论担保物权在破产程序中的实现  

The Realization of Security Interests in Bankruptcy Procedures

作　　者：许德风[1] 

机构地区：[1]北京大学法学院

出　　处：《环球法律评论》2011年第3期49-70,共22页Global Law Review

基　　金：教育部人文社会科学研究2009年度一般项目<法教义学的基本要素研究>(项目批准号:09YJC820003)的阶段性成果

摘　　要：担保物权的实现既涉及精细繁多的技术规范,又涉及取舍难断的价值考量,破产的发生又进一步增加了这一过程的复杂性。在价值选择层面,应在承认担保物权效力的同时,对其在破产程序中的实现加以适当限制,以促进破产财产整体价值的最大化。在技术规范层面,基于对美国与德国相关制度的比较分析,并结合我国实践,我国《破产法》在解释上及未来可能的修正中,应扩大中止制度的适用范围,同时应对担保债权在中止期间的利息给予适当而非过度的保护。在破产清算与破产和解中,我国《破产法》关于担保物权人享有不受限制的独立变现权的规定,会影响清算程序中破产财产最大价值的实现及和解协议的可行性,应修正为既限制担保物权人的变现权,又允许其参与破产程序并享有表决权的制度安排。在破产重整程序中,除应尊重当事人自愿达成的重整计划外,也应适当参酌其他国家的法律规定,于重整计划的表决分组时,更细致地体现担保物性质的差别,于确定对担保物权人的补偿时,也与中止制度一样,设置必要的限制。The realization of security interests involves both numerous complicated technical rules and hard-to-be-balanced public po!icies. Bankruptcy makes this process even more com- plicated. This paper outlines various restrictions that secured creditors have to suffer in bankruptcy procedure and offers correspondent policy-based explanations for those rules. Whether automatic or requiring initiation of the trustee, both German and American laws have stay rules governing the realization of security interests. Normally, the stay remains in effect until at least the first creditor meeting. In a reorganization procedure, this can be even longer according to the reorg plan. As one of the main mechanisms to ensure that the debtor＇ s obligation is performed, anization security interests deserve respecting in bankruptcy procedure. This is the objective of the institution like ＂adequate protection＂ in American law, which protects the subject matter from being destroyed （ is excluding the ＂equity cushion＂ ）. German law also has similar institution for this purpose, which even more generous to secured creditor than its American counterpart with respect to the cornpen the sation of interests lost in the stay. On the basis of comparative analysis, this paper argues for expansion of application scope of Chinese stay rules （ §19 of Chinese Enterprise Bankruptcy Law） in liquidation procedure and adequate, not excessive protection of secured interests. In both U.S. and Germany, trustee or debtor in possession is usually in charge of the liquidation of the estate, including the secured property. Unlike this, in Chinese bankruptcy practice, the secured creditors are entitled to liquidate the corresponding property and the court plays a vital role in the liquidation of the estate. In order to maximize the value of estate in bankruptcy, the trustee should be given the power to liquidate the estate, including the secured property.

关 键 词：担保物权 抵押权实现 强制执行的暂时中止 自动中止 

分 类 号：D922.291.92[政治法律—经济法学] D923.2[政治法律—法学]