企业破产语境下名股实债权利人地位确认--从新华信托与港城置业破产债权纠纷案说起

近年来"名股实债"类案件日益增多,现行法律规范中,缺乏对名股实债等股债交融类交易统一的认定标准。这导致股债交融融资在企业破产时债权确认上出现了疑难和争议。本文通过梳理港城置业破产等名股实债案例中股债定性的影响因素,探求法院在认定"名股实债"的性质上的司法逻辑,即,识别与区分"内部关系与外部关系"。在内部关系上,力求探究当事人的真实意思表示;在外部关系上,着重保护第三人的利益。同时,考虑到企业破产债权人利益保护的问题,本文进一步探讨了名股实债交易定性为债权上存在的疑难与思路。

Confirmation of the Status of the Right Holders of the “Fake Equity real Debt” in the Context of Enterprise Bankruptcy--The Dispute of Bankrupt Creditor’s Right between New China Trust Co.LTD and Huzhou Gangcheng Real Estate Co. Ltd

in recent years, more and more cases of "Fake equity real debt " are emerging. In the current legal norms, there is a lack of uniform standards for the recognition of stock-bond-blending transactions such as"Fake equity real debt". This led to difficulties and controversy in the confirmation of creditor’s rights when the corporate was bankrupted. This paper explores the judicial logic of determining the nature of " Fake equity real debt " by combing the influencing factors of the qualitativeness of stock debt in the case of Fake equity real debt such as this case, namely, the identification and distinguish of "internal and external relationships". In internal relations, the judge strives to explore the parties’ true intentions;in external relations, the judge focuses on protecting the interests of third parties. At the same time, considering the issue of the protection of corporate bankruptcy creditors ’interests, this article further explores the difficulties and ideas in characterizing Fake equity real debt transactions as debts.