Background Image
Previous Page  26 / 38 Next Page
Information
Show Menu
Previous Page 26 / 38 Next Page
Page Background

4

H ¨ňŁőœŌŎŐňŁʼnņ ŏŒŸŕńœőņ Œņő ŌŁœŒňŊňŁʼnņő ńŏňŕńňŐņőņő

ůūũ ūűŢŦŨŚůŤ ›ŨūŦūŧůśůŤ, Ŵŭ Ş—ŰũůŦŧŷŭ —ŤŲŞũŦٗŷŭ ŮůŦŭ Şůū—ŦŧŚŭ šŦŹŪŢŦŭ —Ţ-

ŠřŨŴũ ›ŦŮůŴůŹũ. Œū ŠŢŠūũŷŭ ŞŰůŷ Ş›ūůۛŹũŢŦ ůŤũ ŢŪŢŨŦŧůŦŧś šŦŢŬŠŞŮŜŞ Ŵŭ

›Ŭūŭ ůūŰŭ Ůŧū›ūŸŭ ›ūŰ Ţ›ŦšŦŹŧūŰũ ūŦ ŮŸŠŲŬūũŢŭ ›ůŴŲŢŰůŦŧŚŭ ũū—ūťŢŮŜŢŭ.

Š.2. Ň şūŧŬ›Ŭŝťůť ۝٠«ŨŬŧŪŜŮ şŠşŭŝşŮ» ůŰťŪ ›ŰŵųţűŰŧŨŜ

ŢŧşŢŧŨşůŝş

Łũ ŧŞŦ Ť ŮŰţśůŤŮŤ ŠŦŞ ůūŰŭ Ůŧū›ūŸŭ ůūŰ šŦŧŞŜūŰ ůŤŭ ŞűŢŬŢŠŠŰŷůŤůŞŭ šŢũ

ŚŲŢŦ ŧŞůŞŨŞŠŦřŮŢŦ ŮůūŰŭ ŧŷŨ›ūŰŭ ůŤŭ ũū—Ŧŧśŭ ŧŞŦ ūŦŧūũū—Ŧŧśŭ ťŢŴŬŜŞŭ, ŦŮŲŰ-

Ŭŷ ŮŤ—ŢŜū ŞũŞűūŬřŭ ›ŞŬŞ—ŚũŢŦ Ť ťŚŮŤ ŷůŦ ū ›ůŴŲŢŰůŦŧŷŭ —ŤŲŞũŦٗŷŭ ޛŦšŦ-

ŹŧŢŦ ŧŞůŞŬŲśũ ũŞ Ţ›ŦŨŸŮŢŦ ůū ›ŬŷşŨŤ—Ş ůŤŭ ŮŰŨŨūŠŦŧśŭ šŬřŮŤŭ ůŴũ šŞũŢŦ-

ŮůŹũ

6

, —Ţ ůūũ ůŬŷ›ū ›ūŰ ťŞ ŢŜŲŞũ ޛŦŨŚŪŢŦ ūŦ ŜšŦūŦ ūŦ šŞũŢŦŮůŚŭ Şũ ŢŜŲŞũ

ex

ante

šŦŞ›ŬŞŠ—ŞůŢŰůŢŜ ŧŞŦ ŮۗűŴũśŮŢŦ ޛ’ŞŰůūŸ (

creditors’ bargain model

)

7

.

łŞŮŦŧŷŭ ŨūŦ›ŷũ ŮůŷŲūŭ ůūŰ ŢŜũŞŦ Ť —ŢŠŦŮůū›ūŜŤŮŤ ůŤŭ ›ůŴŲŢŰůŦŧśŭ ›ŢŬŦūŰŮŜ-

Şŭ ŧŞŦ Ť —ŢŜŴŮŤ ůūŰ ŮŰŨŨūŠŦŧūŸ ŧŷŮůūŰŭ ޛŦšŜŴŪŤŭ ŦŧŞũū›ūŜŤŮŤŭ ůŴũ Ş›ŞŦůś-

ŮŢŴũ, —Ţ

ű›ŬųŭţŵŰŧŨŬŹŮ

ŧŞŦ

›ŭŬŨşŦŬŭŧů—śŪŬűŮ ŸŭŬűŮ

ŨŢŦůūŰŬŠŜŞŭ

8

, ŮŰũŞŧŷ-

ŨūŰťŞ Ť —ŢŠŦŮůū›ūŜŤŮŤ ůŤŭ —ŚŮŤŭ ŦŧŞũū›ūŜŤŮŤŭ ůūŰ šŞũŢŦŮůś, ŮŢ ›ŢŬŜ›ůŴŮŤ

›ůŹŲŢŰŮŤŭ

9

. œ›ŷ ůŤ —ūũŦŮůŦŧś ŞŰůś ŞũřŨŰŮŤ, ůū ›ůŴŲŢŰůŦŧŷ šŜŧŞŦū ŚŲŢŦ ŨūŦ›ŷũ

Ŵŭ ŧŸŬŦū Ůŧū›ŷ ůŤũ ޛŜŨŰŮŤ ůŴũ ŮŰŠŧŬūŸŮŢŴũ —ŢůŞŪŸ šŞũŢŦŮůŹũ, šŢšū—ŚũūŰ

ŷůŦ ūŦ ŮŲŚŮŢŦŭ ŞŰůŹũ —Ţ ůūũ ūűŢŦŨŚůŤ ŚŲūŰũ śšŤ ŧŞťūŬŦŮťŢŜ ›Ŭū›ůŴŲŢŰůŦŧř

10

.

