德国企业集团破产程序协调机制及其对我国的启示

The Coordination Mechanism of German Enterprise Group Bankruptcy Procedure and Its Inspiration to China

在当今企业集团勃兴的时代,如何规制企业集团破产,成为破产理论和实务关注的焦点。企业集团破产处理需要考虑如何在破产程序中反映企业集团经济结构。德国企业集团破产改革通过构建程序协调框架保存企业集团的整体价值及蕴藏在企业集团内的协同效应,以避免集团成员公司债务人分散化破产管理造成的价值损失与债权人处境恶化。德国立法范本具有启示性,为我国处理企业集团破产问题提供借鉴。未来《企业破产法》的完善应构建程序协调框架,为规制企业集团破产提供备选工具。

In the flourishing era of enterprise groups,how to regulate enterprise group insolvency has become the focus of bankruptcy theory and practice.The bankruptcy treatment of enterprise group needs to consider how to reflect the economic structure of enterprise group in the bankruptcy procedure.The German enterprise group bankruptcy reform preserves the overall value of the enterprise group and the synergies embedded in the enterprise group by constructing a procedural coordination framework,avoiding the loss of value and the deterioration of creditors’situation caused by the decentralized bankruptcy administration of group member companies’debtors.The German model legislation is instructive and provides reflections and references for China to deal with the bankruptcy of enterprise groups.The future improvement of the Enterprise Bankruptcy Law should build a procedural coordination framework to provide alternative tools for regulating the bankruptcy of enterprise groups.