作者简介：石静霞，女， 1970年生，1995年师从武汉大学余劲松教授，于1998年获博士学位。本文获2000年度全国百篇优秀博士论文。
摘 要
随着国际经济交往的日益频繁及跨国公司的迅速发展，含有国际因素或涉外因素的破产案件亦随之增多。自 90年代以来，由跨国破产所引发的法律问题成为国际法律界研究的热点与重点之一。我国在改革开放、吸引和利用外资的进程中，也不可避免地会面临这一问题，时下引起广泛关注的“广东国际信托投资公司破产案”即是一例明证。
跨国破产所涉及的法律问题很多，囿于时间、精力及篇幅的限制，本文不可能对所有问题进行面面俱到的研究。抓住跨国破产中关键、核心的问题进行探讨，是写作本文的出发点。在写作方法上，本文采取了比较研究和判例研究的方法，力图清晰地对跨国破产中的重点法律问题进行探讨，并尽可能结合中国的有关立法做必要的阐释。全文分为十二章，共 30余万字。
第一章为导论，旨在对破产、破产法、跨国破产、跨国破产法等问题做一些基本的概述，使读者对本文的研究基础、背景、研究的主要内容、方法和现实意义等有大致的了解。在本章中，作者通过一些实例，阐明了在目前形势下，研究这一问题对我国正在进行的统一破产法的立法工作所具有的迫切性与重要性。
跨国破产中最核心的问题是破产的域外效力问题，这一问题是解决所有跨国破产案件的基础，所以本文从探讨破产域外效力的问题入手。在第二章中，文章首先着重分析了破产域外效力的两种理论——普遍性原则和地域性原则的涵义、各国取舍的内在动因及利弊评价，接着选取了几个典型国家（包括美国、英国、法国、德国、日本、加拿大、墨西哥等）在这方面的实践进行细致入微的比较分析。在此基础上，作者指出：如何处理破产的域外效力问题，关键在于应当从有利于国际经济交往的角度出发，在保护本国债权人利益和跨国破产案件的国际合作中寻求一种平衡。在具体的对策及方法上，尽管完全的普遍性原则在目前仍是一种理想，但应逐步放弃严格的地域性原则，可以将有限度的普遍性原则作为这种平衡的支撑点。最后设专节就我国在这方面的立法研究提供了比较系统的思路，建议我国的立法选择应当为有限度的普遍性原则。这种做法既符合现代破产法的发展趋势，也有利于保护我国债权人的利益及开展跨国破产合作。
第三章研究了对外国破产的承认与协助问题，这一问题与域外效力是紧密联系在一起的。该章首先研究了承认与协助外国破产程序与一般外国法院判决的不同及破产宣告的两种效力所引起的特殊问题，然后详细分析了承认与协助外国破产时各国法院所考虑的几个因素，特别是管辖权、法律适用、礼让、互惠以及公共政策等，并对提供协助的方法进行了比较，在此基础上对中国的相关立法提出了若干建议。第二章和第三章是本文研究的基础和重点，也是体现本文贡献的重要部分，所花费的笔墨较多。
直接清算、和解与重整是现代破产法规定的解决无力偿债问题的三种途径，在跨国破产中同样面临对外国和解、免责及重整程序的承认与协助问题。第四章是关于跨国破产中的和解与免责问题的探讨，试图解决的主要问题是承认与协助外国破产程序中的和解与免责的特殊性、所需的条件及后果、中国对外国和解的承认与协助、中国对外国免责裁定的承认等。这些问题与破产直接清算的效力、承认与协助有一定的相同之处，但并不能忽略它们的区别。现代破产法发展的一个重要趋势是通过公司重整、债务重组等司法挽救手段，使处于困境中的债务人企业得到复苏。近年来，跨国公司的重整频繁发生，由此出现了许多新的法律问题。第五章分析了跨国重整所涉及的几个基本问题，包括合格的债务人、对外国重整的承认、跨国重整的方法选择等，并通过两个跨国重整的典型案例，详细剖析了平行重整程序和单一重整程序在跨国破产中的具体运作。在此，本文还特别注意到“替代性的争议解决方式—— ADR”在跨国重整中的运用及发展，并对此进行了客观的评价：一方面要充分认识到ADR的作用，但同时要注意的是，当事人的同意对跨国重整的成功也是至关重要的。
第六章分析了破产债权的几个问题，特别是对外国政府税收债权的承认问题。在跨国破产中，由于各国对破产债权的构成、顺位、申报等具体问题的规定不同，因而涉及到如何解决和协调这些问题。同时，由于税收债权的特殊性，是否承认外国的税收债权也是跨国破产中需要考虑的重要问题。作者通过对这一问题的论证之后指出：在一定程度上承认外国政府税收债权的这一新发展，与各国主权意识的相对弱化、加强跨国破产合作意识的相对增强有密切关系。
