Corporate Reorganization Law - Kaishakouseiho

Japanese: 会社更生法 - かいしゃこうせいほう

This law provides for the reorganization procedures for distressed corporations, aiming to balance the interests of creditors, shareholders, and other interested parties by formulating a reorganization plan and providing procedures for its implementation, thereby maintaining and reorganizing the business of the corporation. It was enacted in 1952 (Showa 27) and fully revised in 2002 (Heisei 14). The current law is Act No. 154 of 2002. In order to prevent social unrest and economic losses caused by the dissolution and liquidation of corporations, the law provides for a more powerful corporate restructuring system than corporate rescue measures such as the reorganization under the Commercial Code (abolished when the Companies Act was enacted in 2005), and it stipulates a reorganization procedure modeled after the reorganization system under the US Bankruptcy Code.

[Shuzo Toda, Norihiko Fukuhara, and Norihiro Takeda]

Corporate reorganization procedures

In corporate reorganization procedures, a stock company may petition the court for the commencement of reorganization procedures if there is a risk of a fact that could cause bankruptcy for the company, or if the company is unable to repay its debts that are due without causing significant disruption to the continuation of its business. In the former case, creditors and shareholders with a certain amount of assets may also petition. Once a decision is made to commence reorganization procedures, bankruptcy petitions and other petitions cannot be filed, and even if a petition for bankruptcy has already been filed, the bankruptcy proceedings up to that point will be suspended or will become invalid. With the commencement of reorganization procedures, the authority to manage and dispose of the company's business operations and assets will be exclusively vested in a court-appointed reorganization trustee, who will manage the company's operations and assets. The trustee will evaluate the company's assets, prepare an asset inventory and balance sheet, investigate the details and amounts of creditors' claims, the purpose and value of security interests, etc., and, taking these materials and future profitability into consideration, prepare a reorganization plan and submit it to the court. The contents of the reorganization plan usually include partial forgiveness of claims, payment deferrals, capital reduction, and new stock issuance. This plan is resolved by groups classified as secured creditors, creditors, and shareholders, and is passed with the consent of a statutory majority of each group. Once the court approves it, it goes into effect as a reorganization plan. When the reorganization plan has been implemented, or when it is deemed certain that it will be implemented, the court will make a decision to terminate the reorganization proceedings. With this decision to terminate, the company will be free from the supervision of the court and will be free from the restrictions of the reorganization proceedings. If this is not the case, a decision will be made to terminate the reorganization proceedings, and the company will move to bankruptcy proceedings, etc.

Similarly, there is a civil rehabilitation procedure based on the Civil Rehabilitation Act (Act No. 225 of 1999) which was enacted as a corporate reconstruction procedure. The civil rehabilitation procedure is a procedure for individuals or corporations who are in danger of becoming insolvent or insolvent but have the possibility of reconstruction, and is supervised by the court, and in the case of corporations, it is permitted not to change the management. It is flexible and simple, and can be used widely by a wide range of companies, from large companies listed on the First Section of the Stock Exchange to small and medium-sized companies in town. Large companies can choose either the Corporate Reorganization Act or the Civil Rehabilitation Act, but if they choose the Civil Rehabilitation Act, it takes a relatively short time to be concluded, so the deterioration of assets can be avoided, and there are also provisions for binding security holders, so the Civil Rehabilitation Act is often used even by large companies.

[Shuzo Toda, Norihiko Fukuhara, and Norihiro Takeda]

Differences between the procedures under the Corporate Reorganization Act and the Civil Rehabilitation Act

The main differences in procedures between the Corporate Reorganization Act and the Civil Rehabilitation Act can be summarized as follows:

(1) While corporate reorganization applies only to corporations, civil rehabilitation applies to all natural persons (individuals) and corporations. In other words, as restructuring-type bankruptcy proceedings, the Corporate Reorganization Act is positioned as a special law, while the Civil Rehabilitation Act is positioned as a general law.

