There have been strong debates with respect to the protection of creditors in Europe over the last ten years. The legal capital system of the Second Directive of the European Union has been criticized for its high costs compared with its utilities. The revised Korean Commercial Code (the “KCC”) of 2011 provides considerable flexibility with respect to the distribution of profits by introducing Japanese corporation law which accepted United States'' corporate finance theory. However, since the KCC does not include relevant articles for the protection of creditors, it is necessary to take some complementary measures to protect the creditors.