破产清算转重整中的利益冲突与平衡研究

Research on the Conflict of Interest and Balance in Bankruptcy Liquidation to Reorganization

破产法及司法解释规定了进入破产清算程序的企业,在未宣告破产前,如果符合重整条件,可以转入重整程序。然而,破产清算与破产重整的制度设计目的不同,债务人在从破产清算转入重整程序时,需要面对不同类型债权人之间的利益冲突,以及最大化营业价值和尽快实现债权人债权的价值选择冲突。本文通过对破产清算转重整中的价值排序进行论证,确定程序转换情境下需优先考虑保留营业价值、实现债权平等和不得违反重整基本条件的价值倾向。建立该程序转换中的利益保护路径,通过已有破产法规范中的充分信息披露、继续营业获取市场反应参考等方式,以及细化对营业价值的认定标准、廓清程序转换申请主体、完善相关听证程序等可操作性指引,实现不对其他利害关系人的权利造成无法律依据的程序不公和实体侵害的基础上,发挥破产清算转重整分类救治,识别可挽救企业重要作用。

The Bankruptcy Law and judicial interpretations stipulate that enterprises in the bankruptcy liquidation procedures can transform into reorganization proceedings if they meet the conditions for reorganization before being declared bankruptcy.However,bankruptcy liquidation and bankruptcy reorganization are designed for different purposes.When the bankrupt enterprises move from bankruptcy liquidation to reorganization proceedings,they need to face conflicts of interest between different types of creditors,as well as conflicts of value choices between maximizing business value and achieving creditor's claims as soon as possible.This article demonstrates the value ranking in the process of bankruptcy liquidation and reorganization,and determines that in the context of procedural transformation,priority should be given to the preservation of business value,the achievement of equality of creditor's claims,and non-violation of the basic conditions of reorganization.It is imperative to open up a path for protecting interests in the procedural transformation.Through various means such as sufficient information disclosure in existing bankruptcy laws and regulations and continuous operations to obtain market reaction as references,as well as the refinement of the recognition standards for business value,the clarification of the application subjects in the procedural transformation,the improvement of relevant hearing procedures,and other operational guidelines,it can be achieved that on the basis of not causing procedural unfairness and physical infringement of the rights of other interested person without legal basis,bankruptcy liquidation to reorganization can play an important role in classifying and helping,and identifying the savable enterprises.