在跨国破产中，由于债务人具有国际联系（或位于国外），故而经常实施抽逃资金、转移资产、欺诈性转让或对个别债权人进行不公平的优先清偿等侵害债权人整体利益的行为。所以，在跨国破产中对债权人进行特殊的保护与救济是非常重要的。在这一问题上，第七章结合公司集团法的相关理论，详细分析了对债权人在国外所接受的偿付的处理、从属求偿、揭开公司面纱以及实体合并等几种措施，分别指出它们的适用背景，并评价了各种措施的实际效果。在具体措施的研究之后，该章还讨论了处理跨国公司破产问题的方法论问题——即各国立法和实践在实体法观点和企业法观点上的演进和选择。第七章的内容是本文研究的另一重点。
尽管有担保债权不是破产法上的一项权利，但由于它的存在对破产财产的构成和无担保债权人的受偿带来了很重要的影响，各国对有担保债权的态度、所允许的担保种类都是有所区别的。本文第八章对有担保债权的特殊形式、有担保债权在跨国破产中产生的特殊问题（包括法律适用、浮动担保、特殊的约定担保等）作了尝试性的探讨。
破产法上的否认权、取回权、抵销权是涉及到破产财产的几种权利。对于这几种权利，本文回避了一般问题的研究，主要是针对这几种权利在跨国破产中所产生的问题进行了重点的分析。否认权，中国有学者认为是一种撤销权，在国际上一般称为可撤销交易。第九章研究了可撤销交易的理论基础、构成要件、运用、法律适用等，并对集团公司内部进行的可撤销交易进行了分析和评论。
在现代社会，由于商事交易的发达，相互债权的大量发生，交易双方同时兼具债权人与债务人双重身份的情况越来越多。当有一方破产时，是否允许抵销、在什么情况下可以进行抵销，是影响债权人权利的重要问题。在跨国破产中，各国有关破产抵销的法律规定不同，如何行使抵销权也是债权人特别关心的问题。第十章针对各国在破产抵销权上所持的态度、跨国破产中行使抵销权产生的冲突性问题等进行了重点的分析。
国际货物买卖合同中经常订立所有权保留条款，这一条款在跨国破产的情况下具有非常重要的意义，特别是当买方占有货物但未支付全部货款就破产时。这时对卖方而言，最重要的问题是所有权保留条款是否可以被承认，因而要求破产管理人返还货物，不依破产程序取得求偿。第十一章讨论了跨国破产与国际货物买卖中的所有权保留条款问题，特别分析了有关所有权保留在跨国破产中的效力问题的承认说和否认说两种主张及典型案例，指出在破产法的原则与促进国际货物买卖之间产生矛盾时，应当如何持一种合理现实的态度来解决这一问题。
近些年来，国际合作的大势所趋导致了跨国破产法律与实践统一化运动的应运而生，并在几个国际组织的推动下，取得了一些进展。在跨国破产领域，最好的国际合作形式是有关跨国破产的条约或公约。第十二章结合若干较为典型的国际组织的公约和示范法，对该领域法律与实践的统一化运动进行了比较系统的回顾与总结，并展望了未来可能的发展趋势。其中特别提到了一些新的成果，如联合国贸易法委员会（ UNCITRAL）1997通过的《关于跨国破产的示范法》、欧盟理事会1995年制定的《关于破产程序的公约》等。
关键词：破产、跨国破产、破产域外效力、债权人救济、和解、跨国重整
Abstract
With the development of international economic communication and transnational corporations, there are more and more insolvency cases concerning international or foreign elements. In this context, researches on legal issues resulting from cross-border insolvency became one of focuses of international legal scholar since 1990. China is now adopting reform and open policy and attracting foreign investment. During the course, China will face inevitably with legal issues in cross-border insolvency cases. The bankruptcy case of Guangdong International Trust and Investment Corporation, which attracts far-reaching close attention at present, gives a obvious illustration for this.
