Bankruptcy Law in Industrial Restructuring and Financial Reform : How Control Risks?

本研究旨在考察近年来金融业和破产法因经济和金融结构的变化而进行的改革，并对立法和司法实践提出建议。第一个是关于证券化的，研究表明了三点。首先，这种做法创造了各种类型的证券化，但它们是作为管理各种不可避免的金融风险的手段而被遵守的。其次，考察日本证券化的实践史和立法史，说明日本证券化的不成熟性和特殊性。第三，对证券化法律问题的考察提出了一些新的视角。“所有应收账款”的有效性问题实际上是如何保障发起人未来的自由以及如何保护交易债权人不受金融债权人侵害的问题。至于“真实出售或担保交易”的争论，问题除了必须提交之外，受让人的权利在破产程序中是否受到限制。在所有这些方面，证券化应区分为两种类型，即作为住房贷款的纯资产证券化和来自企业的信贷证券化。第二个问题与服务商法律有关。分析了《服务器法》的立法历史，并提出了修改的政策性建议。第三部分涉及跨境破产。研究指出，传统的属地主义是建立在80年前的金融状况基础上的，由于跨境商业和金融的扩张，传统的属地主义必然会被普世主义所取代。在借鉴英美法系国家经验的基础上，提出了认定外国破产程序的具体标准。

This research aimed to investigate the recent reforms of financial law and bankruptcy law which are due to economic and financial structural changes and made some proposals for legislation and legal practice.The research results are grouped in three parts.1. The first concerns securitization and the research showed three points. First, the practice has created , various types of securitization, but they are to be observed as means to manage various inevitable risks of finance. Second, the study of the history of practice and legislation of securitization in Japan shows its immaturity and particularity. Third, the examination of legal problems of securitization proposes some new visions. The question of validity of "all account receivables" is in reality the question how to secure the future freedom of the originator and how to protect the transactional creditors against the financial creditors. As for the argument on " true sale or secured transaction ", the question is, besides the requirement of filing, whether or not if the right of the transferee is restricted in the procedure of bankruptcy. In all these respect, two types of securitization are to be distinguished, that is the securitization of pure asset as home loans and that of credit originating from some enterprise.2. The second concerns servicer law. The research analyzes the history of the legislation of the Servicer Law and make a policy proposal of its revision.3. The third part concerns cross-border insolvency. The research points out that the traditional territorialism is based on the financial conditions of 80 years ago and obliged to be replaced by universalism because of the expansion of the cross-border commerce and finance. Considering the experience of Common Law countries, the study proposes some concrete criteria about the recognition of foreign insolvency proceeding.