近年来，预重整已成为上市公司进入司法重整前几乎不可或缺的前置环节，其源于本土需求、服务于纾困实践的兴起路径，彰显了市场对高效挽救机制的迫切期待。然而，在立法规则尚属空白、实践探索快速扩张的背景下，该制度正面临深刻的异化趋势：预重整作为解决重整效率瓶颈与确定性风险而诞生的“辅助工具”，当其价值被证明有效后，迅速从“可选项”变成“默认项”，几乎成为上市公司重整的必经之路，其功能从“预先协商桥梁”偏移为“实质工作前置”，进而引致临时管理人角色模糊、权责失衡、企业拯救成本攀升等一系列结构性困境。基于对这一市场趋势的密切关注与忧思，本文聚焦于制度逻辑的完整性、各方权责利的平衡性以及程序正义的可实现性，将依次追溯制度的生成逻辑，呈现规则图谱的留白现状，解剖功能偏移衍生的核心痛点，并最终尝试提出使预重整回归其商业谈判本质、约束于重整前协商程序的路径展望。笔者深信，唯有正视当前实践中的张力与悖论，方能推动这一重要企业风险纾困工具的行稳致远，真正实现其提升困境企业重生效率与公平的初心。

一、制度起源：中国本土语境下的生成逻辑与“生存突围”

前言

2024年8月26日，苏州市检察院发布了《破产检察监督案件审查指引》（以下简称“《指引》”）。《指引》共计四章六十八条，全面涵盖破产检察监督的基本原则、监督范围、审查要素、监督方式和工作保障等内容。一定程度上，这是全国首例由检察机关根据破产程序的不同环节，详细完善地单独出台破产检察监督相关规定。9月30日，江苏省检察院召开破产领域检察监督工作新闻发布会，通报了全省检察机关开展破产领域检察监督工作的整体情况。

在《指引》出台前，检察机关对破产程序进行检察监督的法律规定较为原则化，缺乏实操层面的系统性规范。近年随着破产重整等案件数量的大幅增加，破产法律制度因缺乏直接、高效的违法行为监督与纠偏机制，导致债权人等破产参与主体的救济机制略显单一，在经济发展和立法实践中呈现出局限性。在各界呼吁拓展外部监督机制的背景下，各地检察机关不断深化提升破产检察监督职能。在本次《指引》发布前，江苏省检察院在2020年即已出台《加强破产案件检察监督工作的指导意见（试行）》，尝试更为规范地对破产程序进行检察监督。通过4年时间的摸索、总结与完善，江苏省检察机关共办理涉破产监督案件1,351件，为本次《指引》的出台奠定了理论与实践基础。

Federal appellate courts have traditionally applied a "person aggrieved" standard to determine whether a party has standing to appeal a bankruptcy court order or judgment. However, this standard, which requires a direct, adverse, and financial impact on a potential appellant, is derived from a precursor to the Bankruptcy Code and does not appear in the existing statute.

The court-fashioned doctrine of "equitable mootness" has frequently been applied to bar appeals of bankruptcy court orders under circumstances where reversal or modification of an order could jeopardize, for example, the implementation of a negotiated chapter 11 plan or related agreements and upset the expectations of third parties who have relied on the order.

On June 6, 2023, the U.S. Bankruptcy Court for the Southern District of Texas confirmed the chapter 11 plan of bedding manufacturer Serta Simmons Bedding, LLC and its affiliates (collectively, "Serta"). In confirming Serta's plan, the court held that a 2020 "uptier," or "position enhancement," transaction (the "2020 Transaction") whereby Serta issued new debt secured by a priming lien on its assets and purchased its existing debt from participating lenders at a discount with a portion of the proceeds did not violate the terms of Serta's 2016 credit agreement.

Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings have been issued in bankruptcy cases addressing the application of the provision, including application to financial institutions, its preemptive scope, and its application to non-publicly traded securities.

Bankruptcy trustees and chapter 11 debtors-in-possession ("DIPs") frequently seek to avoid fraudulent transfers and obligations under section 544(b) of the Bankruptcy Code and state fraudulent transfer or other applicable nonbankruptcy laws because the statutory "look-back" period for avoidance under many nonbankruptcy laws exceeds the two-year period governing avoidance actions under section 548.

The finality of asset sales and other transactions in bankruptcy is an indispensable feature of U.S. bankruptcy law designed to maximize the value of a bankruptcy estate as expeditiously as possible for the benefit of all stakeholders. To promote such finality, section 363(m) of the Bankruptcy Code prohibits reversal or modification on appeal of an order authorizing a sale or lease to a "good-faith" purchaser or lessee unless the party challenging the sale obtains a stay pending appeal. What constitutes "good faith" has sometimes been disputed by the courts.

Since May 2023, the U.S. Supreme Court has issued three decisions addressing or potentially impacting issues of bankruptcy law. These included rulings concerning the abrogation of sovereign immunity for Native American tribes under the Bankruptcy Code, and for instrumentalities of Puerto Rico under a similar statute enacted in 2016 allowing the Commonwealth to restructure its debts. The Court also handed down an opinion concerning a homeowner's entitlement to the surplus proceeds of a real estate tax foreclosure sale.

Whether a dispute that is subject to arbitration can or must be referred to arbitration after one of the parties to a prepetition arbitration agreement files for bankruptcy has long been a source of disagreement among bankruptcy and appellate courts due to a perceived conflict between the Federal Arbitration Act and the Bankruptcy Code. The U.S. Bankruptcy Court for the Northern District of Illinois recently provided some useful guidance regarding this issue.