Cross-border insolvency concerns with so many legal issues that this dissertation cannot discuss them all due to the limitation of time, energy and scope of article, etc. Thus, the starting point should be to discuss some important and key problem raised by cross-border insolvency. With respect to the writing means, comparative researches and case studies are used in this dissertation in order to probe into some key problems more clearly and distinctly. In addition to this, Chinese relevant legislation and practice are combined into the necessary discussion and explanation. This dissertation is composed of twelve chapters, totaling about more than 300,000 Chinese words.
Chapter One, as an introduction to this dissertation, makes a brief glimpse on the general theory of insolvency, insolvency law, ross-border insolvency and ross-border bankruptcy laws, reveals the research background and foundation, the main contents, research means, practical significance and value of this dissertation to the readers. In this chapter, the dissertation illustrates the significance of this research to China at present through some facts.
The extraterritorial effect of bankruptcy, as the most important legal problem in cross-border insolvency, should be the basis of solving all cross-border insolvency cases. For this reason, this dissertation starts with the extraterritorial effect of insolvency proceedings. In the Chapter Two, the author at first analyses two theories on this issue, "universalist" view and territorial approach, including their meanings, inherent cause of choice by a country’s legislation and comments on their advantages and disadvantages. Thereafter, the author expounds the theory and judicial practice in some countries (including USA , UK , Canada , Japan , France , Germany , Australia , Argentina , Mexico , etc). Based on the above-mentioned researches, the author points out: the crux of the matter is how to keep balance between the protection of local creditors and international cooperation in cross-border insolvency cases from the point of view of increasing the international economic communication. In view of the concrete measures and strategies, although pure "universalist" view is still a kind of idealism, strict territorial approach should be given up. To some degree, the balance of emphasis being placed on the "controlled universalist" principle. Subsequently, a systematic train of thought is provided to Chinese uniform bankruptcy law’s formulation on this problem. The dissertation advises that China should choose "controlled universalist" principle in coming legislation. This attitude will conform to the development trends of modern insolvency laws, protect the interests of Chinese creditors and conduct the cooperation of cross-border insolvency cases.
Chapter Three probes into the recognition and assistance of foreign bankruptcy proceedings, which has very close relation with the extraterritorial effect problem. Firstly, this chapter discusses the differences between the recognition and assistance of common foreign judgments and foreign insolvency proceedings, and some particular problems resulting from the two kinds of effect of bankruptcy declaration. Hence, the dissertation inquiries into some factors considered by the courts when they recognize and assist foreign bankruptcy judgment, especially emphasizes the proper jurisdiction, reasonable application of laws, international comity, reciprocity, public policy, etc. The measures of providing assistance are also compared in this chapter. On these bases, some useful suggestions are given to Chinese relevant legislation.
Comparatively speaking, both Chapter two and Chapter three not only are the foundation and focal points, but also embody the contribution of this dissertation. Thus, these two chapters deserve much pen and ink. Direct liquidation, composition and reorganization are the three main means salvaging the insolvent enterprises. Most modern insolvency laws provide these three means. In cross-border insolvency, recognition and assistance of foreign composition, discharge and reorganization are still to be considered. Although there are many similarities among liquidation, composition and reorganization, the differences among them should not be ignored. In Chapter Four, the author gives more attention to some special issues of the composition and discharge in cross-border insolvency. The main problems that the author tries to solve include the particularity and conditions of recognition and assistance of foreign composition and discharge, the differences between the recognition of foreign composition and discharge. In addition to these, the recognition and assistance of Chinese courts to foreign composition and discharge are also concerned in this chapter.
One of the very key development trends of modern insolvency laws is to make insolvent enterprises recovery through such means as corporate reorganization, debt reconstruction, etc. Reorganizations of transnational corporate are proliferating in recent years, which put forward many new legal problems. Chapter Five observes the several basic legal problems in crossborder reorganizations, including the eligible debtor for reorganization proceedings, recognition of foreign reorganization proceedings, choice of measures of reorganization, etc. This chapter concentrates on the two ways by which cross-border reorganization conducts, one is single proceeding, and the other is parallel proceeding through two famous reorganization cases. In addition to these issues, this part also gives particular concern on the utilization and development of Alternative Dispute Resolution (ADR) in cross-border reorganizations. The author comments on the role of ADR in reorganization and thinks that for one hand, the active function of ADR should be admitted, on the other hand, the agreement of all parties is very important to the success of reorganization proceedings. In cross-border insolvency cases, due to the differences among the provisions on the composition, sequences, declaration and proof of bankruptcy claims in most countries’ insolvency laws, how to resolve and harmonize these problems should be considered. Moreover, whether foreign revenue claims are recognized also becomes one important issue needed to solve because of particularity of this kind of claims. In Chapter Six, the author touches upon the several problems over bankruptcy claim, especially recognition of foreign revenue claim. The author points out that the new development of recognition of revenue claim is relative with the decrease of sovereign sense and increase of cooperation concept in the world.
