Capital reduction - Genshi

Japanese: 減資 - げんし

A reduction in the amount of capital in a joint-stock company. Abbreviation for capital reduction. In the case of a physical company, capital is the basis of the company's credit, so it should not be reduced arbitrarily (principle of constant capital), but when it is practically necessary, the law allows it under very strict procedures. More specifically, a capital reduction reduces the size of the company's assets and changes the company's business foundation, which has a significant impact on shareholders, and reduces the figure for the company's liability assets, which has a significant impact on creditors. Therefore, in order for a joint-stock company to reduce its capital, a resolution of the general shareholders' meeting and a creditor objection procedure are required as a general rule.

[Shuzo Toda and Norihiko Fukuhara]

Shareholders' Meeting Resolution

When reducing capital, (1) the amount of capital to be reduced, (2) if all or part of the amount of reduced capital is to be set aside as a reserve, this fact and the amount to be set aside as a reserve, and (3) the date on which the reduction in the amount of capital will take effect must be specified (Article 447, Paragraph 1, of the Companies Act). In principle, this resolution is a special resolution, but when making up for a capital deficit (when a company that has incurred losses has no prospect of distributing surplus with its current capital, and this is done for the purpose of matching the amount of capital to the already reduced company assets (making up for the deficit), thereby enabling future distribution of surplus), it can be made by ordinary resolution of the general shareholders' meeting (Article 309, Paragraph 2, Item 9, of the Companies Act). In addition, when a stock company reduces the amount of its capital at the same time as issuing shares, if the amount of the capital after the effective date of the reduction (Article 447, Paragraph 1, Item 3, Article 449, Paragraph 6, Item 1) is not less than the amount of capital prior to that date, then no reduction in capital actually occurs, and the reduction can be made by decision of the directors (or by a board of directors resolution in the case of a company with a board of directors) (Article 447, Paragraph 3, Article 449, Paragraph 6, Item 1).

[Shuzo Toda and Norihiko Fukuhara]

Creditor Objection Procedures

When a stock company reduces its capital amount, the creditors of the stock company may raise objections to the company. In that case, the company must publish in the official gazette (1) the details of the reduction in the amount of capital, (2) matters related to the stock company's financial statements as stipulated in the Company Accounting Regulations (such as the publication of financial statements and matters related to the submission of securities reports), and (3) the fact that creditors may raise objections within a certain period (at least one month). The company must also notify each known creditor (a creditor whose location, cause and content of the claim are generally known to the company. Case law has stated that it is not necessarily the case that creditors who are in dispute with the company over the existence of the claim do not fall under this category) (Company Law, Article 449, Paragraphs 1 and 2). Creditors who do not raise objections within the specified period are deemed to have approved the reduction in the amount of capital (Company Law, Article 449, Paragraph 4). If a creditor raises objections within the period, the company must make a payment to the creditor or provide an appropriate security (Company Law, Article 449, Paragraph 5). Unless these creditor objection procedures are completed, the reduction in the amount of capital will not take effect (Article 449, Paragraph 6 of the same Act).

[Shuzo Toda and Norihiko Fukuhara]

"Complete Explanation of Capital Increase and Reduction Practices - Everything about Law, Accounting, and Taxation" Revised and Expanded Edition by Tatsuya Ohta (2006, Tax Research Institute Publishing Bureau)" "Kazuo Katsuta, "Capital Increase and Reduction Registration Manual" (2007, Chuo Keizaisha)"

[Reference item] | Corporation | Capital | Capital

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

株式会社において資本金の額を減少すること。資本減少の略称。物的会社の場合、資本金は会社信用の基礎をなすから、みだりにこれを減少すべきではないが（資本不変の原則）、実際上必要がある場合に、法はきわめて厳重な手続のもとで許容している。より具体的に述べると、減資を行うと、会社の資産規模が縮小し会社の事業基礎に変更を生じさせるために株主に少なからぬ影響を与え、かつ、会社の責任財産の確保の基準の数字を減少させるために債権者に少なからぬ影響を与える。よって、株式会社において減資を行う場合には、原則として、株主総会の決議と債権者異議手続とが必要である。

［戸田修三・福原紀彦］

株主総会決議

資本金を減少する場合には、(1)減少する資本金の額、(2)減少する資本金の額の全部または一部を準備金とするときは、その旨および準備金とする額、(3)資本金の額の減少が効力を生ずる日を定めなければならない（会社法447条1項）。この決議は原則として特別決議であるが、資本金の欠損額を填補(てんぽ)するとき（損失を被った会社が現在の資本金のままでは剰余金分配の見込みがないとき、すでに減少している会社財産に資本金の額をあわせ（欠損の填補）、これにより将来の剰余金分配を可能にする目的で行う場合）には株主総会の普通決議で行うことができる（同法309条2項9号）。また、株式会社が株式の発行と同時に資本金の額を減少する場合において、当該資本金の額の減少の効力発生日後（同法447条1項3号、449条6項1号）の資本金の額が当該日前の資本金の額を下回らないときは、事実上減資が生じないので、取締役の決定（取締役会設置会社では取締役会決議）で行うことができる（同法447条3項）。

［戸田修三・福原紀彦］

債権者異議手続

株式会社が資本金額を減少する場合には、当該株式会社の債権者は会社に対し、資本金減少について異議を述べることができる。その際、会社は、(1)資本金の額の減少の内容、(2)株式会社の計算書類に関する事項で会社計算規則に定める事項（計算書類の公告、有価証券報告書提出に関する事項など）、(3)債権者が一定の期間（最低1か月）内に異議を述べることができる旨を官報に公告し、かつ、知れている債権者（債権者の所在、債権の原因および内容の大体を会社が知っている債権者。判例は、その債権の存在につき会社と係争中の債権者も該当しないとはかならずしもいえないとしている）には、各別にこれを催告しなければならない（会社法449条1項・2項）。所定の期間内に異議を述べなかった債権者は、当該資本金の額の減少について承認したものとみなされる（同法449条4項）。債権者が期間内に異議を述べたときには、株式会社は、当該債権者に弁済し、もしくは相当の担保を提供するなどを行わなければならない（同法449条5項）。これら債権者異議手続が終了しなければ、資本金の額の減少は効力を生じない（同法449条6項）。

［戸田修三・福原紀彦］

『太田達也著『「増資・減資の実務」完全解説――法律・会計・税務のすべて』改訂増補版（2006・税務研究会出版局）』▽『勝田一男著『増資・減資の登記マニュアル』（2007・中央経済社）』

[参照項目] | 株式会社 | 資本 | 資本金

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

<<: Genji - Genji

>>: Atom - Genshi (English spelling) atom