기시 특례조항에 의한 채권자들의 권리행사로 인해 대형 금융기관의 존속이 어려워지고 금융시장에 혼란을 가져와 시스템 증가요인으로 작용하였다고 하는 비판론이 거세게 일어나고 있다. 이러한 비판은 우리에게도 시사하는 바가 크다. 특히 특례를 인정하는 것은 채권자 평등원칙에 대한 중대한 예외를 인정하는 것이므로, 금융시장의 활성화와 국제 경쟁력 확보를 위해 특례를 인정한다고 하여도 이를 엄격하게 볼 필요가 있다. 채무자회생법 제120조 제3항은 기본계약의 일괄정산조항에 따라 채권액을 차감정산하여 단일채권으로 만드는 것의 법적 효력을 분명히 하였다는 점에서 의의를 찾을 수 있으며, 여기에는 특별한 문제는 없다. 동 조항은 이에 나아가 적격금융거래에 수반한 담보도 특례대상으로 포함시키고 부인권이 배제되도록 하였는바, 이에 관하여 엄격한 해석이 요구된다. 담보에 관하여는, 채무자회생법상 개별집행금지 원칙을 유지하고 담보권설정방식의 담보는 회생담보권으로의 취급함으로써 여타 채권자의 이익과 조화를 꾀하는 것이 바람직하다. 입법론으로서 소유권이전방식의 담보에 한하여 특례를 인정하는 방안을 검토해 볼 수 있다. 부인권에 관하여는, 사전에 체결한 담보계약에 의하여 하는 시가평가에 따른 일상적인 담보제공이나 상대방의 신용도 하락 등을 이유로 한 담보제공에 대하여는 부인권을 배제할 수 있지만, 지급정지 등이 있었음에도 상대방이 유리한 시점을 찾기 위하여 거래를 종료하지 않고 담보를 제공받는 경우에는 채무자회생법 제120조 제3항 단서를 적용하여 부인권을 행사할 수 있다고 보아야 한다. 나아가 입법론으로서, 금융산업의 구조개선에 관한 법률 및 예금자보호법상 금융기관의 정리제도에 있어서 파생금융거래 등의 취급에 관하여 명확히 하고, 상대방의 조기종료권의 일시정지제도를 마련하는 방안을 검토할 필요가 있다.

Abstract

The Debtor Rehabilitation and Bankruptcy Law (the “DRBL”) contains a special provision for certain qualified financial transactions including derivatives and repurchase transactions in the Article 120, Paragraph (3) of the DRBL (“Special Provision of the DRBL”). In the United States, some strong criticism has arisen against the safe harbors contained in the U.S. Bankruptcy Code (“Safe Harbors”). It is argued that experiences from Lehman Brothers and AIG during the global financial crisis revealed problems that large financial institutions would be vulnerable to run by creditors of derivatives and repurchase transactions relying on the Safe Harbors and it may increase systemic risk to markets. It becomes doubtful whether the Safe Harbors can perform the function of reducing the systemic risk, as ascertained thus far to be the major ground for the safe harbors. Same concerns can arise about the Special Provision of the DRBL. Even if we may accept the necessity of the Special Provision of the DRBL since it can enhance the liquidity and improve competitiveness of our financial market, the Special Provision of the DRBL should be interpreted strictly in order to minimize the conflict with the principle of creditors’ equality. In this regard, there will be no problem in that the Special Provision of the DRBL makes the close-out netting, by which a net claim will be made pursuant to a master agreement of the qualified financial transactions, to be enforceable. However, special treatments to the related collateral agreements should be strictly applied. The principle of prohibition on separate enforcement should be maintained and security right such as pledge should be subject to restrictions on rehabilitation security right in the DRBL. Amending the Special Provision of the DRBL to apply to the title transfer collateral arrangements only excluding the security interest can help to eliminate the uncertainty. If a counterparty does not terminate the agreement when payment suspension, application of rehabilitation procedures or bankruptcy is made against a debtor in order to wait for favorable time to terminate for its own benefit, and obtain collateral from the debtor, such provision of collateral should be subject to the avoidance power. In addition, the temporary stay on termination right of counterparty should be adopted in resolution regime of financial institutions.

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