论破产重整中债券持有人的权益保护

On the Protection of Bondholders' Rights and Interests in Bankruptcy and Reorganization

破产程序尤其是破产重整是市场化、法治化的债券违约处置中的重要方式,2020年最高人民法院关于债券纠纷的会议纪要为债券持有人保护提供了相关规则,但实践中仍存在亟待解决的问题。基于债券持有人不同于一般债权人的特殊性,在债权申报、表决席位等方面,应作出妥当安排。就债券持有人的债权申报,应由债券受托管理人统一申报,此时应赋予债券受托管理人一个表决席位。若债券持有人各自申报债权,则各债券持有人均有表决权;不同的资管计划管理人为同一个时,表决权数量应相应设置多个。违约债券转让的规则也应与破产债权申报中债权人身份的确定相协调。

Bankruptcy reorganization is important in bond disposal.Due to the special nature of bondholders that are different from ordinary creditors,proper arrangements should be made in the declaration of creditor's rights and voting rights.With regard to the declaration,the bond trustee shall declare uniformly.At this time,the bond trustee shall be given a voting seat.If bondholders declare their claims,each bondholder has voting rights.The rules for the transfer of default bonds should also be coordinated with the determination of the creditor’s identity.