(2) In corporate reorganization, a reorganization trustee is always appointed upon the commencement of reorganization proceedings and the right to manage and dispose of assets is transferred from the company to the trustee, whereas in civil rehabilitation, the debtor retains the right to manage and dispose of assets even after the commencement of reorganization proceedings and the previous management team of the debtor continues to run the organization as is, which is a DIP-type bankruptcy procedure (DIP: Debtor in Possession).

However, in corporate reorganization, those who are at risk of being assessed as liable during the corporate reorganization procedure due to illegal business practices and other reasons will not be appointed as a reorganization trustee. Looking at this from the other side, it means that officers who are not at risk of being held liable can become reorganization trustees. When such former officers become reorganization trustees and proceed with the corporate reorganization procedure, it is called a DIP-type corporate reorganization.

(3) While the content of the reorganization plan for corporate reorganization is very diverse, the content of the reorganization plan for civil rehabilitation is limited. For example, if a company issues new shares to sponsors during bankruptcy proceedings, a resolution of the general shareholders' meeting or board of directors as stipulated in the Companies Act is required if the company is undergoing civil rehabilitation proceedings, but if the company is undergoing corporate reorganization proceedings, a resolution as stipulated in the Companies Act is not required. In addition to this, in the case of corporate reorganization, if the reorganization plan is specified in advance, resolutions as stipulated in the Companies Act are also not required for changes to the articles of incorporation, capital reductions, business transfers, mergers, and company splits.

(4) In corporate reorganization, the secured interest is incorporated into the reorganization procedure and enforcement of the secured interest is not permitted, but in civil rehabilitation, the secured interest is allowed to be enforced without going through the rehabilitation procedure as a separate creditor. If it becomes necessary to change the content of the secured interest during the reconstruction procedure, it is easy to change it within the corporate reorganization procedure, but in civil rehabilitation, individual agreements must be obtained with the secured interest holder.

[Takeda Norihiro]

"Matsuda Jiro, Corporate Reorganization Law, New Edition (2001, Yuhikaku)" ▽ "Tokyo District Court Corporate Reorganization Practice Study Group, Latest Practice: Corporate Reorganization (2011, Financial Affairs Research Association)" ▽ "Yamamoto Kazuhiko, Introduction to Bankruptcy Law, 4th Edition (2012, Yuhikaku)" ▽ "Ito Makoto, Corporate Reorganization Law (2012, Yuhikaku)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

窮境にある株式会社について、更生計画の策定およびその遂行に関する手続を定めること等により、債権者、株主その他の利害関係人の利害を適切に調整し、もって当該株式会社の事業の維持更生を図ることを目的とする会社更生手続を定めた法律。1952年（昭和27）に制定され、2002年（平成14）に全面改正されたものが現行法となっている。平成14年法律第154号。株式会社の解体清算による社会的混乱や経済的損失を防止するため、商法上の会社整理（2005年会社法制定時に廃止）などの会社救済手段よりも強力な会社再建制度として、アメリカ破産法中のリオーガニゼーションreorganizationの制度に倣った会社更生手続が定められている。

［戸田修三・福原紀彦・武田典浩］

会社更生手続

会社更生手続では、株式会社は、会社に破産の原因たる事実の生じるおそれがある場合、あるいは、事業の継続に著しい支障をきたすことなく弁済期にある債務を弁済できない場合には、裁判所に対して更生手続開始の申立てをすることができ、前者の場合には一定額を有する債権者や株主も申立てができる。更生手続の開始の決定があると、破産などの申立てはできなくなり、すでに破産の申立てがなされていても、それまでの破産手続は中止され、または効力を失う。更生手続開始とともに、会社の事業経営および財産の管理処分権限は裁判所の選任する更生管財人に専属し、この管財人が会社の業務および財産を管理する。管財人は会社財産を評定して財産目録・貸借対照表を作成し、債権者の債権の内容と金額、担保権の目的と価額などを調査し、これらの資料や将来の収益力などを考慮して更生計画案を作成し、裁判所に提出する。更生計画案の内容は、債権の一部免除や支払猶予、資本減少、新株発行などを含んでいるのが普通である。この計画案は、更生担保権者、更生債権者、株主に分類された組に分かれて決議され、各組の法定多数の同意を得て可決され、裁判所が認可決定すると更生計画として効力を生ずる。更生計画が遂行されたとき、または遂行が確実であるとの見通しがたてば、裁判所は更生手続終結の決定をする。この終結決定により当該会社は裁判所の監督から離れて、更生手続の制約から脱することになる。そうでないときは更生手続廃止の決定がなされ、破産手続等に移行される。

