上一篇我们谈到诉讼主体的确定问题，本文将从担保的视角对债券持有人的权利救济予以分析。

保证人单方出具《保证函》的效力

任何在中国内地（“”）注册成立的企业，如不能清偿到期债务，并且资产不足以清偿全部债务或者明显缺乏清偿能力的，可由该企业或其债权人（“”）提交破产申请，继而根据《中华人民共和国企业破产法》（“《破产法》”）对该企业发起破产法律程序。但是，长期以来，备受业内人士诟病的是，中国法院迟迟未对破产申请实施立案登记制度。在此背景下，最高人民法院（“”）于2016年7月颁布指导通知[1]（“《2016年最高院通知》”），旨在简化和规范登记破产案件的立案受理工作。

最高院通知：优化立案程序

Affirming the bankruptcy court below in a case of first impression, in In re Caviata Attached Homes, LLC, 481 B.R. 34 (B.A.P. 9th Cir. 2012), a Ninth Circuit bankruptcy appellate panel held that a relapse into economic recession following a chapter 11 debtor’s emergence from bankruptcy was not an “extraordinary circumstance” that would justify the filing of a new chapter 11 case for the purpose of modifying the debtor’s previously confirmed plan of reorganization.

Modification of a Confirmed Chapter 11 Plan

In the first circuit-level opinion on the issue, the Fourth Circuit Court of Appeals in Matson v. Alarcon, 651 F.3d 404 (4th Cir. 2011), held that, for purposes of establishing priority under section 507(a)(4) of the Bankruptcy Code, an employee's severance pay was "earned" entirely upon termination of employment, even though the severance amount was determined by the employee's length of service with the employer.

Section 507(a)(4)

The Bankruptcy Code treats insiders with increased scrutiny, from longer preference periods to rigorous equitable subordination principles, denial of chapter 7 trustee voting rights, disqualification in some cases of votes on a cram-down chapter 11 plan, and restrictions on postpetition key-employee compensation packages. The treatment of claims by insiders for prebankruptcy services is no exception to this general policy: section 502(b)(4) disallows insider claims for services to the extent the claim exceeds the "reasonable value" of such services.