公司破产重整时,债权人取代股东成为最终控制权人,债权人与债务人间的利益冲突加剧,司法权基于重整效率的考量介入到公司治理中,这些都决定和影响着债权人在重整期间公司治理中的角色作用。在现有制度下,我国债权人参与公司治理时严重缺位,最终控制权被法院、破产管理人架空。这不利于债权人利益的保护,扭曲了公司治理结构。为矫正公司治理结构,使债权人在重整期间公司治理中得以发挥最终控制人的作用,应引入债权人派生诉讼,赋予债权人在破产管理人选任方面的话语权,加强债权人对管理人财产处分权的控制,明确债权人有权决定参与公司经营管理的主体,补充债权人对债务人自行管理的事中监督。
When a corporation enters into the bankruptcy reorganization procedure,the creditors replace the shareholders as the ultimate controller,and the conflicts of interests between the creditors and the debtors become sharp; the judicial power based on efficiency considerations intervene in corporate governance. All of these have an impact on the creditors' role effect in corporate governance during reorganization. Under the existing system,creditors are seriously absent from the corporate governance,and the ultimate control of the creditors has been undermined by the court and the bankruptcy administrator. This not only is inconducive to the protection of creditors' interests,but also distorts the corporate governance structure. In order to correct the corporate governance structure,and make the creditors play a role as ultimate controller in the corporate governance during reorganization,the creditor derivative suit should be introduced,creditors should be given the discourse right in terms of the seclection of bankruptcy administrator,creditors' control over bankruptcy administrator's right of disposition of property should be strengthen,the creditors' right of deciding on the body of company management should be explicit,and creditors should be given interim supervision of debtors in the pattern of self- management.