破产重整中的先期出售制度研究

Research on the Advance Sale in Bankruptcy Reorganization Process

先期出售制度允许企业在重整计划批准前先行出售大部或全部财产。就性质而言,先期出售是重整的一种特殊方式,是进入重整程序的债务人所拥有的一项可选择行使的权利。先期出售符合挽救债务人营业、社会利益最大化的重整目标,利益相关者理论、营运价值理论、社会连带理论和成本收益分析理论能够证成其正当性。先期出售制度能够最大化债务人财产的营运价值和重整各相关主体的利益,提高重整效率,使重整企业免除债务负担。我国现行的法律框架可以容纳先期出售制度,在我国建立先期出售制度具有必要性和制度上的可行性。

The advance sale system allows an enterprise to sell most or all of its assets before its reorganization plan is approved.In terms of the nature of the advance sale,it is a special way of reorganization and an optional right of the reorganizing debtor,which is in line with its goal of reforming the debtor’s business and maximizing social interests.It can be justified by the stakeholder theory,the operational value theory,the social joint theory and the cost-benefit analysis theory.The advance sale system maximizes the operating value of the debtor’s property and the interests of all parties involved in the reorganization,improves the efficiency of the reorganization and frees the debtor from the burden of debt.China’s current legal framework can accommodate the advance sale system,and it is necessary and institutionally feasible to establish it in China.