专题15《破产法总论（下）》

以下为《2026商经法鄢梦萱系统精讲》中专题15《破产法总论（下）》的全部逐字原文内容：

专题15《破产法总论（下）》

一、破产债权

知识点 109 破产债权的一般规则

1. 破产债权的特征 (1) 破产债权是以财产给付为内容的请求权。例如，债权人甲请求A公司作为承揽人继续履行承揽合同。因为“履行承揽合同”不是“财产给付”，所以甲不可将其债权作为破产债权申报。 (2) 破产债权是法院受理破产申请前成立的债权人对债务人享有的债权。 (3) 破产债权是平等民事主体之间的请求权。例如，海关对A公司进行处罚后尚未收取的罚款不是破产债权。

【萱站点睛】【易错】 共益债务是法院受理破产申请后新发生的债务。

1. 破产债权的申报期限 (1) 债权申报期限自法院发布受理破产申请公告之日起计算，最短不得少于30日，最长不得超过3个月。 (2) 在法院确定的债权申报期限内，债权人未申报债权的，可在破产财产最后分配前补充申报；但是，此前已进行的分配，不再对其补充分配。

2. 破产债权申报的范围

〔1〕 职工债权，是指债务人所欠职工的工资和医疗、伤残补助、抚恤费用，所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用，以及法律、行政法规规定应当支付给职工的补偿金。

知识点 110 保证债权申报的特殊规则★★★

[第一类] 债务人破产+保证人正常

(主债务人-破产)

A公司

↗ ↖

甲银行 B公司

(债权人) (保证人-正常)

图 1

(主债务人-破产)

A公司

↗ ↖

甲银行 ←—— B公司

(债权人) (保证人-正常)

图 2

基本情况：①A公司欠甲银行100万元，B公司是保证人；②A公司的破产清偿率为10%；③B公司是正常经营的企业。

1. 申报规则

1. 清偿规则 (1) 债权人（甲银行）在债务人（A公司）的破产程序中申报债权后又向法院提起诉讼，请求保证人（B公司）承担担保责任的，法院依法予以支持。 (2) 法院受理债务人（A公司）的破产案件后，债权人（甲银行）请求保证人（B公司）承担担保责任的，保证人（B公司）有权主张担保债务自法院受理破产申请之日起停止计息。

【原理】 保证债权是从属债权，既然主债务人（A公司）“破产止息”，则保证债权也采用“破产止息”规则，自A公司破产申请受理时起不再计算保证人（B公司）的利息。

(3) 保证人和其他连带债务人，在破产程序终结后，对债权人依照破产清算程序未受清偿的债权，依法继续承担清偿责任。 (4) 保证人承担担保责任后，不得在和解协议或者重整计划执行完毕后向债务人追偿。（和解协议/重整计划执行完毕，则后账勾销）

[第二类] 债务人破产+保证人破产

(主债务人-破产)

A公司

↗

甲银行

(债权人)

↘

B公司

(保证人-破产)

B公司不可向A公司申报

基本情况：①A公司欠甲银行100万元，B公司是保证人；②A、B公司均被受理破产申请，二者的破产清偿率均为10%。

1. 申报规则 债权人有权就全部债权分别在各破产案件中申报。即甲银行有权向A、B公司分别全额申报债权。

2. 清偿规则 (1) 债权人向债务人、保证人均申报全部债权的，从一方破产程序中获得清偿后，其对另一方的债权额不作调整，但债权人的受偿额不得超出其债权总额。 (2) 保证人履行保证责任后不再享有求偿权。即B公司清偿后不得向A公司追偿。

【原理】 债权人（甲银行）向债务人（A公司）、保证人（B公司）均申报100万元债权，保证人（B公司）只有全部代偿才可向债务人（A公司）追偿，但因保证人（B公司）破产，故只能部分代偿。

[第三类] 债务人正常+保证人破产

(主债务人-正常)

A公司

↑

B公司 <—— 甲银行（债权人）

(保证人-破产)

B公司可向A公司求偿

基本情况：①A公司欠甲银行100万元，B公司是保证人；②B公司的破产清偿率为10%；③A公司是正常经营的企业。

1. 申报规则 (1) 保证人被裁定进入破产程序的，债权人有权申报其对保证人的保证债权； (2) 主债务未到期的，保证债权在保证人破产申请受理时视为到期。（加速到期）

2. 清偿规则 (1) 一般保证的保证人主张行使先诉抗辩权的，法院不予支持； (2) 债权人在一般保证人破产程序中的分配额应予提存，待一般保证人应承担的保证责任确定后再按照破产清偿比例予以分配； (3) 保证人被确定应当承担保证责任的，保证人的管理人可以就保证人实际承担的清偿额向主债务人或其他债务人行使求偿权。

二、债务人财产

债务人财产包括：①破产申请受理时属于债务人的全部财产；②破产申请受理后至破产程序终结前债务人取得的财产。

知识点 111 （对债务人财产的）追回权★★

追回权，是指债务人企业被法院受理破产申请，其出资人或者董事、监事、高级管理人员出现法定情形，管理人可以主张追回对应款项，该被追回的财产属于债务人财产。追回权包括对出资的追回，以及对董事、监事、高级管理人员非正常收入的追回。

1. 追回权的追诉对象

1. “非正常收入”的类型和处理

【原理】 上述非正常收入被管理人追回后，相当于债务人企业欠其董事、监事、高级管理人员绩效奖金、工资等，所以，董事、监事、高级管理人员可以要求债务人企业返还。

[思维导图]

董、监、高利用职权

前提 ↗

非正常收入 债务人企业出现破产原因

类型

├─ 绩效奖金 ——————————————→ 普通破产债权顺序清偿

└─ 普遍拖欠职工工资 ┌─ 高出该企业职工平均工资计算的部分 → 普通破产债权顺序清偿

情况下获取的工资性收入 └─ 按照该企业职工平均工资计算的部分 → 职工工资顺序清偿

【总结】 非正常收入：“先退后要”

知识点 112 撤销权★★

撤销权，是指债务人在破产申请受理前1年内恶意处分财产或者对个别债权人清偿的，管理人有权请求法院撤销该行为。〔1〕

【共同规定】管理人行使撤销权的后果

1. 被撤销后，债务人所实施的交易行为失去效力。

2. 管理人行使撤销权对应的财产，列入债务人财产。

【第一类】破产申请受理前1年内，管理人均可撤销的情形 破产申请受理前1年内，涉及债务人财产的下列行为，管理人有权请求法院予以撤销：

1. 债务人无偿转让财产的行为。

2. 债务人以明显不合理的价格进行交易的行为。

3. 债务人对没有财产担保的债务提供财产担保的行为。

4. 债务人放弃债权的行为。

【第二类】破产申请受理前1年内，对债务的个别清偿，需分情况处理

[图例]

1年线 半年线 受理日

─────────┼─────────────────────┼────────────────────┼─────────>

A │ B │ C │ D

[安全阶段]│ [重病阶段] │ [垂死阶段] │

受理1年前 │ 前半年前(B): │ 后半年(C): │ 受理后(D):

再往前(A):│ 1种清偿(太着急) │ 5种到期清偿 │ 禁止个别清偿

均有效 │ ——可撤 │ ——有效 │

[规则]

〔1〕 该制度是为了维持破产前的合理秩序。在债务人经营已经出现困境或者即将陷入无力偿债状况的情况下，虽然还未被法院受理破产申请，但若此时该企业恶意处分财产或者对个别债权人清偿，将会导致企业财产难以保全，损害其他债权人的利益，这些做法均有违《企业破产法》公平清偿和企业维持的合理预期。 〔2〕 [原理] 此时，企业的经营状况更差，个别清偿的恶意明显，故管理人可撤销对已到期债务的清偿。 〔3〕 ①优质债权：债务人对以自有财产设定担保物权的债权进行的个别清偿，管理人请求撤销的，法院不予支持。但是，债务清偿时担保财产的价值低于债权额的除外。 ②法定清偿：债务人经诉讼、仲裁、执行程序对债权人进行的个别清偿，管理人请求撤销的，法院不予支持。但是，债务人与债权人恶意串通损害其他债权人利益的除外。 ③水电费：债务人为维系基本生产需要而支付水电费、电费等的个别清偿，不可撤销。 ④劳动报酬、人身损害赔偿金：债务人支付劳动报酬、人身损害赔偿金的行为，不可撤销。

