Research On The Priority Of Repayment Of Newly Financed Claims In Bankruptcy Reorganization Procedure

Since 2018,especially since 2020,affected by the epidemic,many companies have been hit hard and went bankrupt,making bankruptcy reorganization become normalized and market-oriented,and has become one of the important ways to solve the problem of debtors’ corporate difficulties.With the gradual deepening of the capital market’s understanding of the bankruptcy reorganization of listed companies,it is urgent to realize that whether the debtor enterprise can obtain new financing is important in the bankruptcy reorganization procedure,and it is urgent to solve the problem of the difficulty of obtaining new financing in the reorganization procedure.In order to promote financing,China established "Mutually-beneficial claim" in the Enterprise Bankruptcy Law and gave common benefit claims the status of priority to be paid,and then promulgated the Judicial Interpretation of the Judicial Interpretation of Bankruptcy Law(III)to supplement this system,and included new financing in the form of "borrowing" into common benefit claims for priority repayment.According to the practical experience of market operation,on the one hand,from the perspective of liquidating new financing claims in the order of common benefit claims,its settlement order cannot protect the rights and interests of new investors,thereby attracting investment;On the other hand,from the summary of the financing methods in the operation of enterprises,it can be seen that the way for enterprises to obtain financing by borrowing is too single,which makes the way to obtain financing in bankruptcy reorganization too narrow,and the provisions in the two aspects,coupled with the connection with other legal systems,lead to China still facing financing difficulties,enterprise restructuring failure to bankruptcy,so how to protect new financing claims needs to be solved as soon as possible.Based on the perspective of the value of the law,the principle of the bankruptcy law,the analysis of the interest relationship between various stakeholders in bankruptcy reorganization,and the reflection on the academic questioning viewpoint,it is concluded that the establishment of a "priority right to repayment of new financing claims" can promote financing with sufficient theoretical support.It can be concluded from the extraterritorial treatment model of new financing in bankruptcy reorganization that the inclusion of new financing claims into the common benefit claim or the mode of stakeholder autonomy settlement is not applicable to China’s national conditions,and the "Super priority" in the DIP system in US bankruptcy law can only solve the financing problem by giving new financing claims the status of priority to be paid.At the same time as establishing this priority,it is also necessary to broaden the financing methods and increase the ways to protect the rights and interests of new financing creditors,such as participating in the reorganization plan,establishing an exit mechanism,improving the information disclosure system,and playing a role in cooperating with the priority right to repayment of new financing claims,so as to help the debtor enterprise get out of difficulties and achieve the purpose of bankruptcy reorganization procedures.