關聯企業實質合併破產的理論邏輯與法律標準

The Diversified Theories and Legal Standards for the Substantive Consolidation of Corporate Groups in Bankruptcy

在中國大陸的實踐中，實質合併破產主要以各關聯企業資產與負債嚴重混同導致法人人格高度混同為主要適用標準，同時以債權人受益、有利於重整成功作為輔助適用標準。在其他國家或地區，債權人受益、債權人信賴、欺詐等，也可以構成適用實質合併破產程序的原因。中國大陸以「各關聯企業資產與負債嚴重混同導致法人人格高度混同」為主要適用標準的理論邏輯源於《公司法》規定的法人人格否認制度，在實踐中認為關聯企業實質合併是法人人格否認制度在破產程序中的特殊適用，這種發展路徑源於《企業破產法》未規定企業實質合併破產規則，而實踐中大量發生的關聯企業實質合併需求不得不借助於《公司法》上的法人人格否認制度。本文對關聯企業實質合併破產的法人人格否認理論、企業實體理論等進行了討論，分析在不同的理論邏輯選擇上所構建的法律標準的差異和優劣，並擬提出區分關聯企業實質合併破產的受理標準和適用標準的「雙法律標準」。

In the judicial practice of mainland China, the standard of the application for and approval of substantive consolidation are featured by the assets and liabilities of corparete group being hopelessly entangled, resulting in a high degree of confusion in legal personality, meanwhile, the creditors’benefits and the conducive effects are the supplemental standards of substantive consolidation. In other countries or regions, other factors like creditors’benefits, creditor reliance and fraud may also be included in the standards for the application of substantive consolidation. The theory in mainland China that the major standard is“the assets and liabilities of related enterprises being hopelessly entangled, resulting in a high degree of confusion in legal personality”is derived from the rules of“piercing the corporate veil”which stipulated in the Corporation Law, and in practice, substantive consolidation is construed as a special application of“piercing the corporate veil”in bankruptcy. This is such construed because the Enterprise Bankruptcy Law does not stipulate the rules for substantive consolidation, and judges have to resort to the theory of“piercing the corporate veil”in the Corporation Law in many substantive consolidation cases. This article discusses the theories like“piercing the corporate veil”and“corporate entity”pertaining to the substantive consolidation and analyzes the differences and advantages/disadvantages of various standards constructed on different theoretical choices. This article finds that the applicants for the substantive consolidation include, but not limited to, debtors, creditors and administrators, and the theories for the legal rules to back up their respective claims shall be different. Guided by diversified theories, distinguishing between the acceptance standards and approval standards for substantive consolidation of corporate group in bankruptcy will be conducive to the scientific development and reasonable application of substantive consolidation in mainland China.