知识点 113 抵销权★★

抵销权，是指债权人在破产申请受理前对债务人负有债务的，可以向管理人主张抵销。

(一) 允许抵销的情形

1. 抵销权成立的前提：善意+互负债权债务

1. 抵销权的行使 (1) 债权人应当向管理人提出抵销主张； (2) 管理人不得主动抵销债务人与债权人互负的债务，但抵销使债务人财产受益的除外； (3) 未抵销的债权列入破产债权，参加破产分配。

2. 抵销权的生效 抵销自管理人收到债权人提出的主张债务抵销通知之日起生效。

(二) 禁止抵销的情形

1. 股权和债权，禁止抵销 (1) 股东因欠缴债务人的出资或者抽逃出资对债务人所负的债务，与债务人对其负有的债务，不得主张抵销； (2) 股东滥用股东权利或者关联关系损害公司利益对债务人所负的债务，与债务人对其负有的债务，不得主张抵销。

[例] 殷某是萱草公司的股东，但拖欠出资款10万元。现萱草公司尚欠殷某货款10万元。殷某主张双方均无需清偿的，是否符合法律规定？（不符合。股权和债权的性质不同，不可相互抵销。）

1. 破产申请受理后形成互负债权债务关系的，禁止抵销 [规则] 债务人的债务人（次债务人）在破产申请受理后取得他人对债务人的债权的，禁止抵销。

[图例]

甲公司 ——————(100万元 及时、足额清偿)—————→ A公司（债务人）

(次债务人) │

│ │ 清偿比例为10%

│ 50万元 │ (100万元)

↓ 购买债权 ↓

乙公司（债权人）

(1) 时间点：破产申请受理后形成互负债权债务关系； (2) 例外：债权人对债务人特定财产享有优先受偿权的债权，与债务人对其不享有优先受偿权的债权 → 允许抵销。

[例] A公司被受理破产申请后，甲公司（次债务人）以50万元的价格购买了“乙公司对A公司的100万元债权”（恶意明显），则形式上，“甲公司-A公司”之间形成“互负债权债务”关系。 若“甲公司-A公司”相互抵销，则甲公司无需支付100万元，这会造成A公司财产减少，影响A公司其他债权人的利益。因此，“甲公司-A公司”之间禁止抵销。

1. 破产申请受理前1年内+恶意互负债权债务，区别对待

〔1〕 互负债权债务关系是在“破产申请受理日前1年内+恶意”的情形下形成的，但企业是否必然走向破产程序尚不明确，所以允许双方依据《民法典》中的债权债务抵销规则抵销。 〔2〕 互负债权债务的到期日在“半年线之后”的，此时，企业处于高风险，破产预期明显。所以，即使符合《民法典》中的债权债务抵销规则，管理人也可主张该抵销无效（禁止抵销）。其法律依据为《最高人民法院关于适用〈中华人民共和国企业破产法〉若干问题的规定（二）》第44条。

知识点 114 权利人的取回权★★

1. 概念 权利人的取回权，是指由于债务人基于仓储、保管、承揽、代销、借用、寄存、租赁等合同或者其他法律关系占有、使用的他人财产不属于债务人的财产，因此权利人可取回。

2. 取回权的行使 (1) 财产权利人应当向管理人主张取回权； (2) 应当在破产财产变价方案（或者和解协议、重整计划草案）提交债权人会议表决前向管理人提出； (3) 在上述期限后主张取回的，财产权利人仍可取回相关财产，但应当承担延迟行使取回权增加的相关费用； (4) 对债务人占有的权属不清的鲜活易腐等不易保管的财产（或者不及时变现价值将严重贬损的财产），管理人及时变价并提存变价款后，有关权利人可就该变价款行使取回权。

3. 债务人违法转让他人财产的处理

(1) 无权处分行为发生在破产申请受理前

(2) 无权处分行为发生在破产申请受理后

1. 占有的他人财产毁损、灭失的处理

[总结]

受理前 受理后

┌───────┴───────┐ ┌───────┴───────┐

违法转让 毁损、灭失赔偿 违法转让 毁损、灭失赔偿

└───────┬───────┘ └───────┬───────┘

↓ ↓

破产债权 共益债务

知识点 115 其他类型的取回权

1. 管理人的取回权 (1) 法院受理破产申请后，管理人可以通过清偿债务或者提供为债权人接受的担保，取回质物、留置物； (2) 上述债务清偿或者替代担保，在质物或者留置物的价值低于被担保的债权额时，以该质物或者留置物当时的市场价值为限。

2. 出卖人对在途货物的取回权 《企业破产法》第39条 人民法院受理破产申请时，出卖人已将买卖标的物向作为买受人的债务人发运，债务人尚未收到且未付清全部价款的，出卖人可以取回在运途中的标的物。但是，管理人可以支付全部价款，请求出卖人交付标的物。

该规则是为了解决异地交易中，买受方破产，对在途标的物如何处理的问题。其要点为： (1) 法院受理破产申请时，出卖人已将买卖标的物向作为买受人的债务人发运，债务人尚未收到且未付清全部价款的，出卖人可以取回在运途中的标的物。 (2) 出卖人通过通知承运人或者实际占有人中止运输、返还货物、变更到达地，或者将货物交给其他收货人等方式，对在运途中的物主张了取回权但未能实现的，在买卖标的物到达管理人后，出卖人有权向管理人主张取回。 (3) 在货物未达管理人前，出卖人已向管理人主张取回在运途中标的物的，在买卖标的物到达管理人后，出卖人有权向管理人主张取回。 (4) 出卖人对在运途中标的物未及时行使取回权，在买卖标的物到达管理人后向管理人行使在运途中标的物取回权的，管理人不应准许。出卖人可以就买受人所欠价款申报债权。 (5) 管理人可以支付全部价款，请求出卖人交付标的物。

[例] 在合同订立后、货物运输途中，该批货物价格暴涨的，管理人可以依原合同支付价款（价低），然后将货物按现价（价高）出售。这样可以最大限度地维护现有债权人的利益。

【易混】出卖人的取回权 VS. 权利人的取回权

知识点 116 基于所有权保留买卖协议的取回权★

1. 概念和特征 (1) 所有权保留买卖协议，是指当事人可以在买卖合同中约定，买受人未履行支付价款或者其他义务的，标的物的所有权属于出卖人。 (2) 在签订了所有权保留买卖条款的合同中，标的物所有权转移给买受人前，一方当事人破产的，该买卖合同属于双方均未履行完毕的合同；管理人依据对债务人企业利益最大化原则，有权决定解除或者继续履行合同。

2. 该类合同“出卖人破产，但买受人正常”的处理

1. 该类合同“买受人破产，但出卖人正常”的处理

〔1〕 此时，原买卖合同中约定的买受人支付价款或者履行其他义务的期限在破产申请受理时视为到期，买受人管理人应当及时向出卖人支付价款或者履行其他义务。

15 常考角度总结 SUMMARIZE

1. 可申报为破产债权的事项的认定。

2. 保证人申报债权以及清偿规则。

3. 可追回的债务人财产范围。（未缴出资、非正常收入、侵占的他人财产）

4. 债务人清偿有效性的判断。

5. 债务人抵销有效性的判断。

6. 对债务人无权处分财产的处理。

7. 对在途标的物的处理。

致努力中的你

人难免天生有自怜情绪， 唯有时刻保持清醒， 才看得清真正的价值在哪里。

专题16《破产法分论—重整、和解、破产清算程序》

以下为《2026商经法鄢梦萱系统精讲》中专题16《破产法分论——重整、和解、破产清算程序》的全部逐字原文内容：

专题16《破产法分论——重整、和解、破产清算程序》

一、重整程序〔1〕★★★

重整，是指对可能或者已经发生破产原因但又有挽救希望的法人企业，通过对各方利害关系人的利益协调，借助法律强制进行营业重组与债务清理，以避免企业破产的法律制度。 破产重整的一系列规则都旨在为企业创造一个继续经营的制度环境。

知识点 117 重整程序的申请★

1. 重整原因（见前文“破产原因”） (1) 企业法人不能清偿到期债务，并且资产不足以清偿全部债务或者明显缺乏清偿能力的，依照《企业破产法》的规定清理债务，可启动重整、和解、破产清算程序； (2) 企业法人有明显丧失清偿能力可能的，可以依照《企业破产法》的规定进行重整。

