公司重整制度及相關機制之研究 －以中部地區月眉育樂世界為例

Abstract

我國公司之重整制度，乃屬公司法之法律範疇，晚近幾年納入債務清理法草案中有關於「重建型」之債務清理程序。目前我國企業經營不善面對龐大債務之處置方式有三：一為與債權銀行協議清償即所謂法院外重整機制；二為聲請公司重整；三為直接聲請破產、清算。是以如需避免走上破產、清算之途而引發整個社會經濟上之不安，公司重整制度即更加顯得重要。 綜觀法院內重整程序之進行，始自向法院正式提出聲請，期間須歷經法院審查裁定、相關主管機關之意見表示、檢查人評估、尤其是在債權人會議之協調亦需耗費相當時日，且在實際清償方案中所涉及之核心重點更在於重整公司之財務狀況是否可行，相較於法院外重整程序，法院內重整所耗費之各項成本非常可觀，故如何完整的設計「公司重整」制度使其能取得債權人與債務人雙方權義之衡平，實為一大重要課題。 本案探討之台灣中部地區月眉國際開發股份有限公司重整案，係由台灣糖業股份有限公司以股東身分，於民國94年11月10日向台中地方法院聲請重整獲准後正式啟動，全案共歷經38個月，終於98年1月6日由重整人召集臨時股東會選任新董事成員，並完成重整人與新董事會之交接任務，月眉公司之法院內重整程序圓滿完成，筆者有幸參與「月眉育樂世界」的重整，發現重整過程諸多法律設計不足與法律適用上之問題，乃觸發本研究之主要動機。 本研究以比較法學之研究方法，就英、美、日等國之法院內公司重整制度與英國「倫敦模式」法院外重整為說明、分析，並從比較法觀點來探討我國公司重整法令暨法院外重整相關機制。個案研究初期以個案之深度分析法，進行研究個案資料分析整理，中期時採用半結構性問卷並同時發展出深入專家焦點訪談大綱，後期訪談後又針對專家之不同論點或爭論，整理比對類似法院兩造間爭點或不同觀點資料。本研究訪談法不僅以半結構性且深入專家訪談方式進行來做內容分析，即設定同時間參與月眉公司重整之法院、重整人、重整監督人、及律師等四造為對象，並以進行半結構性之專家訪談，獲得相同或不同意見的爭點，加以整理與分析法院內重整過程之相關問題。 經由重整個案之介紹及專家訪談之實務經驗，本研究獲取了相關珍貴啟示，希冀能提供未來於重整制度修法或立法政策上之參考；此外對於現行公司法重整制度、債務清理法草案、金融機構合併法等亦發現有若干缺失問題，是以本研究亦同時提供相關建議修正之改革方向，並期盼台灣法界一改過去保守態度，鼓勵大開重整大門，解決財務困難企業引發之金融和社會問題。

Abstract Corporate Reorganization in Taiwan is in the areas of the Company Act. Reorganization system is summarized as the 'Reconstruction type' procedures of the Bill of Debt Liquidation Act Draft. There are three approaches for financially troubled enterprises. First is negotiation with banks (workout); second is to apply to the court for reorganization; third is bankruptcy and liquidation. Company reorganization system is more important because of which can avoid bankruptcy and liquidation leading to economical unrest of the society. Look at the reorganization procedure within court, it began to apply to the court for reorganization, and it takes long time because it has been through the adjudged by court, relevant authorities’ substantial opinions as to whether the reorganization shall be effected or not, inspector evaluation, especially in the negotiations between creditors. The most important core for the settlement program is the feasibility of the company's financial position. Compare to the workout, reorganization in the court will cost a lot. It is indeed an important topic to design and reform the perfect corporation reorganization so that can achieve the balance and righteousness of both creditor and debtor rights. The case study is Yamay International Development Co., Ltd (Yamay Resort) in the central of Taiwan, and it is claimed by Taiwan Sugar Corporation as shareholders on November 10, 2005. It totally took 38 months to complete reorganization procedure and convened a meeting of shareholders for election of directors and supervisors who on board on January 6, 2009. I had been participating in this case and found some defects of the law through the reorganization procedure. It is the main motivation for this study. One of the research methods of the study is comparative jurisprudence. The study introduces the reorganization within the court of Britain, the United States, Japan and the 'London Approach'(workout) of Britain. In the beginning is to organize and depth analysis the data of the case study. In the medium-term is to use the semi-structured questionnaire and develop depth expert interview. In the last-term is to organize experts’ interview data into the same or different views just like the debate in the court. In this study, not only select four experts(judge, lawyer, reorganizer, reorganization supervisors,) who participated Yamay Resort’s reorganization procedure at the same time and use semi-structured questionnaire to develop depth expert interview, but also organize the interview data to obtain the same or different views in order to find the related problem of the reorganization procedure within court. Through the case study of Yamay Resort and expert interviews data, this study has been obtaining the relevant precious revelation, and hoping to be able to provide the reference for revise or policy in the future reorganization system. Besides, the study also found a number of defects of Company Act, Bill of Debt Liquidation Act Draft, The Financial Institutions Merger Act, and the study also provides the direction of the proposed amendment. Looking forward to the legal profession of Taiwan could change a conservative attitude and encourage opening the gate of reorganization, as a result to solve the financial and social problems caused by the financial difficulties of enterprises.