New role of financial instituions in insovency proceedings

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380107
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Hitotsubashi University
• Principal Investigator: sugiyama etsuko 一橋大学, 大学院法学研究科, 准教授 (20313059)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 倒産 / DIPファイナンス / コベナンツ

Outline of Final Research Achievements

Gaining a new financing in insolvency proceedigs is critical for the success of debtor's rehabilitation. Therefore, the Japanese insolvency laws give priority over general creditors to new lenders. However, in practice, a debtor often has difficulty in finding a new lender because of lack of sufficient assets to give as security. Therefore, some people insist that the Japanese insolvency law should give "super priority" to a new lender, following the practice in the USA in order to facilitate a new financing. However, considering the fact that a new lender with super priority sometimes prefers liquidation to rehabilitation, it is desirable to have a new institution where either a court or creditors may monitor conditions of the new financing.

Free Research Field

民事手続法