2. 重整程序的申请

【随堂小测】 思瑞公司不能清偿到期债务，债权人向法院申请破产清算。法院受理并指定了管理人。在宣告破产前，持股20%的股东甲认为如引进战略投资者乙公司，思瑞公司仍有生机，于是向法院申请重整。关于重整，下列哪一选项是正确的？(2017/3/31)〔2〕 A. 如甲申请重整，必须附有乙公司的投资承诺 B. 如债权人反对，则思瑞公司不能开始重整 C. 如思瑞公司开始重整，则管理人应辞去职务 D. 只要思瑞公司的重整计划草案获得法院批准，重整程序就终止

知识点 118 重整期间★★★

1. 概述 (1) 重整期间，是指自法院裁定债务人重整之日起至重整程序终止的期间。 (2) 重整程序的终止

[终止分类]

┌──────────────────────────────────────────────┐ ┌──────────────────────────────────────────────┐

│ 法院经审查认为重整计划草案符合《企业破产法》 │ │ 出现下列情形的，法院应当裁定终止重整程序， │

│ 规定的，裁定终止重整程序，进入重整计划的执行。│ │ 并宣告债务人破产： │

│ │ │ ①未按期提出重整计划草案； │

│ │ │ ②重整计划草案未获得通过或未获得批准； │

│ │ │ ③债务人的经营状况和财产状况继续恶化，缺乏挽 │

│ │ │ 救的可能性； │

│ │ │ ④债务人有欺诈、恶意减少债务人财产或者其他显 │

│ │ │ 著不利于债权人的行为； │

│ │ │ ⑤由于债务人的行为致使管理人无法执行职务。 │

├──────────────────────────────────────────────┤ ├──────────────────────────────────────────────┤

│ 终止 + “活” │ │ 终止 + “死” │

└──────────────────────────────────────────────┘ └──────────────────────────────────────────────┘

[节点流程] 法院裁定受理重整申请之日（起点） → 债权人会议讨论通过重整计划草案 → 法院裁定批准重整计划（或重整计划未达成）（终止重整程序，终点） → 达成-执行重整计划（不属于“重整期间”）

【易错】 重整期间并非到“重整计划执行完成”时终止，而是“重整计划通过/未通过”均终止。

1. 重整期间对营业的特殊保护 为了促使重整能够顺利进行，以避免债务人企业陷入破产的境地，法律对重整期间这一特殊时间段加以营业保护，对某些权利人权利的行使加以限制。 在重整期间，营业保护体现在下列方面：

知识点 119 重整计划★★★

重整计划，是指债务人、债权人和其他利害关系人在协商基础上就债务清偿和企业拯救作出的安排。

1. 重整计划的制作 (1) 重整计划草案由债务人或者管理人制作； (2) 自法院裁定债务人重整之日起6个月内，同时向法院和债权人会议提交重整计划草案。

2. 重整计划的内容 (1) 债务人的经营方案； (2) 债权分类、债权调整方案、债权受偿方案； (3) 重整计划的执行期限、重整计划执行的监督期限； (4) 有利于债务人重整的其他方案。

3. 重整计划调整方案的特殊规定

1. 重整计划草案的表决

[例] 依照债权分类进行的分组

[第一步] 协商基础上的再次表决

(1) 债务人或者管理人可以同未通过重整计划草案的表决组协商，该表决组可以在协商后再表决一次；

(2) 双方协商的结果不得损害其他表决组的利益。

↓

[第二步] 再次表决未通过时的审查批准

(1) 该表决组拒绝再次表决，或者再次表决仍未通过重整计划草案；

(2) 重整计划草案符合法定条件的，债务人或者管理人可以申请法院批准重整计划草案。

1. 重整计划的效力 (1) 经法院裁定批准的重整计划，对债务人和全体债权人均有约束力。 (2) 债权人未申报债权的，在重整计划执行期间不得行使权利；在重整计划执行完毕后，可以按照重整计划规定的同类债权的清偿条件行使权利。 (3) 债权人对债务人的保证人和其他连带债务人所享有的权利，不受重整计划的影响。

2. 重整计划的执行 法院经审查认为重整计划符合《企业破产法》规定的，应当裁定批准，终止重整程序。债务人企业下一步进入重整计划的执行阶段。

[例] 萱草公司（债务人）欠甲100万元，在重整计划中，甲同意债权调整至70万元。

1. 如果重整计划完成，甲得到70万元，萱草公司不再承担清偿责任。（后账勾销）

2. 如果重整计划执行了一部分，萱草公司清偿甲10万元，但之后该重整计划不能执行（重整失败），萱草公司被宣告破产，那么： (1) 甲原在重整计划中减免债权到70万元的承诺失去效力，甲的债权恢复为100万元。 (2) 甲已经接受的10万元清偿有效，无需返还；甲未受清偿的90万元，作为破产债权。 (3) 若其他同顺位债权人只获得8%的清偿，则甲暂缓分配，因为甲已获得10%的清偿。

二、和解程序、破产清算程序

知识点 120 和解程序的申请、表决和效力★

和解，是指债务人不能清偿债务时，为避免破产清算，经与债权人会议协商，达成相互间的谅解的一项制度。

1. 和解程序的申请 (1) 债务人可以直接向法院申请和解； (2) 债务人也可以在法院受理破产申请后、宣告债务人破产前，向法院申请和解。

2. 和解协议的表决

1. 和解协议的效力 (1) 和解协议对债务人和全体和解债权人均有约束力。 (2) 和解债权人未申报债权的，在和解协议执行期间不得行使权利；在和解协议执行完毕后，可以按照和解协议规定的清偿条件行使权利。 (3) 和解债权人对债务人的保证人和其他连带债务人所享有的权利，不受和解协议的影响。

2. 和解协议的执行（略，和前文“重整计划的执行”规则相同）

【萱站点睛】【易错】 和重整计划草案不同，和解协议表决时债权人不分组。

知识点 121 破产清算程序★

法院作出宣告破产的裁定，标志着债务人无可挽回地陷入破产倒闭。

1. 破产宣告对程序的影响

1. 别除权人的优先受偿权 (1) 别除权人，是指在破产宣告后，对债务人的特定财产享有担保权的权利人，具体包括抵押权人、质押权人、留置权人等物上担保权人； (2) 别除权人享有优先受偿权，是指别除权人就债务人的特定财产“个别地、排他地”接受清偿，不参加集体清偿； (3) 别除权人行使优先受偿权后未能完全受偿的，其未受偿的债权作为普通债权清偿； (4) 别除权人放弃优先受偿权的，其债权作为普通债权清偿。

2. 承包人的法定优先受偿权 在建设工程价款债权与建筑物抵押权并存时，建筑工程的承包人的优先受偿权优于抵押权和其他债权。

3. 集体清偿规则：对外按顺序，对内按比例 （对外按顺序）破产财产在优先清偿破产费用和共益债务〔1〕后，依照下列顺序清偿：

第一顺序：职工债权

(1) 债务人所欠职工的工资和医疗、伤残补助、抚恤费用；

(2) 债务人所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用；（划入个人账户的社保费用）

(3) 法律、行政法规规定应当支付给职工的补偿金。

↓

第二顺序：社保、税

债务人欠缴的除前述规定以外的社会保险费用（划入统筹账户的社保费用）和债务人所欠税款。

↓

第三顺序：普通破产债权

不对债务人特定财产享有担保权的权利人的债权。

（对内按比例）破产财产不足以清偿同一顺序的清偿要求的，按照比例分配。

16 常考角度总结 SUMMARIZE

1. 重整期间担保权、取回权行使的特殊规则。

2. 重整计划的内容以及表决有效性的认定。

3. 重整计划执行失败后的处理。

4. 宣告破产后的清偿规则：优先受偿权；集体清偿规则为“对外按顺序，对内按比例”。

致努力中的你

在隆冬，我终于知道， 在我身上有一个不可战胜的夏天。

〔1〕 破产费用和共益债务的清偿，见前文：①由债务人财产随时清偿；②债务人财产不足以清偿所有破产费用和共益债务的，先行清偿破产费用；③不足以清偿破产费用的，终结破产程序。

〔2〕 D（对应知识点117随堂小测答案）

〔1〕（知识点117对应注释）为了便于理解破产重整程序，推荐大家看一部纪录片《核城裂变》，该纪录片讲述的是上市公司“中核钛白”破产重整的案件。

专题15《破产法总论（下）》

专题15 破产法总论（下）

考点 49 破产债权（一般规则、保证债权）

第1题 2018年12月，胜利房地产开发公司向建设银行贷款2000万元，约定2年后偿还，全友公司对此贷款提供连带责任保证。2019年5月，胜利公司开发的楼盘销售状况不佳导致资金链断裂，不能清偿到期债务，法院受理胜利公司的破产申请。2个月后，全友公司业务不景气也被法院受理破产。关于本案，下列说法正确的有：(2019-回忆版-多)

