벼랑 끝에 선 경제, ‘파산’이라는 이름의 성적표가 말하는 것들 > 뉴스

Bankruptcy in old age that destroys an individual's life is a social disaster that can no longer be dismissed as individual incompetence or moral hazard. In Korea, which has entered a super-aging society, statistics showing that more than half of the total number of people in their 60s or older have filed for bankruptcy prove that our economy is weakening. Despite working diligently their whole lives, the reality of the elderly who are unable to get out of the swamp of debt due to the aftermath of the past economic crisis or structural lack of living expenses is extremely miserable. This is not an individual's choice, but an inevitable result of the absence of a social safety net and imbalance in the labor structure. Now is the time to lower the threshold so that the bankruptcy system can be recognized and actively utilized, not simply as a tool to cancel debt, but as the last social protection device for a decent human life.

Even in the corporate world, the bankruptcy clock is ticking faster. The 859 corporate bankruptcy applications recorded as of April this year are more than just numbers; they are a warning sign that shows how vulnerable our small and medium-sized companies have become to the triple whammy of high interest rates, high inflation, and supply chain instability. Many managers are anxious to hold on, seeing revival as a kind of declaration of surrender or a stigma, but bankruptcy after missing the golden time will only lead to irreparable ruin. True management wisdom comes from the courage to make decisions just before collapse, that is, when there is still time to improve one's constitution through restructuring or asset sales. Management must face the reality that rehabilitation is not a privilege, but a strategic choice to save both creditors and the company.

The shadow of bankruptcy is even breaking down borders and boundaries of power. The case of ordinary investors being driven to the brink of bankruptcy by the Trump family's cryptocurrency business clearly shows the tragedy that occurs when power and capital combine. In addition, cases where the majority shareholder of a company that was a leader in the global market is filed for bankruptcy, or where the business itself is stranded due to the bankruptcy of a key partner in future industries such as urban air transportation (UAM), clearly reveal the uncertainty of new industries. The fact that even international organizations such as the United Nations are on the verge of bankruptcy due to non-payment of contributions by powerful countries symbolically shows that the foundation of the international order is shaking. This warns of the harsh reality that even large organizations or powers can quickly become powerless if the flow of funds is blocked.

The common denominator of these bankruptcies is ‘unprepared crisis’ and ‘mistimed response’. Like the governance crisis at Saman Photoelectric Power Plant or the setback of the Jeju Island UAM project, the downfall of a specific entity buries numerous stakeholders and infrastructure connected to it at once. The forecast that the number of corporate bankruptcies will hit an all-time high proves how precarious the foundations of our debt-funded growth have been. Experts say that there is no shame in a company failing. The problem is that it collapses without any preparation or without even missing the last opportunity to respond. Now more than ever, a cool-headed strategy is needed that listens to the cries from the field hidden behind the numbers in financial statements and preemptively checks the response system before a crisis occurs.