The purpose of this study is to review problems on contract transfers that have been used for the reorganization of financial institutions since the financial and currency crisis in 1997 in Korea. Though the contract transfers have contributed to overcoming the financial and currency crisis, they have brought about a lot of legal disputes and suits as well. That is why this paper suggests improvement measures of them in view of the P&As in the United States and in Japan. The improvement measures are as follows: Firstly, it is desirable to adapt receivers or conservators in the United States and in Japan in place of managers in Korea and to have the Korea Deposit Insurance Corporation performed as a receiver or conservator. Secondly, if Korea adapts the above-mentioned system in the United States or in Japan, the Korea Deposit Insurance Corporation should decide the method and time for the reorganization of financial institutions in Korea. Thirdly, the bridge banks in the United States or in Japan should be introduced in Korea for contract transfers in the future. Lastly, the priority repayment right of depositors should be guaranteed, and the Korea Deposit Insurance Corporation should perform liquidation service quickly by means of the right. On the other hand, if all of the above-mentioned improvement measures are introduced in Korea, the decision for the transfer of contracts as administrative disposition in article 14 of the Act on the Structural Improvement of the Financial Industry should be repealed.