A 胜利公司被受理破产时，全友公司应向建设银行清偿债务后再向胜利公司追偿

B 胜利公司被受理破产时，全友公司以其将来求偿权申报债权

C 全友公司被受理破产后，建设银行可分别向胜利公司和全友公司申报全额债权

D 全友公司对建设银行进行破产分配后，不可向胜利公司追偿

第2题 甲公司向乙公司借款，丙公司提供一般保证担保，该笔借款尚未到期。后甲公司于2020年9月被裁定进入破产程序，丙公司于2021年7月被受理破产。据此，下列哪些说法是正确的？(2021-回忆版-多)

A 因该笔借款未到期，乙公司不能向丙公司主张申报保证债权

B 若乙公司向甲公司申报了全部债权，丙公司仍可以其对甲公司的将来求偿权申报债权

C 乙公司有权向丙公司和甲公司分别申报债权

D 乙公司向丙公司申报债权时，丙公司可以主张其自2020年9月起停止计息

第3题 甲公司于2021年1月被裁定进入破产程序，乙公司对甲公司享有到期债权本金及利息，丙公司为该债权提供连带责任保证。现乙公司已经向甲公司管理人申报破产债权，但乙公司未将债权申报情况告知丙公司。同年4月，乙公司准备另行起诉丙公司。对此，下列哪些说法是正确的？(2021-回忆版-多)

A 丙公司就该债权在破产程序中可能受偿的范围内免除担保责任

B 乙公司在破产程序中申报债权后还可起诉丙公司，请求丙公司承担担保责任

C 乙公司对丙公司的保证债权应自2021年1月破产受理时起停止计息

D 丙公司全部清偿该笔债务后可替代乙公司在破产程序中受偿

考点 50 追回权

第4题 张某担任甲公司的总经理。2022年3月，甲公司被法院受理破产清算并指定了管理人。2022年1月，在甲公司已经资不抵债的情形下，张某利用职权获得了35万元的年终奖。管理人要求张某返还了该笔款项，但未将该笔款项列入债权表，张某与管理人沟通未果。下列说法正确的有：(2023-回忆版-多)

A 张某的年终奖属于非正常收入，管理人有权要求张某返还

B 张某返还年终奖后所形成的债权，属于职工债权

C 张某可向法院起诉管理人，确认债权

D 张某可向法院起诉甲公司，确认债权

考点 51 取回权

第5题 法院受理了利捷公司的破产申请。管理人甲发现，利捷公司与翰扬公司之间的债权债务关系较为复杂。下列哪些说法是正确的？(2016/3/73-多)

A 翰扬公司的某一项债权有房产抵押，可在破产受理后行使抵押权

B 翰扬公司与利捷公司有一合同未履行完毕，甲可解除该合同

C 翰扬公司曾租给利捷公司的一套设备被损毁，侵权人之前向利捷公司支付了赔偿金，翰扬公司不能主张取回该笔赔偿金

D 茹洁公司对利捷公司负有债务，在破产受理后茹洁公司受让了翰扬公司的一项债权，因此茹洁公司无需再向利捷公司履行等额的债务

第6题 甲公司破产，法院指定李某担任破产管理人，李某决定甲公司继续营业。李某在核对甲公司财产时发现，甲公司曾经将一块价值500万元的和田玉质押给债权人乙公司，用以担保甲公司和乙公司之间的一笔500万元的债权。现李某决定取回和田玉用于继续加工经营，但此时该和田玉贬值到300万元。对此，下列哪一选项是正确的？(2022-回忆版-单)

A 李某可以直接取回该和田玉

B 李某再支付200万元，即可免除500万元的债务

C 因为该和田玉贬值，李某需继续提供价值200万元的担保物

D 乙公司未获清偿的部分只能作为普通债权获偿

考点 52 撤销权、抵销权

第7题 甲是某有限责任公司的工人。2016年8月2日，甲因工伤住院治疗，久治未愈，期间的医疗费、护理费等一直由该公司垫付。2017年9月，该公司向甲支付10万元赔偿金后便不再垫付其后续的医疗费。甲认为公司支付的赔偿金额过低，于2017年10月向法院提起诉讼，要求该公司支付医疗费、护理费、伤残补助金等共计20万元。2017年11月，该公司经营不善，法院裁定受理其破产申请。对此，下列说法正确的是：(2018-回忆版-单)

A 管理人可以要求甲返还医疗费

B 对于该公司向甲支付的赔偿金，管理人可向法院申请予以撤销

C 甲经过申报债权后，有权参加债权人会议

D 法院裁定受理该公司的破产申请后，甲提起的诉讼应当中止审理

第8题 2020年1月1日，法院受理了甲公司的破产申请，股东张三认缴出资期限已经届满，但仍未向公司缴纳出资100万元。根据公司章程的规定，股东李四的出资期限为2020年10月1日。对此，下列说法正确的有：(2020-回忆版-多)

A 管理人有权要求张三向公司缴纳出资

B 管理人有权要求李四向公司缴纳出资

C 公司欠张三100万元借款，张三可主张以其出资款与公司对其负债抵销

D 公司欠李四100万元借款，李四可主张以其出资款与公司对其负债抵销

专题16《破产法分论—重整、和解、破产清算程序》

专题16 破产法分论——重整、和解、破产清算程序

考点 53 重整程序的申请

第9题 思瑞公司不能清偿到期债务，债权人向法院申请破产清算。法院受理并指定了管理人。在宣告破产前，持股20%的股东甲认为如引进战略投资者乙公司，思瑞公司仍有生机，于是向法院申请重整。关于重整，下列哪一选项是正确的？(2017/3/31-单)

A 如甲申请重整，必须附有乙公司的投资承诺

B 如债权人反对，则思瑞公司不能开始重整

C 如思瑞公司开始重整，则管理人应辞去职务

D 只要思瑞公司的重整计划草案获得法院批准，重整程序就终止

考点 54 重整期间

第10题 A公司欠B公司200万元，A公司将自有的厂房抵押给B公司，但是未办理抵押登记。2024年，A公司被法院受理破产重整。管理人经法院同意，向C银行借款100万元，并将上述厂房抵押，办理了抵押登记。关于A公司债务的清偿，下列说法正确的是：(2024-回忆版-多)

A A公司欠C银行的债务属于共益债务，其有权主张随时清偿

B C银行的债权优先于B公司的债权受偿

C B公司对该厂房有权优先受偿

D 破产重整后，C银行的该笔借款债权按照重整计划清偿

考点 55 重整计划

第11题 2017年3月2日，甲公司因资不抵债进入破产重整程序。乙公司因向甲公司提供商品，对甲公司享有100万元到期债权，但乙公司在债权申报期间并未申报债权。2018年1月，甲公司重整计划执行完毕，全体普通债权人的清偿比例为45%。下列说法正确的是：(2018-回忆版-多)

A 对乙公司的债权，甲公司无须承担偿还义务

B 对乙公司的债权，参考甲公司重整方案，按同性质债权等比例清偿

C 乙公司的债权由甲公司全额清偿

D 针对乙公司的债权，重整方案对乙公司也具有法律效力

第12题 铭豪公司申请重整，管理人引进重整投资人佳田公司。现提交的重整计划要求持股比例5%以上的股东无偿转让股权至佳田公司，确保最终佳田公司持股比例达到67%，对公司持股占4.99%以下股东的股权暂不调整，但需无条件接受重整计划。李某为持有3%股权的股东。对此重整计划草案表决，下列哪一项说法是正确的？(2020-回忆版-单)

A 应经持股比例超5%的股东表决同意

B 李某应当参加重整计划表决

C 需经过铭豪公司全体股东同意

D 若佳田公司和其他债权人同意，无需铭豪公司股东再作表决

第13题 甲公司经营一家游乐场，现因经营困难濒临停业，被债权人申请破产重整。法院受理后指定了管理人，甲公司的重整计划经过了债权人会议同意并得到了法院认可。在重整计划执行过程中，管理人和甲公司董事会关于一项娱乐设施资产的处理发生分歧，管理人主张卖掉，甲公司董事会认为应该继续经营。对此，下列说法正确的是：(2021-回忆版-单)

A 由管理人决定

B 由债权人会议决定

C 由管理人和债务人共同执行重整计划并协商决定

D 由甲公司董事会负责执行并单独决定

【English Version】

Commercial and Economic Law

Topic 15: General Theory of Bankruptcy Law, Part II

The following is the full verbatim text of Topic 15, "General Theory of Bankruptcy Law, Part II", from the 2026 Commercial and Economic Law Systematic Lecture Series by Yan Mengxuan:

Topic 15: General Theory of Bankruptcy Law, Part II

I. Bankruptcy Claims

Knowledge Point 109 General Rules on Bankruptcy Claims

1. Characteristics of bankruptcy claims (1) A bankruptcy claim is a claim for the payment of property. For example, where creditor Jia requests Company A, as the contractor, to continue to perform a contract for work, because "performing the contract for work" is not "payment of property", Jia may not declare his claim as a bankruptcy claim. (2) A bankruptcy claim is a claim enjoyed by a creditor against the debtor that arose before the court accepted the bankruptcy application. (3) A bankruptcy claim is a claim between equal civil subjects. For example, a fine imposed by Customs on Company A that has not yet been collected is not a bankruptcy claim.

