LBO는 M&A 거래에 있어서 피인수기업인 대상회사의 자산을 담보로 자금을 조달하 여 대상회사를 매수하는 기업인수기법이다. 그런데 LBO의 경우 대상회사의 자산을 담 보로 차입한다는 점에서 채권자보호문제가, 대상회사의 소수주주를 퇴출시켜 공개회사 를 폐쇄기업화하는 것이 일반적이라는 점에서 소수주주의 보호문제가 발생한다. 이 글 에서는 먼저 회사채권자 보호문제와 관련하여 미국에서 논의되는 이사의 채권자에 대 한 신인의무와 사기양도금지법리에 대해 검토하고, 우리나라에서 규정된 이사의 손해배 상책임 등의 채권자 구제방법에 대해 검토하였다. 다음으로 소수주주의 보호문제와 관 련하여 소수주주의 강제퇴출과 관련된 외국의 입법례를 검토하고, 우리나라에서 현금지 급합병 방식에 의한 소수주주 퇴출이 가능한지 여부와 그 밖의 소수주주 구제방법에 대해 검토하였다.

This paper focuses on the legal protections to creditors infringed from the reduction of the asset value of the target company and minority shareholders in the going private transaction. Firstly, LBO raises the legal protection problems of creditors of the target company. Because the current creditors may be in danger of financial losses caused by merger and acquisition due to unhealthy financial structure of the takeover company that uses the target company's assets as the collateral for the acquisition fund. In case that the current creditor's rights can't be completely protected in the LBO transactions, the current creditors can claim avoiding power of the Act on Debtor Revival and Bankruptcy or the right of fraudulent transfer recission in the Civil Law and so on. Secondly, the SPC and the target company will be merged right after the LBO transactions. US law permits the cash-out merger(or freeze-out merger) without demanding the purpose or the motive of merger if the fair procedures and fair price are met. The cash-out merger is illegal under the current laws in Korea, but the amendment bill of Commercial Law permits the cash-out merger and endows controlling shareholder with appraisal rights. In addition, minority shareholders can claim dissenting appraisal rights, the right of view and copy of * Incheon District Court Judge LBO와 회사채권자 및 소수주주의 보호 257 accounting books and creditor protection procedures to protect their rights in the LBO transactions.

This paper focuses on the legal protections to creditors infringed from the reduction of the asset value of the target company and minority shareholders in the going private transaction. Firstly, LBO raises the legal protection problems of creditors of the target company. Because the current creditors may be in danger of financial losses caused by merger and acquisition due to unhealthy financial structure of the takeover company that uses the target company's assets as the collateral for the acquisition fund. In case that the current creditor's rights can't be completely protected in the LBO transactions, the current creditors can claim avoiding power of the Act on Debtor Revival and Bankruptcy or the right of fraudulent transfer recission in the Civil Law and so on. Secondly, the SPC and the target company will be merged right after the LBO transactions. US law permits the cash-out merger(or freeze-out merger) without demanding the purpose or the motive of merger if the fair procedures and fair price are met. The cash-out merger is illegal under the current laws in Korea, but the amendment bill of Commercial Law permits the cash-out merger and endows controlling shareholder with appraisal rights. In addition, minority shareholders can claim dissenting appraisal rights, the right of view and copy of * Incheon District Court Judge LBO와 회사채권자 및 소수주주의 보호 257 accounting books and creditor protection procedures to protect their rights in the LBO transactions.

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Leveraged Buyout, Special Purpose Company, target company, fiduciary duty, entire fairness, avoiding power, the right of fraudulent transfer recission, appraisal rights, cash-out merger