破产重整优先规则:实践突破与规则重构

Bankruptcy Reorganization Priority Rule:Adjustment in Practice and Rule Reconstruction

破产重整优先规则对于实现破产重整程序中各利益相关者权益平衡至关重要。在具体案件的重整实践中,某些根据破产法规则排序在后位的利益相关者会得到比清偿顺位在先的利益相关者更为优先的权益安排。利益相关者的权益特征,公共政策考量、重整价值估值难题与重整中的控制权争夺是产生这种突破的因素。法律应对此作出回应,增加优先权调整的规则,为司法裁量提供参照,从而达到重整法律规则在效率和公平方面的均衡。

The bankruptcy priority rule is very important to realize the balance of the interests of all stakeholders in the bankruptcy reorganization.In the practice of reorganization of specific cases,some junior claimer will get the arrangement better than senior claimer.Stakeholders’specific interests,Public policy considerations,valuation of reorganization value and competition for control in reorganization will become factors affecting the adjustment of the rules.The law should adjust the rules of priority by recognition the conditions and provide guidance for judicial discretion,so as to achieve the efficiency and fairness of legal rules of bankruptcy reorganization.