Owing to the international relations of debtors (or debtors abroad), they often conduct such behaviors as taking out capitals, transferring funds, fraudulent transfer and inequitable preferences, etc, which is very harmful to the whole creditor’s interests in cross-border insolvency. Thus, it is very necessary to provide with special protection and remedies for creditors in this context. Chapter Seven inquires into the creditors’ remedies in cross-border insolvency combining with the theories of corporate group. It concerns with the treatment of the payment obtained by the individual creditor abroad, equitable subordination, piercing the corporate veil and substantive consolidation. The latter three remedies mainly apply to dealing with the insolvency of transnational corporations. The methodology of solving the insolvent problems of transnational corporation includes entity law and enterprise law. Their advantage and disadvantage and application are also researched in this part.
Priority rights are important in corporate insolvency although they are not bankruptcy claims. Priority rights or secured interests influence the composition of bankruptcy claims directly. Chapter Eight explores the treatment of security interests in cross-border insolvency, mainly about the special form of security interests (for example, floating charge and consensual liens) and some problems resulting from security interests, including conflicts of laws. Chapter seven is another focal point in this dissertation. Although secured interests are not one kind of right in solvency laws, it influences the composition of bankruptcy estate and the payment to the unsecured creditors. Therefore, the attitude of insolvency laws on the secured interests, the kinds of secured interests is very different in most countries. Chapter Eight makes a detailed study on the special forms of secured interests, particular issues of secured interests in cross-border insolvency, including the applicable laws, floating charge and consensual liens, etc.
In insolvency laws, there are special rights concerning the bankruptcy estate, for instance, set-off, voidable transactions, etc. With respect to these rights, evading the researches of general issues, this dissertation mainly focuses on some special issues in cross-border insolvency. Voidable transactions (gift and transactions at an undervalue, unfair payment, voidable preference, fraudulent transfer, etc) are harmful to the most creditors’ interests, Chapter Nine lays an emphasis on the analysis of the theoretical foundation, components, practical application, conflicts of laws of voidable transactions. This chapter also concerns with the law of corporate group problems in the bankruptcy or reorganization of Parent and Subsidiary Corporation, including the issues of corporate guarantees.
In modern society, there is more and more mutual obligation due to the development of commercial transactions. A party may be both a creditor and debtor. This situation becomes very common. When one party is insolvent, whether the other party can set off the obligation is a very critical issue. At the same time, this problem has close relations with the interests of other creditors. Chapter Ten gives a comparative research on the set-off in cross-border insolvency, particularly how to solve the conflicting problems due to the different attitude among the different states.
The clause of reservation of title is often written into the international sale of goods contract to decrease the risk of buyer’s non-payment. When buyer obtains the goods (but not paying), if he is insolvent, this clause is of vital significance. It is most important for buyer whether the effect of this clause can be recognized. If the answer is "yes", the buyer can obtain his goods again and need not attend the insolvency proceeding. The legal effect of this clause is different in most countries and many conflicts result from this. Chapter Eleven mainly concerns with the effect of reservation of title in cross-border insolvency through some famous cases. The author thinks that a reasonable and pragmatic attitude is helpful to resolve these problems when the fundamental principles of bankruptcy laws and the goal of development of international trade contradict.
In recent years, the obvious trend of international cooperation leads to the production of unification of laws and practices of cross-border insolvency. Some important international organizations give impetus to this movement, and some progresses are made since 1980. The best cooperation way is through convention or treaty on cross-border insolvency in this field. In Chapter Twelve, on the basis of analysis of some influential conventions and model laws, the author reviews and summarizes the unification of laws and practices of cross-border insolvency, and prospects future development trends in this field. Some new achievements are mentioned in this chapter. For instances, EU convention on insolvency proceedings is the most remarkable achievement in cross-border insolvency law field for these years. The convention stands for new trends for bankruptcy cooperation. It will exercise good influence over the handling such insolvency cases. In addition to this convention, UNCITRAL model law on cross-border insolvency is also examined.
Key Words: bankruptcy, cross-border insolvency, composition, cross-border reorganization, extraterritorial effect of bankruptcy, creditors’ remedies |
