Theory on fraudulent conveyance

The purpose of the work is to harmonize the idea of the judgment of Supreme Court of Japan passed in 1911 with Article 425 of civil code of Japan which prescribes that the effect of cancellation of fraudulent conveyance shall be given for the benefit of all the creditors. That judgment adopted so-called "theory of relative invalidation" which means that cancellation of fraudulent conveyance makes the legal act between the debtor and the beneficiary void toward the cancellation creditor only though that conveyance is valid between two parties concerned. The problem is how compulsory execution is possible for the benefit of all the creditors without returning the object of the conveyance to the debtor. The purpose of the work is to find theoretically how we can resolve this legal contradiction.The work was conducted by referring to literature, especially Digesta and Institutiones concerning Roman Law in order to study the origin and development of actio Pauliana. And I researched "Projet de Code civil pour l'Empire du Japon" written by Gustave Boissonade in 1891 which formed the basis of current civil code of Japan with the aim of investigating the will of the legislator. Moreover I studied French and German legal theories and judicial precedents concerning actio Pauliana referring to French code civil and German Anfechtungsgesetz.The conclusion drawn is as follows. Actio Pauliana has legal complex nature, which means it is the right compounded of cancelling the opposition of the beneficiary and demanding his admitting compulsory execution into the object existing in his place. As an effect of cancellation of fraudulent conveyance, in the case of movable estate only the cancellation creditor can get the benefit of canceling the conveyance, but in the case of real estate all the creditors of the debtor can get the benefit of cancelling the conveyance according to Article 425 of civil code although the legal conduct between the debtor and the beneficiary is valid. In this way we can harmonize the theory of relative invalidation with Article 425 of civil code of Japan.