绝对优先原则与我国破产法的缺失

The Absolute Priority Rule and the Defect of the Bankruptcy Law of China

绝对优先原则是破产重整程序中对破产财产的分配加以规制的一项重要法律制度。其制度价值在于它通过尊重和保护当事人的破产前权利和他们在破产前达成的利益分配格局来实现重整价值的公平分配,制约当事人在选择使用重整程序和进行重整计划内容谈判时具有正当的动机,促使当事人进行有效重整。我国破产法没有绝对优先原则加以明确和全面的规定。这一制度缺失引发了一系列消极后果。建议应在我国破产法第87条中对绝对优先原则加以清晰完整的规定。

The absolute priority rule is an important rule regulating the distribution of the bankruptcy assets in the bankruptcy reorganization proceeding. Its value lies in that it achieves an equitable distribution of the reorganization value through respecting the interested parties＇ pre-bankruptey entitlements and the bargained-for distribution order, restrains the interested parties to have the right incentive when they decide whether to use the reorganization proceeding and when they bargain over the content of the plan, and fosters the parties to pursue efficient reorganization. The enterprise bankruptcy law of China fails to provide the absolute priority rule in a clear and complete way. This legislative defect leads to a series of negative effects. The author suggests that the absolute priority rule should be provided clearly and completely in Article 87 of the enterprise bankruptcy law of China.