重整计划强制批准中担保权人保护规则的检视与完善  

Review and Improvement of the Rules for the Protection of Secured Creditors in the Compulsory Approval of Bankruptcy Reorganization Plans

作　　者：张善斌[1] 翟宇翔 Zhang Shanbin;Zhai Yuxiang(School of Law,Wuhan University,Wuhan,Hubei 430072)

机构地区：[1]武汉大学法学院,湖北武汉430072

出　　处：《宁夏社会科学》2024年第3期144-153,共10页NingXia Social Sciences

基　　金：国家社会科学基金项目“破产与担保制度协调的理论基础与实现路径研究”(项目编号:22BFX078);国家留学基金委员会2023年国家建设高水平大学公派研究生项目(项目编号:202306270202)。

摘　　要：《企业破产法》关于重整计划强制批准的规定,为担保权人提供了适当程度的保护,但现有规则过于抽象,导致实践中存在争议。担保债权是否获得全额清偿的判断,以担保财产的评估价值为依据,担保财产的评估价值应由双方协商确定,协商不成时以重整计划草案提交批准时担保财产的“清算价值”为标准评估。公平补偿应以重整计划执行期间担保债权延期清偿的损失为限,补偿利率应以“贷款市场报价利率”为基准,综合考量延期清偿时间、债务人重新购置担保财产的成本等因素向上调整。担保权未受实质损害的识别,应主要考量重整计划草案是否明确对担保财产价值减损的补偿,以及其是否未经担保权人同意改变债权的清偿方式。to cause disputes in practice.The determination of whether a secured claim has been fully satisfied is based on the value of the secured property.The value shall be firstly pro-duced by agreement among the parties.Or the value shall be assessed with the the"liquidation value"of the secured property at the time the draft reorganization plan is submitted.And the court is permitted to adjust the results of the assessment.Fair compensation shall be limited to the loss of deferred settlement of the secured claim during the period of implementation of the reorganization plan.The rate of compensation should be set with the"quoted market interest rate of the loan"as the bench-mark and shall be adjusted upward by taking into account factors such as the time of deferred settlement and the debtor's cost of reacquiring the secured property.The identification of unimpaired security rights should be based primarily on whether the draft reorganization plan changes the manner in which the claim is to be satisfied without the consent of secured creditors and whether it specifies the compensation for impairment of the value of the encumbered property.

关 键 词：破产重整 重整计划 强制批准 担保物权 公平补偿 

分 类 号：D922.291[政治法律—经济法学] D923.2[政治法律—法学]