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Justification of compulsory retirement of stock in the corporate reorganization

  • DONG-A LAW REVIEW
  • 2011, (53), pp.591-617
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law

Kang, Sun Ho 1

1영남대학교

Accredited

ABSTRACT

Shareholder being management responsibility is compulsory retirement of the full extent of his own stocks. It is named the punitive retirement stock. The main objective of the punitive retirement stock is charge of the management responsibility to the shareholders and deprive of the control of corporation from shareholders. It is believed that the punitive retirement is improving efficiency of the corporate reorganization through M&A. It is not try to analyse of justicication for compulsory retirement stock which the reorganized corporate of shareholders have. The method to improve it, the court of justice would intervine in the decision-making management responsibility of shareholders. If shareholders are charged for the management responsibility, the shareholders have monetary compensation for loss that the corporate have damaged. It is turn to corporate assets. For compulsory retirement stock which the reorganized corporate of shareholders have is only authorized to be interested in the value going concern. The reorganization plan is aimed solely at altering the claims of creditors and equity holders. For fair and equitable modifications to the rights of creditors and equity holders, the going concern value appraised is divided to creditors and equity holders by the relative priority rule. Junior interests is not divided as much as senior interests.

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