Legal Issues on Reorganizations of Corporations whose Liabilities are over Assets

人们讨论了负债额超过资产额的公司是否可以成为日本《公司法》所允许的重组方，例如合并、换股、公司剥离。到目前为止，这些论点往往过于理论化。考虑到现实世界中进行这种重组的必要性，本研究寻求了更为复杂和实用的论据，其结果是，如果利益相关者得到适当的保护，就没有理由禁止这种重组。这种思维方式也植根于加拿大。应该允许考虑重组将给党内公司带来的协同效应。特别是在公司资产剥离方面，即使是破产的公司，如果没有债权人的情况会更糟，也可以发起这种交易。作为这项研究的成果，我已经发表了几篇文章来坚持上述分析，我准备在不久的将来再发表几篇文章。

It has been discussed whether a corporation whose amount of liabilities are over the amount of assets can be a party of reorganization enabled by the Corporate Act in Japan, e.g., merge, share exchange, corporate divestiture. The arguments tend to be too theoretical so far. This research pursues more sophisticated and practical arguments, considering the necessity of such reorganizations in the practical world.The result is that there are no reasons to prohibit such kind of reorganization, if stakeholders would be protected properly. This way of thinking is founded in Canada as well. It should be permitted to consider synergies the reorganizations would bring to the party corporations. Especially, in corporate divestiture, even insolvency corporations can launch such transactions if no creditors would be worse off.As a fruit of this research, I have already published several articles to insist the above analysis, and I am ready to publish another couple of articles in the near future.