Cross-sectional Studies of Secured Interests, Execution and Bankruptcy Law

本研究旨在探讨近期我国证券利益法、执行法和破产法改革的背景，建立（澄清）这些法律领域的横断面原则，并对立法和法律实践提出建议。研究结果可归纳为三点，这三点是围绕着最近的多元化运动和加速的执行程序和破产程序。第一个问题涉及司法外程序对多样化和精简执行和破产程序的重要性。除美国的并购外，法国的公证人和委托经营者还发展出了la vente aimable、la conversion de la saisie en vente volontaire、l' order和蔼可亲、l' order consensuel等程序。第三个问题涉及那些管理执行和破产的人的重要性。在美国和最近的日本，除了法院官员，投资银行家、会计师、税务会计师和律师也对流程的多样化和精简起着非常重要的作用。值得注意的是，1986年英国引入了破产从业人员。二是弱化或重组部分担保权益，使执行和破产程序多样化、加速化。问题是双重的。第一个问题是对债权人的担保利益削弱到什么程度，第二个问题是对金融债权人的交易债权人削弱到什么程度，其中工资雇员和承包商实际上很重要。

This research aimed to investigate the background of recent reforms of security interests law, execution law and bankruptcy law, and establish (clarify) cross-sectional pricples underlying these legal fields and made some proposals for legislation and legal practice.The research results are to be summarized in three points which turn (hinge) on the recent movement of diversification and speeding up of the process of execution and bankruptcy procedures.1.The first concerns the importance of the extra-judiciary procedures for diversification and streamlinig of the process of the execution and bankruptcy. Besides M & A in U.S., in France, the notaires and commissaire-priseurs developed the procedures such as la vente aimable, la conversion de la saisie en vente volontaire, l'ordre amiable, l'ordre consensuel etc.2.The third concerns the importance of those who manage the execution and bankruptcy. Besides the court officials, investment bankers, accountants, tax accountants and lawyers play very imprtant roles for diversification and streamlinig of the process inm U.S.and recent Japan. Noteworthy is also the introduction of the Insolvency Practitioners in England in 1986.3.The second is the weakening or restructuring of some secured interests in diversified and speeded up procedures of execution and bankruptcy. The question is double. The first question is how far weaken the secured interests against the creditors, the second is how far weaken the transactional creditors among whom wages employees and contractors are practically important, against the financial creditors.