论破产重整程序中担保债权的行使

The Exercise of Secured Claims in Bankruptcy Reorganization Proceedings

摘要: 破产重整程序中限制担保债权行使的制度设计，需在保障债权人合法权益与实现企业再生价值之间构建平衡机制。对担保物权的行使必须遵循明确的规则且符合必要的限度。目前我国破产重整程序中未对担保债权暂停行使的范围做出细化，导致实务中适用范围过度扩大，应当以担保财产是否为重整所必需为判断标准；暂停行使的期限与补偿规则模糊，恢复行使举证困难，导致担保物权人利益受到不当侵害。我国《企业破产法》在解释上或未来可能的修订中，应在重整程序中明确暂停行使的担保物范围，完善举证责任与标准，将担保债权中止的时间节点提前到破产重整申请提出后，同时规定冻结的期限，以及明确利息损失的补偿。

Abstract: In designing restrictions on the enforcement of secured claims in bankruptcy reorganization proceedings, it is essential to strike a balance between protecting creditors’ legitimate rights and preserving the debtor’s value for successful restructuring. The exercise of security interests must be governed by clear, narrowly tailored rules, yet the current framework does not specify which assets qualify for suspension, resulting in overly broad application; instead, suspension should hinge on whether the assets are indispensable to the reorganization. Moreover, the duration of suspension and the framework for compensating interest losses remain vague, and secured creditors face high evidentiary burdens when seeking to resume enforcement, which unduly undermines their interests. In interpreting or amending the Enterprise Bankruptcy Law, it would be prudent to clarify the scope of assets subject to suspension, refine the allocation of the burden of proof and evidentiary standards, trigger suspension upon filing the reorganization petition, establish a definite suspension period, and explicitly address compensation for interest losses.