[Yan's Key Point] [Common Mistake] Common-benefit debts are debts newly arising after the court accepts the bankruptcy application.

1. Time limit for declaring bankruptcy claims (1) The time limit for declaring claims shall be calculated from the date on which the court publishes the announcement of acceptance of the bankruptcy application, and shall be no less than 30 days and no more than three months. (2) Where a creditor fails to declare his claim within the time limit for declaration of claims determined by the court, he may make a supplementary declaration before the final distribution of the bankruptcy estate; however, distributions already made shall not be supplemented in his favour.

2. Scope of claims that may be declared as bankruptcy claims

〔1〕 Employees' claims refer to wages and medical, disability, and bereavement benefits owed to employees by the debtor, basic old-age insurance and basic medical insurance contributions that should be credited to employees' individual accounts, and compensation payable to employees as prescribed by laws and administrative regulations.

Knowledge Point 110 Special Rules on the Declaration of Guarantee Claims ★★★

[Category 1] Debtor bankrupt + guarantor operating normally

(Main debtor — bankrupt)
Company A
↗ ↖
Bank Jia Company B
(Creditor) (Guarantor — operating normally)
Figure 1

(Main debtor — bankrupt)
Company A
↗ ↖
Bank Jia ←—— Company B
(Creditor) (Guarantor — operating normally)
Figure 2

Basic facts: ① Company A owes Bank Jia RMB 1 million, and Company B is the guarantor; ② the bankruptcy distribution rate of Company A is 10%; ③ Company B is an enterprise operating normally.

1. Rules on declaration

1. Rules on satisfaction (1) Where, after declaring a claim in the bankruptcy proceedings of the debtor (Company A), the creditor (Bank Jia) brings an action before the court requesting the guarantor (Company B) to assume guarantee liability, the court shall support it in accordance with the law. (2) After the court accepts the bankruptcy case of the debtor (Company A), where the creditor (Bank Jia) requests the guarantor (Company B) to assume guarantee liability, the guarantor (Company B) has the right to assert that interest on the guaranteed debt shall cease to accrue from the date on which the court accepted the bankruptcy application.

[Principle] A guarantee claim is a subordinate claim; since the principal debtor (Company A) is subject to the "cessation of interest in bankruptcy", the guarantee claim likewise follows the "cessation of interest in bankruptcy" rule, and interest on the guarantor (Company B) ceases to accrue from the date of acceptance of Company A's bankruptcy application.

(3) After the conclusion of the bankruptcy proceedings, the guarantor and other joint and several debtors shall continue to bear liability for satisfaction of any part of the creditor's claim not satisfied in accordance with the bankruptcy liquidation proceedings. (4) After the guarantor has assumed guarantee liability, it may not seek recourse against the debtor after the conciliation agreement or the reorganisation plan has been fully performed. (Once the conciliation agreement / reorganisation plan has been fully performed, past accounts are written off.)

[Category 2] Debtor bankrupt + guarantor bankrupt

(Main debtor — bankrupt)
Company A
↗
Bank Jia
(Creditor)
↘
Company B
(Guarantor — bankrupt)
Company B may not declare a claim against Company A

Basic facts: ① Company A owes Bank Jia RMB 1 million, and Company B is the guarantor; ② both Company A and Company B have had bankruptcy applications accepted, and the bankruptcy distribution rate of each is 10%.

1. Rules on declaration The creditor has the right to declare the whole claim separately in each bankruptcy case. That is, Bank Jia has the right to declare the whole claim against Company A and Company B respectively.

2. Rules on satisfaction (1) Where the creditor declares the whole claim against both the debtor and the guarantor, after obtaining satisfaction in one bankruptcy proceeding, the amount of its claim against the other party shall not be adjusted, but the total amount received by the creditor shall not exceed the total amount of its claim. (2) After the guarantor performs its guarantee obligation, it no longer enjoys a right of recourse. That is, after Company B has satisfied the claim, it may not seek recourse against Company A.

[Principle] The creditor (Bank Jia) declares a claim of RMB 1 million against both the debtor (Company A) and the guarantor (Company B); the guarantor (Company B) may seek recourse against the debtor (Company A) only if it has satisfied the claim in full, but because the guarantor (Company B) is bankrupt, it can only satisfy the claim in part.

[Category 3] Debtor operating normally + guarantor bankrupt

(Main debtor — operating normally)
Company A
↑
|
Company B <—— Bank Jia (Creditor)
(Guarantor — bankrupt)
Company B may seek recourse against Company A

Basic facts: ① Company A owes Bank Jia RMB 1 million, and Company B is the guarantor; ② the bankruptcy distribution rate of Company B is 10%; ③ Company A is an enterprise operating normally.

1. Rules on declaration (1) Where the guarantor is ruled to enter bankruptcy proceedings, the creditor has the right to declare its guarantee claim against the guarantor; (2) where the principal debt has not yet fallen due, the guarantee claim is deemed due upon acceptance of the guarantor's bankruptcy application. (Acceleration of maturity)

2. Rules on satisfaction (1) Where the guarantor under a general guarantee asserts the defence of prior action (benefit of discussion), the court shall not support it; (2) the amount distributed to the creditor in the bankruptcy proceedings of the general guarantor shall be set aside, and shall be distributed in accordance with the bankruptcy distribution rate only after the guarantee liability to be borne by the general guarantor has been determined; (3) where the guarantor is determined to bear guarantee liability, the administrator of the guarantor may exercise a right of recourse against the principal debtor or other debtors in respect of the amount actually satisfied by the guarantor.

II. The Debtor's Property

The debtor's property includes: ① all property belonging to the debtor at the time the bankruptcy application is accepted; ② property acquired by the debtor after acceptance of the bankruptcy application and before the conclusion of the bankruptcy proceedings.

Knowledge Point 111 The Right of Recovery in Respect of the Debtor's Property ★★

The right of recovery means that, where the debtor enterprise has had its bankruptcy application accepted by the court, and a capital contributor or a director, supervisor, or senior manager of the debtor falls within a statutory circumstance, the administrator may claim recovery of the corresponding sums, and the property so recovered belongs to the debtor's property. The right of recovery includes recovery of capital contributions and recovery of abnormal income of directors, supervisors, and senior managers.

1. Persons against whom the right of recovery may be exercised

1. Types of "abnormal income" and their treatment

[Principle] After the above abnormal income has been recovered by the administrator, it is as if the debtor enterprise owed its directors, supervisors, and senior managers performance bonuses, wages, and the like, so the directors, supervisors, and senior managers may require the debtor enterprise to return them.

[Mind map]
Directors, supervisors, and senior managers abusing their powers
Prerequisite ↗
Abnormal income — the debtor enterprise has met the grounds for bankruptcy

Types
├─ Performance bonuses ——————————————→ Satisfied in the order of ordinary bankruptcy claims
└─ Wage income obtained while employees' wages were generally unpaid
├─ The part calculated in excess of the average wage of the employees of that enterprise → Satisfied in the order of ordinary bankruptcy claims
└─ The part calculated in accordance with the average wage of the employees of that enterprise → Satisfied in the order of employees' wages

[Summary] Abnormal income: "first return, then claim"

Knowledge Point 112 The Right of Rescission ★★

The right of rescission means that, where the debtor, within one year before acceptance of the bankruptcy application, maliciously disposes of property or satisfies an individual creditor, the administrator has the right to request the court to rescind that act.〔1〕

[Common Provisions] Consequences of the administrator's exercise of the right of rescission

1. Once rescinded, the transaction carried out by the debtor loses effect.

2. The property corresponding to the administrator's exercise of the right of rescission shall be included in the debtor's property.

