Editorial / Private Reorganization Guidelines Early Development for Small and Medium-sized Business Revitalization
(2021/8/13 05:00)
We would like to improve the usability of private reorganization so that small and medium-sized enterprises that are hit by the business crisis due to the Korona-ka will revitalize their businesses at an early stage.
The sense of excess debt of SMEs is increasing. There is no prospect of the end of the infection, and the restaurant industry, travel industry, accommodation-related industry, etc. are facing a situation where there is no prospect of management improvement.
Although the government continues to take measures to support financing such as virtually interest-free and unsecured loans, there are concerns that some companies will find it difficult to get out of debt overhang. At the time of the Lehman shock, there is a precedent that corporate bankruptcies increased the following year.
Debt consolidation is important for drastic measures against the business crisis. The current method of exemption of debt is legal reorganization such as the Civil Rehabilitation Law and private reorganization in which financial institutions and debtors consult.
Legal arrangements can be enforced by the involvement of courts, but in Japan there are many cases of damage to credit and brand value. Since private reorganization is only between the parties, it is becoming established as a business revitalization while avoiding damage to corporate value.
However, private reorganization is difficult to carry out if there are creditors who oppose the exemption of debt, and as a general rule, the resignation of the management team is required, so it is not easy to use for small and medium-sized enterprises with many owners and managers.
In the growth strategy execution plan formulated in June, the government has set out a policy to consider formulating guidelines such as private arrangements based on the actual situation of small and medium-sized enterprises. It is expected that the private sector, such as the Japanese Bankers Association, will take the lead in the specific formulation work, but after showing the government's thinking regarding repayment deferment, consensus building of creditors for debt waiver, and management responsibility. Policy to encourage formulation work.
Financial institutions are wary of easy debt waivers, but if no measures are taken, corporate bankruptcies beyond the time of the Lehman shock may occur. There is also the problem of a shortage of practitioner personnel who can grasp the actual situation of the company and create a rehabilitation plan.
I would like to create a mechanism for the parties concerned to cooperate with each other with the idea of how to revitalize as many companies as possible. It is necessary to take measures for managers who are in a difficult situation to look forward.
(2021/8/13 05:00)
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