지방자치단체의 회생에 관한 연구

Abstract

Recently, because of the global financial crisis and the moral hazard of the elected administrators, the fiscal stress of the municipalities(e.g. Sungnam, Incheon) has been an important issue. Under the existing law, the alternatives to solve these problems are to increase their tax income and other financial resources and to secure fiscal soundness of local governments or municipalities. However, despite a lot of effort has been put, these measures are not enough to give a rehabilitative chance to local governments or municipalities. Because the current methods to secure fiscal soundness of local governments or municipalities throughout restriction of the issue of local government bonds and the invention in the new project can cause a drop rather than an increase in revenue. In addition, there are many limitations that they do not coordinate the interests between many creditors(e.g. normal creditors, secured creditors). Therefore, it is necessary to revive the applications of a municipality bankruptcy system for the purpose of securing their fiscal soundness and the fair satisfaction of creditors. However, unfortunately there is not related provisions therefor under the Korean legal system. Thus, I am going to comparatively examine the municipal bankruptcy system under the Chapter 9 of U.S. Bankruptcy Code and the possibility of introducing the municipal bankruptcy system to the Act on Rehabilitation and Bankruptcy of Debtor(so-called the Consolidated Insolvency Act). From the viewpoint of the insolvency law system, this article deals with the problem of local governments or municipalities in fiscal stress or distress.