　同じく会社再建手続としては、1999年（平成11）に制定された民事再生法（平成11年法律第225号）に基づく民事再生手続が存在している。民事再生手続は、支払不能もしくは債務超過の生ずるおそれはあるが、再建の可能性のある個人または法人を、裁判所の監督のもとに、会社の場合には経営者を交替させないことも認めて、再建させる手続であり、一部上場の大企業から街の中小企業まで、幅広く利用できる柔軟性と簡便性を備えている。大企業の場合は、会社更生法と民事再生法のいずれも選択できるが、民事再生法を選択すると、終結まで比較的短期間で済むことから、資産の劣化を避けることができ、また担保権者に対する拘束もいちおう規定されているので、大企業であっても民事再生法のほうが利用される場合が多い。

［戸田修三・福原紀彦・武田典浩］

会社更生法と民事再生法の手続の違い

会社更生法と民事再生法の手続の主要な違いをまとめると、以下のように整理できる。

(1)会社更生は株式会社のみを対象としている一方で、民事再生は自然人（個人）および法人のすべてを適用対象としている。すなわち、再建型倒産処理手続として、会社更生法は特別法、民事再生法は一般法という位置づけが与えられている。

(2)会社更生は、更生手続開始によりかならず更生管財人が選任され、財産の管理処分権が会社から管財人に移される一方で、民事再生は、再生手続開始後でも再生債務者に財産の管理処分権限を残しており、再生債務者の従前の経営陣がそのまま組織の運営にあたり続ける、DIP型倒産処理手続である（DIP：Debtor in Possession。債務者占有継続の意）。

　ただ会社更生は、役員が違法な業務執行行為を行ったことにより会社に損害を与えたなどを理由として、会社更生手続中に役員等責任査定決定を受けるおそれのある者については、更生管財人としては選任されない。これを逆からみると、そのような責任追及がなされるおそれのない役員は更生管財人になれることを意味する。このような従前の役員がそのまま更生管財人となって会社更生手続を進めることをDIP型会社更生という。

(3)会社更生は更生計画の内容が多岐にわたる一方、民事再生は再生計画の内容が限定されている。たとえば、倒産処理手続の途中でスポンサーあてに新株を発行する場合、もしも民事再生手続中ならば会社法に規定される株主総会あるいは取締役会の決議が必要となるが、もしも会社更生手続中ならば会社法に規定される決議が不要となる。会社更生の場合、これ以外にも、更生計画にあらかじめ定めておけば、定款変更、減資、事業譲渡、合併、会社分割なども、会社法に定める決議が不要となる。

(4)会社更生では担保権が更生手続内に組み込まれ、担保権実行が許されないが、民事再生では別除権者として再生手続によらずに担保権の実行が認められる。再建手続の途中で担保権の内容の変更が必要となった場合、会社更生手続内ならば変更は容易であるが、民事再生手続内では担保権者との個別合意等を得なければならない。

［武田典浩］

『松田二郎著『会社更生法』新版（2001・有斐閣）』▽『東京地裁会社更生実務研究会編『最新実務　会社更生』（2011・金融財政事情研究会）』▽『山本和彦著『倒産処理法入門』第4版（2012・有斐閣）』▽『伊藤眞著『会社更生法』（2012・有斐閣）』

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例

<<: Company reorganization - Kaisha Seiri

>>: Hermeneutic (English spelling) German