[Category 1] Circumstances that the administrator may rescind in all cases within one year before acceptance of the bankruptcy application Within one year before acceptance of the bankruptcy application, in respect of the following acts involving the debtor's property, the administrator has the right to request the court to rescind them:

1. The debtor's act of transferring property without consideration.

2. The debtor's act of conducting a transaction at a manifestly unreasonable price.

3. The debtor's act of providing property security for a debt that has no property security.

4. The debtor's act of waiving a claim.

[Category 2] Within one year before acceptance of the bankruptcy application, individual satisfaction of debts shall be handled differently according to the circumstances

[Diagram]
1-year line     6-month line     Acceptance date
─────────┼─────────────────────┼────────────────────┼─────────>
A │ B │ C │ D
[Safe stage]│ [Seriously ill stage] │ [Dying stage] │
Before 1 year │ Before the 6-month │ After the 6-month │ After acceptance (D):
before acceptance │ line (B): │ line (C): │ Individual satisfaction
(A): All valid │ 1 type of satisfaction │ 5 types of satisfaction │ prohibited
│ (too hasty) │ of matured debts │ │
│ —— rescindable │ —— valid │ │

[Rules]

〔1〕 This system is intended to maintain a reasonable order before bankruptcy. Where the debtor's business has already fallen into difficulty or is about to become unable to pay its debts, although the court has not yet accepted the bankruptcy application, if at that time the enterprise maliciously disposes of property or satisfies an individual creditor, it will be difficult to preserve the enterprise's property and the interests of the other creditors will be harmed; such conduct is contrary to the reasonable expectations of fair satisfaction and enterprise preservation under the Enterprise Bankruptcy Law. 〔2〕 [Principle] At this point, the enterprise's operating condition is worse, and the maliciousness of individual satisfaction is manifest, so the administrator may rescind the satisfaction of debts already due. 〔3〕 ① High-quality claims: individual satisfaction by the debtor of a claim for which security has been created over the debtor's own property; where the administrator requests rescission, the court shall not support it. However, this does not apply where, at the time of satisfaction of the debt, the value of the secured property is lower than the amount of the claim. ② Statutory satisfaction: individual satisfaction carried out by the debtor to a creditor through litigation, arbitration, or enforcement proceedings; where the administrator requests rescission, the court shall not support it. However, this does not apply where the debtor and the creditor maliciously colluded to harm the interests of the other creditors. ③ Water and electricity charges: individual satisfaction by the debtor in paying water and electricity charges and the like in order to maintain basic production needs is not rescindable. ④ Labour remuneration and compensation for personal injury: the debtor's payment of labour remuneration or compensation for personal injury is not rescindable.

Knowledge Point 113 The Right of Set-Off ★★

The right of set-off means that, where a creditor owes a debt to the debtor before acceptance of the bankruptcy application, he may assert set-off to the administrator.

(i) Circumstances in which set-off is permitted

1. Prerequisites for the right of set-off to arise: good faith + mutual claims and debts

1. Exercise of the right of set-off (1) The creditor shall raise the claim of set-off to the administrator; (2) the administrator shall not proactively set off debts owed between the debtor and the creditor, except where set-off benefits the debtor's property; (3) a claim not set off shall be included in the bankruptcy claims and participate in the bankruptcy distribution.

2. Effectiveness of set-off Set-off takes effect from the date on which the administrator receives the creditor's notice asserting set-off of debts.

(ii) Circumstances in which set-off is prohibited

1. Equity and claims: set-off prohibited (1) A debt owed to the debtor by a shareholder on account of unpaid capital contributions to the debtor or withdrawal of capital contributions shall not be set off against a debt owed to him by the debtor; (2) a debt owed to the debtor by a shareholder on account of abuse of shareholder rights or related-party relationships harming the interests of the company shall not be set off against a debt owed to him by the debtor.

[Example] Yin is a shareholder of Xuan Cao Company but owes RMB 100,000 in unpaid capital contributions. Xuan Cao Company still owes Yin RMB 100,000 for goods. Where Yin asserts that neither party need pay, is that in accordance with the law? (No. Equity and claims are different in nature and may not be set off against each other.)

1. Where a mutual claim-and-debt relationship is formed after acceptance of the bankruptcy application, set-off is prohibited [Rule] Where the debtor's debtor (a sub-debtor) acquires a claim of another person against the debtor after acceptance of the bankruptcy application, set-off is prohibited.

[Diagram]
Company Jia ——————(RMB 1 million, timely and full satisfaction)—————→ Company A (Debtor)
(Sub-debtor) │
│ │ Distribution rate 10%
│ RMB 500,000 │ (RMB 1 million)
↓ Purchases the claim ↓
Company Yi (Creditor)

(1) Point in time: a mutual claim-and-debt relationship is formed after acceptance of the bankruptcy application; (2) Exception: a claim in respect of which the creditor enjoys a priority right of satisfaction over specific property of the debtor, as against a claim in respect of which the debtor does not enjoy a priority right of satisfaction over the creditor → set-off is permitted.

[Example] After Company A has had its bankruptcy application accepted, Company Jia (a sub-debtor) purchases, for RMB 500,000, "Company Yi's claim of RMB 1 million against Company A" (with manifest bad faith); then, in form, a "mutual claim-and-debt" relationship is formed between "Company Jia and Company A". If "Company Jia and Company A" were to set off against each other, Company Jia would not need to pay RMB 1 million, which would reduce Company A's property and harm the interests of Company A's other creditors. Therefore, set-off between "Company Jia and Company A" is prohibited.

1. Within one year before acceptance of the bankruptcy application + malicious mutual claims and debts: treat differently

〔1〕 Although the mutual claim-and-debt relationship was formed in the circumstances of "within one year before acceptance of the bankruptcy application + bad faith", it is not yet clear whether the enterprise will necessarily enter bankruptcy proceedings, so both parties are permitted to set off in accordance with the rules on set-off of claims and debts under the Civil Code. 〔2〕 Where the maturity date of the mutual claims and debts falls "after the 6-month line", the enterprise is at high risk and the expectation of bankruptcy is manifest. Therefore, even if the rules on set-off of claims and debts under the Civil Code are satisfied, the administrator may assert that the set-off is invalid (set-off prohibited). The legal basis is Article 44 of the Several Provisions of the Supreme People's Court on the Application of the Enterprise Bankruptcy Law of the People's Republic of China (II).

Knowledge Point 114 The Right of Recovery (Reclamation) of the Right Holder ★★

1. Concept The right of recovery of the right holder means that, since property of another person that the debtor possesses or uses on the basis of a contract such as warehousing, custody, work, consignment sale, loan for use, deposit, or lease, or on the basis of another legal relationship, does not belong to the debtor's property, the right holder may recover it.

2. Exercise of the right of recovery (1) The owner of the property rights shall assert the right of recovery to the administrator; (2) he shall raise it with the administrator before the plan for realisation of the bankruptcy estate (or the conciliation agreement or the draft reorganisation plan) is submitted to the creditors' meeting for a vote; (3) where the right of recovery is asserted after the above time limit, the owner of the property rights may still recover the relevant property, but shall bear the additional expenses arising from the delayed exercise of the right of recovery; (4) in respect of property in the debtor's possession whose ownership is unclear, such as fresh and perishable property that is difficult to keep (or property whose value would be seriously diminished if not realised promptly), after the administrator has realised it promptly and deposited the proceeds, the relevant right holder may exercise the right of recovery in respect of such proceeds.

3. Handling of the debtor's unlawful transfer of another person's property

(1) The act of unauthorised disposition occurred before acceptance of the bankruptcy application

(2) The act of unauthorised disposition occurred after acceptance of the bankruptcy application

1. Handling of damage to or loss of another person's property in the debtor's possession

[Summary]
Before acceptance              After acceptance
┌───────┴───────┐              ┌───────┴───────┐
Unlawful transfer   Compensation for   Unlawful transfer   Compensation for
                    damage/loss                          damage/loss
└───────┬───────┘              └───────┬───────┘
        ↓                              ↓
Bankruptcy claim               Debt of common benefit

Knowledge Point 115 Other Types of the Right of Recovery

1. The administrator's right of recovery (1) After the court accepts the bankruptcy application, the administrator may, by satisfying the debt or providing security acceptable to the creditor, recover the pledged property or property subject to a lien; (2) where the debt is satisfied or substitute security is provided as above, and the value of the pledged property or property subject to a lien is lower than the amount of the secured claim, the recovery shall be limited to the market value of that pledged property or property subject to a lien at that time.

