我国破产分配的顺位设计

破产分配中的顺位设计关系着具体债权人的债权实现的可能和程度。破产分配中顺位法定原则是法律的必然选择 ,它保证了破产制度中公平受偿权的实现。然而 ,我国法律规定的顺位 ,使一般破产债权人失去了参加破产程序的兴趣 ,影响了破产法功能的发挥。通过对现行顺位设计的完善 ,保证有担保债权的优先地位 ,限制职工工资和劳保费用的优先受偿 ,取消税收的优先权 ,规定特殊情况下债权及劣后债权的处理 ,是顺应市场经济对破产法要求的选择     

Bankruptcy reform and congressional action: The role of organized interests in shaping policy

This paper tests the degree to which PAC contributions can influence voting outcomes on legislation that disproportionately influences the poor. Using passage of the Bankruptcy Abuse and Consumer Protection Act of 2005 in the House of Representatives, the results show an association between PAC campaign contributions from the financial industry and support for final passage of bankruptcy reform. The findings suggest that one source of underrepresentation of the poor may be donations made by interest groups during campaigns.     

Der Insolvenzprozess und die Eigenverwaltung in der Insolvenz auf Basis unterschiedlicher Theoriekonzepte

Zusammenfassung  Der Beitrag erkl?rt einerseits die Notwendigkeit eines durch Gesetz geregelten Verfahrens zur Insolvenzabwicklung mittels betriebswirtschaftlicher Grundlagentheorien. Andererseits werden dieselben Grundlagentheorien genutzt, um die unterschiedlichen sich ver?ndernden Machtstrukturen, die oft gegens?tzlichen Interessen von Stakeholdern, die Kosten des Insolvenzprozesses sowie deren Dynamik im Rahmen des vierphasigen Insolvenzprozesses (vor Insolvenzanmeldung, nach Antragstellung, nach Er?ffnung, nach Abschluss des Verfahrens) eines Not leidenden Unternehmens besser veranschaulichen zu k?nnen. Der besondere Schwerpunkt wird hierbei auf das Verfahren in Eigenverwaltung, das hei?t mit eigenem Management, gelegt.

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The bankruptcy process and the self-administration in the bankruptcy proceedings

Summary  This article explains on one hand the necessity of a legally fixed process for the bankruptcy proceedings with basic economic theories. On the other hand, the same theories are used to demonstrate the changing power structures, the often different interests of stakeholders, the costs of the bankruptcy proceedings as well as its dynamics during the four bankruptcy phases (before the filing, after the filing, after opening and after closing) of the bankruptcy process. The focus of this article lies hereby on bankruptcy proceedings in self-administration which means that the management stays on duty.

Dr. Martin K?rner ist promovierter Diplom- und Bankkaufmann und leitet die Abteilung Strategic Advisory bei einem führenden europ?ischen IT- und Telekommunikationsunternehmen. Seine Forschungsgebiete umfassen strategische Fragestellungen, Kapitalmarktthemen, das Outsorcing sowie das Krisen- und Insolvenzmanagement.     

论美国破产托管人的选任及薪酬

美国破产法典规定了三种不同的程序，其目标亦有差异。这导致三种程序托管人的角色、任命及其薪酬也各自有别。清算程序中托管人由债权人选举产生；重整程序中托管人可由法院裁定、债权人选举或联邦托管人任命产生；个人债务调整程序中托管人由联邦托管人任命产生。托管人的薪酬原则上按照分档累积收费制收取，法典还规定其上下限，并且法院享有一定程度的调整薪酬的裁量权。     

破产目的与免责制度的建立

我国1986年《中华人民共和国企业破产法(试行)》(以下简称《破产法》)已经不能适应现今市场经济发展的需要,新的破产法的制定会涉及到很多新问题。随着新破产法草案适用主体范围的扩大,自然人的免责制度是不可缺少的规范内容。为什么建立破产免责制度?借鉴国外破产立法经验,我国在建立免责制度时应注意的问题将是本文的重点。     

Sharing inventory risk in supply chain: The implication of financial constraint

A supply chain may operate under either preorder mode, consignment mode or the combination of these two modes. Under preorder, the retailer procures before the sale and takes full inventory risk during the sale, while under consignment, the retailer sells the product for the supplier with the supplier taking the inventory risk. The combination mode shares the risk in the supply chain. The existing research has examined the supply chain modes from various operational aspects. However, the impact of financial constraint is neglected. This paper examines the impact of financial constraint and investigates the supply chain efficiency under each mode. Based on a Stackelberg game with the supplier being the leader, we show that without financial constraint the supplier always prefers the consignment mode, taking full inventory risk. Whereas, in the presence of financial constraint, the supplier will sell part of the inventory to the retailer through preorder, which shares the inventory risk in the supply chain. We show that with financial constraint, the combination mode is the most efficient mode even if the retailer earns zero internal capital.     

Consumer Debt Repayment Behavior as a Precursor to Bankruptcy

The passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 culminated years of debate over the escalating number of bankruptcy filings and whether or not consumers were abusing the bankruptcy system. Our study focuses on the extent to which households seek bankruptcy protection without first attempting to restructure their debt or experiencing indicators of financial distress. Through multivariate regression analyses of longitudinal data from the Panel Study of Income Dynamics (PSID), we find a significant relationship between having prior financial problems and filing for bankruptcy. Our results also indicate that households that obtained consolidation loans were equally likely to file for bankruptcy as those that did not. We conclude that early interventions with financially distressed consumers may provide opportunities to reduce bankruptcy filings.

论法院执行中的政府垫付工资优先权实现

面对金融危机背景下企业破产倒闭滋生的欠薪纠纷急剧增多带来的社会压力,政府往往通过垫付职工工资方式来应对。而政府垫资后其权益如何在法院执行程序中得到优先保护需要明确。通过对劳动工资优先权的各国主流立法模式的比较分析,发现我国工资优先权制度存在诸多不足,有必要予以全面完善。     

论新破产法对我国破产制度的创新和发展

新破产法所确立的一系列破产法律制度相对于旧的破产法具有很大的创新和发展。企业一体规范,扩大了破产法的适用范围;确立统一的破产标准,有利于市场经济秩序的形成;引进破产人管理制度,有利于债务人财产的管理和保全,减轻了法院的负担;规定破产重整制度,有利于挽救破产企业,避免生产力的浪费。     

关于建立企业重整制度的构想

企业重整制度已成为市场经济发达国家和地区防止企业破产的重要法律制度, 而我国的《企业破产法》仅对全民所有制企业提出可以整顿, 且整顿制度不够规范。本文从建立企业重整制度的必要性出发, 认为, 我国应制定一部完整的《企业重整法》,并着重论述建立企业重整制度的原则及立法构想