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

本研究旨在探讨近年来因经济与金融结构变迁而产生的金融法与破产法改革，并提出立法与法律的实务建议。第一个是证券化，研究表明了三点。首先，实践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观察的。其次，对日本证券化实践和立法的历史考察，显示出日本证券化的不成熟性和特殊性。第三，对证券化的法律的问题进行了新的审视。“所有应收款”的效力问题，实质上是如何保障发起人未来自由的问题，是如何保护交易债权人免受金融债权人侵害的问题。关于“真实销售或担保交易“的论点，问题在于除了要求申报之外，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，两种类型的证券化，即纯粹的资产证券化的家庭贷款和信贷来源于一些企业。第二个是服务法。分析了我国公务员法的立法沿革，并提出了修改公务员法的政策建议.第三部分涉及跨国界破产。研究指出，传统的地域主义是建立在80年前的金融状况基础上的，随着跨境贸易和金融的发展，这种地域主义必然被普遍主义所取代。在借鉴英美法系国家经验的基础上，提出了承认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.