지방공기업의 파산가능성에 대한 시론적 검토 - 기업도산법제의 적용가능성에 대한 공법적쟁점을 중심으로 -

Abstract

Many people have pointed out the seriousness of financial stability of local public enterprises for a longtime. Some of them are in great danger of bankruptcy due to excessive debts and accumulated business loss. However, there are many controversies about whether local public enterprises can become bankrupt or not. Oneof the most big controversies is if the issues of infringement on local autonomy and the Debtor Rehabilitationand Bankruptcy Act are applied to local public enterprises. Since this Act can be applicable for bothindividuals and corporations, theoretically, local public enterprises can become bankrupt. However, in the eventthat corporations that provide core public services to residents becomes bankrupt, specially in localgovernment-directly operated enterprises, an argument may be brought up because it may negatively affectpromotion of welfare for residents. In addition, there are a conflict of opinions on the possibility of bankruptcyof local governments. Although bankruptcy is applicable, there is also a controversy about whether it is bankruptcy for liquidationor revitalization. This starts from the fact that local public enterprises are organizations that provide publicservices and the services should be continuously provided even if a public enterprise goes insolvent. If a publicenterprise is privatized, resulting in a sudden increase in prices, residents’ rights may be infringed. Therefore,there is a high probability that bankruptcy for revitalization is selected, rather than bankruptcy for liquidation. The Seoul Central District Court determined bankruptcy for revitalization for ‘the Taebaek Tourism DevelopmentCorporation’ last year. In addition, the US and Japan are likely to choose bankruptcy for revitalization. However, bankruptcy for liquidation can be considered for the third sector and businesses not closely related tothe fundamental right of residents. It is the first time to have a discussion on bankruptcy of public enterprises. Although there may benumerous things to discuss with regard to bankruptcy of public enterprises, the keys are the possibility ofbankruptcy, bankruptcy type (liquidation or revitalization), and continuity of public services. A lot of efforts forfinancial stability of public enterprises are being made. Based on these efforts, the possibility of bankruptcy andrelevant issues should be reviewed in preparation for the worst.