论破产财产出售的程序规制——以克莱斯勒破产案为例  

On the Procedural Regulation of Bankruptcy Property

作　　者：张钦昱[1] 

机构地区：[1]中国政法大学民商经济法学院,北京100088

出　　处：《法学杂志》2013年第2期132-140,共9页Law Science Magazine

摘　　要：克莱斯勒破产案中原克莱斯勒公司附义务出售破产财产的做法改变了债权人的受偿顺位,引发了破产财产出售与绝对优先权原则的冲突。出售破产财产可以使债权人受偿额增加,激发员工的积极性,应当支持,但也存在如何准确估值破产财产的问题。可供参考的实体性解决途径有司法估值和市场检验。司法估值耗时长、耗资大,不可取,市场检验也无法从根本上解决估值的准确和衡平。以露华浓规则为代表的程序性规则因符合程序正义和避免主观性的特质,成为结合实体性途径进行财产估值的最佳方法。程序性规则的内容是:董事会要符合勤勉义务和诚实信用原则的要求;管理层必须将财产出售的详细情况通报给董事会。In reChrysler LLC, et al., which changes the payment sequence via sale of Chrysler＇s bankruptcy property with obligation, leads to the conflict between sale of bankruptcy property and Absolute Priority Rule. It is reasonable to support selling bankruptcy property because it can make creditors gain more and inspire employees. However, there are some problems, such as how to get a more accurate evaluation result. Judicial Valuation and Market Test are two possible solutions, but each of them has some defect. Judicial Valuation is time -consu- ming and at cost. Market Test could not make the result accurate and justice per se. Revlon is the best approach to evaluate the bankruptcy property, as it not only conforms to the principle of procedure justice but also avoids the subjectivity. The content of Revlon is that the board should pay attention to the duty of care and the principle of good faith, and the management need to report to the board about the detailed information concerning the sale of bankruptcy property.

关 键 词：破产财产出售 绝对优先权原则 克莱斯勒 司法估值 市场检验 程序性规则 

分 类 号：D971.2[政治法律—法学] DD912.29