ń—›ŨūŰůŜţūũůŞŭ

11

ůŤ ŮůŞťŢŬś ŞŰůś (›ŦŮůŴ-ŧŢũůŬŦŧś) ťŚŮŤ ś Ş›ūŧŨŜũūũůŞŭ Ş›ŷ

6. Ÿŭ ŮŰŨŨūŠŦŧŷ —ŤŲŞũŦٗŷ ůŞŰůū›ūŜŤŮŤŭ ŧŞŦ ›ŨŤŬŴ—śŭ ŲŬŢŹũ —ŚŮŴ ŦšŜŴŭ ůŤŭ ŬŢŰŮůū›ūŜŤ-

ŮŤŭ ůŤŭ ›ŢŬŦūŰŮŜŞŭ ůūŰ ūűŢŦŨŚůŤ (

debt-collection system

) ůūũ ŲŞŬŞŧůŤŬŜţŢŦ ū

Th. Jackson

(The Logic and Limits of Bankruptcy Law, 1986, ŮŢŨ. 3).

7.

Th. Jackson

, Bankruptcy, Non-Bankruptcy Entitlements and the Creditor’s Bargain, 91

Yale L.J

. (1982), 857, ŦšŜŴŭ 860,

D. Baird & Th. Jackson

, Cases, Problems and Materials

on Bankruptcy, 1985, ŦšŜŴŭ ŮŢŨ. 31,

D. Baird & Th. Jackson,

Corporate Reorganizations

and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of

Secured Creditors in Bankruptcy,

51 U. Chi. L. Rev.

(1984), 97, ŦšŜŴŭ 103-104.

8. ņ ūŬŠřũŴŮŤ —ŜŞŭ «ŮŰŨŨūŠŦŧśŭ ›ůŴŲŢŰůŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ» ťŢŴŬŢŜůŞŦ ŷůŦ —ŢŦŹũŢŦ ůū ŧŷ-

Ůůūŭ ůūŰ ŞũŞ›ūůŢŨŢٗŞůŦŧūŸ ŞŠŹũŞ ůŞŲŸůŤůŞŭ —ŢůŞŪŸ šŞũŢŦŮůŹũ (race to collect) ŧŰ-

ŬŜŴŭ šŦŷůŦ ŢŰũūŢŜ ůŤũ ůŞŲŢŜŞ ŨśųŤ ŮŰŨŨūŠŦŧř ūŬťūŨūŠŦŧŹũ Ş›ūűřŮŢŴũ, ŢũŹ ůŞŰůŷ-

ŲŬūũŞ Ş›ūůŬŚ›ŢŦ űŞŦũŷ—ŢũŞ «šŦŨś——Şůūŭ űŰŨŞŧŦٗŚũŴũ» (şŨ.

A. Kammel

, The Law

and Economics of Corporate Insolvency – Some thoughts, in P. Omar (ed.):

International

Insolvency Law, Themes and Perspectives

, 2008, ŮŢŨ. 61ޛ., ŦšŜŴŭ 72-77).

9. ŁŰůŷ ޛŤŬŢřţŢŦ ťŢůŦŧř ůŤũ Ţŧ ůŴũ ›ŬūůŚŬŴũ ŮůřŮŤ ůŴũ šŞũŢŦŮůŹũ, ŢũŦŮŲŸūũůŞŭ ůŤũ ›Ş-

ŬŞŠŴŠŦŧŷůŤůŞ ůŤŭ ūŦŧūũū—ŜŞŭ

(Ńũ. ō. ńţŵŭšşŨŸ›ŬűũŬ

, ņ ūŦŧūũū—Ŧŧś ŞũřŨŰŮŤ ůūŰ ›ůŴ-

ŲŢŰůŦŧūŸ šŦŧŞŜūŰ, ńŦŮŞŠŴŠś ŮůŤũ ūŦŧūũū—Ŧŧś ŞũřŨŰŮŤ ůūŰ šŦŧŞŜūŰ, ŁťśũŞ, 2001, ŮŢŨ. 45).

10.

Th. Jackson,

Avoiding Powers in Bankruptcy

, 36 Stan. L. Rev. (

1984), 725, ŦšŜŴŭ 727-731.

11. Ŏ V. Finch, ŨŷŠūŰ ŲřŬŤ, ›ŢŬŦŨŞ—şřũŢŦ ŮůūŰŭ Ůŧū›ūŸŭ ůūŰ ›ůŴŲŢŰůŦŧūŸ šŦŧŞŜūŰ, Ţŧůŷŭ

Ş›ŷ ůŤ ŬŸť—ŦŮŤ ůŤŭ ŮŰŨŨūŠŦŧśŭ šŬřŮŤŭ ůŴũ šŞũŢŦŮůŹũ, ůŤ šŦŢŰŧŷŨŰũŮŤ ůŤŭ šŦřŮŴŮŤŭ

ŧŞŦ ŞũŞšŦūŬŠřũŴŮŤŭ ůŤŭ ޛŦŲŢŜŬŤŮŤŭ ŮŢ ›ŢŬŦŷšūŰŭ ŧŬŜŮŤŭ, ůŤũ ŢŪŦŮūŬŬŷ›ŤŮŤ ŮۗűŢŬŷ-

ũůŴũ ůŴũ ޗ›ŨŢŧū—ŚũŴũ —ŢŬŹũ, ŞŨŨř ŧŞŦ ůūŰ šŤ—ūŮŜūŰ ŧŞŦ ůŴũ ŢŬŠŞţū—ŚũŴũ, ůŤũ ŢũŜ-

9