2. The seller's right of recovery in respect of goods in transit Article 39 of the Enterprise Bankruptcy Law: Where, at the time the people's court accepts the bankruptcy application, the seller has already dispatched the subject matter of the sale to the debtor as buyer, and the debtor has not yet received it and has not paid the full price, the seller may recover the subject matter in transit. However, the administrator may pay the full price and request the seller to deliver the subject matter.

This rule is intended to resolve the question of how to handle the subject matter in transit in a transaction between different places where the buyer becomes bankrupt. Its key points are: (1) Where, at the time the court accepts the bankruptcy application, the seller has already dispatched the subject matter of the sale to the debtor as buyer, and the debtor has not yet received it and has not paid the full price, the seller may recover the subject matter in transit. (2) Where the seller, by notifying the carrier or the actual possessor to suspend transport, return the goods, change the place of arrival, or deliver the goods to another consignee, has asserted the right of recovery in respect of the goods in transit but failed to achieve it, after the subject matter of the sale reaches the administrator, the seller has the right to assert recovery to the administrator. (3) Where, before the goods reach the administrator, the seller has already asserted to the administrator the recovery of the subject matter in transit, after the subject matter of the sale reaches the administrator, the seller has the right to assert recovery to the administrator. (4) Where the seller fails to exercise the right of recovery in respect of the subject matter in transit in a timely manner, and asserts the right of recovery in respect of the subject matter in transit to the administrator after the subject matter of the sale has reached the administrator, the administrator shall not permit it. The seller may declare a claim for the price owed by the buyer. (5) The administrator may pay the full price and request the seller to deliver the subject matter.

[Example] Where, after the contract is concluded and while the goods are in transit, the price of that batch of goods rises sharply, the administrator may pay the price under the original contract (the low price) and then sell the goods at the current price (the high price). In this way, the interests of the existing creditors can be protected to the greatest extent.

[Confusable Points] The seller's right of recovery vs. the right holder's right of recovery

Knowledge Point 116 The Right of Recovery Based on a Sale Agreement with Retention of Title ★

1. Concept and characteristics (1) A sale agreement with retention of title means that the parties may agree in a contract of sale that, where the buyer fails to pay the price or perform other obligations, ownership of the subject matter belongs to the seller. (2) In a contract in which a retention-of-title clause has been agreed, before ownership of the subject matter is transferred to the buyer, where one party becomes bankrupt, that contract of sale is a contract that neither party has fully performed; the administrator, in accordance with the principle of maximising the interests of the debtor enterprise, has the right to decide to terminate or to continue to perform the contract.

2. Treatment of such a contract where "the seller is bankrupt, but the buyer is operating normally"

1. Treatment of such a contract where "the buyer is bankrupt, but the seller is operating normally"

〔1〕 At this point, the period agreed in the original contract of sale for the buyer to pay the price or perform other obligations is deemed to have expired upon acceptance of the bankruptcy application, and the administrator of the buyer shall promptly pay the price to the seller or perform other obligations.

Topic 15 — Summary of Frequently Tested Angles (SUMMARIZE)

1. Identification of matters that may be declared as bankruptcy claims.

2. Rules on the declaration of claims by a guarantor and on satisfaction.

3. The scope of the debtor's property that may be recovered. (Unpaid capital contributions, abnormal income, property of another person that has been misappropriated)

4. Determination of the validity of satisfaction by the debtor.

5. Determination of the validity of set-off by the debtor.

6. Handling of the debtor's unauthorised disposition of property.

7. Handling of the subject matter in transit.

To you who are striving

People inevitably have feelings of self-pity; only by staying clear-headed at all times can one see clearly where true value lies.

Topic 16: Specific Topics of Bankruptcy Law — Reorganization, Conciliation, and Bankruptcy Liquidation Procedures

The following is the full verbatim text of Topic 16, "Specific Topics of Bankruptcy Law — Reorganization, Conciliation, and Bankruptcy Liquidation Procedures", from the 2026 Commercial and Economic Law Systematic Lecture Series by Yan Mengxuan:

Topic 16: Specific Topics of Bankruptcy Law — Reorganization, Conciliation, and Bankruptcy Liquidation Procedures

I. The Reorganisation Procedure〔1〕★★★

Reorganisation refers to a legal system under which, in respect of a corporate enterprise that may have met, or has already met, the grounds for bankruptcy but still has hope of being rescued, the interests of the various interested parties are coordinated and, with the aid of legal compulsion, business restructuring and debt settlement are carried out so as to avoid the bankruptcy of the enterprise. The series of rules on bankruptcy reorganisation are all aimed at creating an institutional environment in which the enterprise can continue to operate.

Knowledge Point 117 Application for the Reorganisation Procedure ★

1. Grounds for reorganisation (see the earlier discussion of "grounds for bankruptcy") (1) Where an enterprise legal person is unable to pay its debts as they fall due, and its assets are insufficient to pay all of its debts or it manifestly lacks the ability to pay, its debts shall be liquidated in accordance with the Enterprise Bankruptcy Law, and reorganisation, conciliation, or bankruptcy liquidation proceedings may be initiated; (2) where an enterprise legal person is manifestly likely to lose its ability to pay, it may undergo reorganisation in accordance with the Enterprise Bankruptcy Law.

2. Application for the reorganisation procedure

[In-Class Quiz] Si Rui Company is unable to pay its debts as they fall due, and a creditor applies to the court for bankruptcy liquidation. The court accepts the application and appoints an administrator. Before the declaration of bankruptcy, Shareholder Jia, holding 20% of the shares, considers that if strategic investor Company Yi is brought in, Si Rui Company still has a chance of survival, and applies to the court for reorganisation. Regarding reorganisation, which of the following options is correct? (2017/3/31)〔2〕 A. If Jia applies for reorganisation, an investment commitment from Company Yi must be attached. B. If the creditor objects, Si Rui Company cannot begin reorganisation. C. If Si Rui Company begins reorganisation, the administrator should resign from office. D. As long as the draft reorganisation plan of Si Rui Company is approved by the court, the reorganisation procedure terminates.

Knowledge Point 118 The Reorganisation Period ★★★

1. Overview (1) The reorganisation period refers to the period from the date on which the court rules that the debtor shall undergo reorganisation until the date on which the reorganisation procedure terminates. (2) Termination of the reorganisation procedure

[Categories of termination]
┌──────────────────────────────────────────────┐  ┌──────────────────────────────────────────────┐
│ Where, upon examination, the court considers │  │ Where any of the following circumstances   │
│ that the draft reorganisation plan complies  │  │ arises, the court shall rule to terminate  │
│ with the Enterprise Bankruptcy Law, it shall │  │ the reorganisation procedure and declare   │
│ rule to terminate the reorganisation         │  │ the debtor bankrupt:                       │
│ procedure and enter into the execution of    │  │ ① failure to submit a draft reorganisation │
│ the reorganisation plan.                     │  │ plan on time;                              │
│                                              │  │ ② the draft reorganisation plan is not     │
│                                              │  │ adopted or not approved;                   │
│                                              │  │ ③ the debtor's operating conditions and    │
│                                              │  │ property conditions continue to            │
│                                              │  │ deteriorate, with no possibility of        │
│                                              │  │ rescue;                                    │
│                                              │  │ ④ the debtor has committed fraud,          │
│                                              │  │ maliciously reduced the debtor's property, │
│                                              │  │ or engaged in other conduct manifestly     │
│                                              │  │ detrimental to the creditors;              │
│                                              │  │ ⑤ the administrator is unable to perform   │
│                                              │  │ his duties due to the debtor's conduct.    │
├──────────────────────────────────────────────┤  ├──────────────────────────────────────────────┤
│ Termination + "alive"                        │  │ Termination + "dead"                       │
└──────────────────────────────────────────────┘  └──────────────────────────────────────────────┘

[Sequence of key points] The date on which the court rules to accept the reorganisation application (starting point) → the creditors' meeting discusses and adopts the draft reorganisation plan → the court rules to approve the reorganisation plan (or the reorganisation plan is not reached) (termination of the reorganisation procedure, end point) → where reached — execution of the reorganisation plan (not part of the "reorganisation period")

[Common Mistake] The reorganisation period does not terminate when "execution of the reorganisation plan is completed", but terminates when the reorganisation plan is "adopted / not adopted" in either case.

