도산법상 지배주주채권의 후순위화 법리에 대한 연구
The Equitable Subordination, Recharacterization and Equitable Disallowance in the USA and Subordination Rule in Germany
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본 논문은 미국 형평법상 지배주주채권의 후순위화 법리 등과 독일 도산법상 후순위화 법리에 대한 면밀한 검토를 바탕으로, 채무자 회생 및 파산에 관한 법에서 지배주주채권으로부터 타 채권자를 보호하기 위한 방향을 제시하고 있다. 우선, 미국 도산법상 지배주주채권과 관련된 법리인 형평법상 후순위화 법리, 출자전환 법리 및 채권의 무효화 법리를 검토한 결과, 도산 시 지배주주채권으로부터 타 채권자를 보호하기 위하여는 형평법상 후순위화 법리를 활용하는 것이 가장 타당함을 확인하였다. 미국 파산법은 형평법상 후순위화 법리를 조문으로 마련하였지만 그 적용요건은 판례법을 따르고 있다. 판례법에 따라 형평에 반하는 행위, 채권자를 손해를 입히거나 후순위화 대상 채권자에게 불공평한 이익을 야기하는 경우 등을 만족하는 경우로 하고 있다. 반면, 독일의 지배주주채권의 후순위화 법리는 채권자의 손해를 요건으로 하지 않으며 그 요건을 만족하면 자동적으로 후순위화하고 있다. 미국의 형평법상 후순위화 법리가 그 요건을 조문화하지 않아서 불확실성을 야기하고, 따라서 신용비용을 증가시킨다는 지적이 있다. 반면 독일의 법리는 불확실성은 제거한 측면이 있으나, 오히려 지배주주 채권자에게 불공평한 상황이 발생할 수 있고, 자금조달 결정을 저해할 수 있다는 비판을 받고 있다. 채무자회생법상 회생절차에는 평등의 원칙의 예외를 통해 지배주주채권을 후순위화 할 수 있는 근거 조문이 존재한다. 다만, 파산절차에는 평등의 원칙의 예외에 관한 조문이 존재하지 않는다. 또한 해당 조문이 ʻ차등을 두어도 형평을 해하지 아니할 때ʼ의 해석에 따라 지배주주채권에 대하여 후순위화를 적용할지, 출자전환을 적용할지 아니면 무효화할지 불확실하다. 따라서 본 논문은 채무자회생법 총칙에 ʻ차등을 두어도 형평을 해하지 아니할 때ʼ를 규정하여 회생절차와 파산절차에 모두 적용할 수 있도록 하고 지배주주채권에 적용 여부를 명확하게 하기 위해 하부조항으로 지배주주채권의 후순위화 및 적용요건을 도입할 것을 제안하였다.
Abstract
This article examines shareholder loan subordination in relation to bankruptcy law in the United States and the Insolvency Act in Germany. Although one of the basic purposes of bankruptcy law is equality of distribution, both legal systems have certain provisions to treat differently the shareholder loan in bankruptcy or in the vicinity of bankruptcy. However, the rationale behind the rules differs. Taking a comparative approach, the rationale for the subordination in the US legal system is mainly to rectify the injured creditors. In Germany, however, the rationale hinges on the responsibility of the shareholder, particularly when they decides to make a capital contribution while the firm is close to bankruptcy or overindebtedness. Aside from the equitable subordination, other doctrines such as recharacterization and equitable disallowance in USA are distinguished by the court. In recharcterization, for example, the creditor has ownership interest but not debt claims and is subordinate to all claims under the rule that debt has priority over equity. In Equitable Disallowance, the claims have disallowed in extreme situation but this doctrine has been rarely used. Although the Bankruptcy Code §510(c) stipulates the equitable subordination, it does not elaborate on the requirement for application. Therefore, in the Mobile Steel case, the court had developed a three part test to determine whether the equitable subordination under §510(c) is applied: 1) The claimant must have engaged in some type of inequitable conduct; 2) the misconduct must have resulted in injury to the creditors of the bankrupt or conferred an unfair advantage on the claimant; and 3) equitable subordination of the claim must not be inconsistent with the provisions of the Bankruptcy Code. By contrast, Germany, the subordination will automatically apply to all shareholder loan under the §39(1)5, of Insolvency Act in Germany, however, there are two exceptions. The first exception is the shareholder who are not directors of the company and do not hold more than 10% of the registered capital. Thus, the subordination applies to shareholders who, at least have a significant influence on the management of the company. The second exception applies in the course of rescue attempt by an investor who previously did not hold shares in the company. Under the Debtor Rehabilitation and Bankruptcy Act in South Korea, in rehabilitation procedure, there is an exception to §218 principles of equality. §218(2) states even if persons who hold rights of the same kind, they can be treated differently, when the principles of equity are not undermined, then the principle of equality shall not be applied(ʻʻEquitable Exceptionʼʼ). However, in bankruptcy procedure, the equitable exception does not exist. Hence, this article recommends to enact the equitable exception in General Provision and equitable subordination and its requirements in sub-section in Debtor Rehabilitation and Bankruptcy Act.
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