In case of bankruptcy proceeding by an investee, its investor must strive to maximize its exit by making accurate determination as to the status and rights as investor during such proceeding. The very first step is to determine whether the investor is a creditor or shareholder. During a bankruptcy proceeding, drastic changes such as capital decrease with respect to shareholders, reduction of debts, and debt-equity swap occur to the relationships of the interested parties; therefore, it is important to accurately understand the specifics of bankruptcy proceedings and to formulate a detailed strategy.