1. Special protection of business during the reorganisation period In order to facilitate the smooth progress of reorganisation and to prevent the debtor enterprise from falling into bankruptcy, the law affords business protection to this special period of the reorganisation period, imposing restrictions on the exercise of rights by certain right holders. During the reorganisation period, business protection is reflected in the following respects:

Knowledge Point 119 The Reorganisation Plan ★★★

A reorganisation plan refers to an arrangement made by the debtor, the creditors, and other interested parties on the basis of negotiation concerning the settlement of debts and the rescue of the enterprise.

1. Preparation of the reorganisation plan (1) The draft reorganisation plan shall be prepared by the debtor or the administrator; (2) within six months from the date on which the court rules that the debtor shall undergo reorganisation, the draft reorganisation plan shall be submitted to the court and to the creditors' meeting at the same time.

2. Contents of the reorganisation plan (1) The debtor's business plan; (2) the classification of claims, the plan for adjustment of claims, and the plan for satisfaction of claims; (3) the period for execution of the reorganisation plan and the period for supervision of the execution of the reorganisation plan; (4) other plans conducive to the reorganisation of the debtor.

3. Special provisions on the plan for adjustment of claims in the reorganisation plan

1. Voting on the draft reorganisation plan

[Example] Grouping by classification of claims

[Step 1] A further vote on the basis of negotiation

(1) The debtor or the administrator may negotiate with a voting group that has not adopted the draft reorganisation plan, and that voting group may vote again after the negotiation;

(2) the result of the negotiation between the two parties shall not harm the interests of the other voting groups.

↓

[Step 2] Examination and approval where the further vote is not adopted

(1) The voting group refuses to vote again, or the draft reorganisation plan is still not adopted upon a further vote;

(2) where the draft reorganisation plan complies with the statutory conditions, the debtor or the administrator may apply to the court for approval of the draft reorganisation plan.

1. Effect of the reorganisation plan (1) A reorganisation plan approved by a ruling of the court is binding on the debtor and on all creditors. (2) A creditor who has not declared his claim may not exercise his rights during the period of execution of the reorganisation plan; after the reorganisation plan has been fully executed, he may exercise his rights in accordance with the conditions for satisfaction of claims of the same kind prescribed in the reorganisation plan. (3) The rights enjoyed by a creditor against the guarantor of the debtor and other joint and several debtors are not affected by the reorganisation plan.

2. Execution of the reorganisation plan Where, upon examination, the court considers that the reorganisation plan complies with the Enterprise Bankruptcy Law, it shall rule to approve it and terminate the reorganisation procedure. The debtor enterprise then enters the stage of execution of the reorganisation plan.

[Example] Xuan Cao Company (the debtor) owes Jia RMB 1 million, and in the reorganisation plan, Jia agrees to adjust the claim to RMB 700,000.

1. If the reorganisation plan is completed, Jia receives RMB 700,000, and Xuan Cao Company no longer bears liability for satisfaction. (Past accounts are written off.)

2. If the reorganisation plan has been partly executed, Xuan Cao Company has paid Jia RMB 100,000, but thereafter the reorganisation plan cannot be executed (the reorganisation fails) and Xuan Cao Company is declared bankrupt, then: (1) Jia's promise in the reorganisation plan to reduce the claim to RMB 700,000 loses effect, and Jia's claim is restored to RMB 1 million. (2) The RMB 100,000 already received by Jia remains valid and need not be returned; the RMB 900,000 not yet satisfied by Jia becomes a bankruptcy claim. (3) If the other creditors of the same rank have obtained only 8% satisfaction, Jia's distribution is suspended, because Jia has already obtained 10% satisfaction.

II. The Conciliation Procedure and the Bankruptcy Liquidation Procedure

Knowledge Point 120 Application, Voting, and Effect of the Conciliation Procedure ★

Conciliation refers to a system under which, where the debtor is unable to pay its debts, in order to avoid bankruptcy liquidation, the debtor reaches a mutual understanding with the creditors' meeting through negotiation.

1. Application for the conciliation procedure (1) The debtor may apply directly to the court for conciliation; (2) the debtor may also, after the court has accepted the bankruptcy application and before it declares the debtor bankrupt, apply to the court for conciliation.

2. Voting on the conciliation agreement

1. Effect of the conciliation agreement (1) The conciliation agreement is binding on the debtor and on all conciliation creditors. (2) A conciliation creditor who has not declared his claim may not exercise his rights during the period of execution of the conciliation agreement; after the conciliation agreement has been fully executed, he may exercise his rights in accordance with the conditions for satisfaction prescribed in the conciliation agreement. (3) The rights enjoyed by a conciliation creditor against the guarantor of the debtor and other joint and several debtors are not affected by the conciliation agreement.

2. Execution of the conciliation agreement (Omitted; the rules are the same as those for "execution of the reorganisation plan" above.)

[Yan's Key Point] [Common Mistake] Unlike the draft reorganisation plan, creditors do not vote by groups when voting on the conciliation agreement.

Knowledge Point 121 The Bankruptcy Liquidation Procedure ★

The court's ruling declaring the debtor bankrupt marks the point at which the debtor has irretrievably fallen into bankruptcy.

1. Effect of the declaration of bankruptcy on the procedure

1. Priority right of satisfaction of holders of the right of separate satisfaction (1) A holder of the right of separate satisfaction refers to a right holder who, after the declaration of bankruptcy, enjoys a security right over specific property of the debtor, specifically including mortgagees, pledgees, lien holders, and other holders of real security rights; (2) the priority right of satisfaction of a holder of the right of separate satisfaction means that the holder of the right of separate satisfaction receives satisfaction "individually and exclusively" out of specific property of the debtor, and does not participate in collective satisfaction; (3) where a holder of the right of separate satisfaction, after exercising its priority right of satisfaction, has not been fully satisfied, the unsatisfied part of its claim shall be satisfied as an ordinary claim; (4) where a holder of the right of separate satisfaction waives its priority right of satisfaction, its claim shall be satisfied as an ordinary claim.

2. Statutory priority right of satisfaction of the contractor Where a claim for the price of construction works coexists with a mortgage over a building, the priority right of satisfaction of the contractor of the construction works takes precedence over the mortgage and other claims.

3. Rules on collective satisfaction: in order externally, in proportion internally (In order externally) After the bankruptcy estate has first satisfied bankruptcy expenses and debts of common benefit in priority,〔1〕 satisfaction shall be made in the following order:

First in order: Employees' claims

(1) Wages and medical, disability, and bereavement benefits owed to employees by the debtor;

(2) basic old-age insurance and basic medical insurance contributions owed by the debtor that should be credited to employees' individual accounts; (social insurance contributions to be credited to individual accounts)

(3) compensation payable to employees as prescribed by laws and administrative regulations.

↓

Second in order: Social insurance and taxes

Social insurance contributions owed by the debtor other than those prescribed above (social insurance contributions to be credited to the pooled account) and taxes owed by the debtor.

↓

Third in order: Ordinary bankruptcy claims

Claims of right holders who do not enjoy security over specific property of the debtor.

(In proportion internally) Where the bankruptcy estate is insufficient to satisfy the claims for satisfaction in the same order, distribution shall be made in proportion.

Topic 16 — Summary of Frequently Tested Angles (SUMMARIZE)

1. Special rules on the exercise of security rights and the right of recovery during the reorganisation period.

2. The contents of the reorganisation plan and the determination of the validity of voting on it.

3. Handling after failure to execute the reorganisation plan.

4. Rules on satisfaction after the declaration of bankruptcy: the priority right of satisfaction; the rule on collective satisfaction is "in order externally, in proportion internally".

To you who are striving

In the depths of winter, I finally learned that within me there is an invincible summer.

〔1〕 For the satisfaction of bankruptcy expenses and debts of common benefit, see the earlier discussion: ① they shall be satisfied at any time from the debtor's property; ② where the debtor's property is insufficient to satisfy all bankruptcy expenses and debts of common benefit, bankruptcy expenses shall be satisfied first; ③ where it is insufficient to satisfy bankruptcy expenses, the bankruptcy proceedings shall be terminated.

〔2〕 D (answer to the in-class quiz under Knowledge Point 117)

〔1〕 (Note corresponding to Knowledge Point 117) To facilitate understanding of the bankruptcy reorganisation procedure, you are recommended to watch the documentary Nuclear City Fission (《核城裂变》), which tells the story of the bankruptcy reorganisation case of the listed company Zhonghe Titanium Dioxide (中核钛白).