Revista chilena de derecho
versión On-line ISSN 0718-3437
GOLDENBERG SERRANO, Juan Luis. CRITICAL CONSIDERATIONS REGARDING THE PARI PASSU PRINCIPLE. Rev. chil. derecho [online]. 2010, vol.37, n.1, pp. 73-98. ISSN 0718-3437. doi: 10.4067/S0718-34372010000100004.
The traditional idea of the par condicio creditorum is of it as the expression of a public policy principle that governs and justifies the Bankruptcy Law. Then, bankruptcy procedures are constructed as mechanisms that promote a fair solution for the asset distribution of the insolvent debtor, based upon the equal condition of all the creditors. Such perspective must be revisited from the confirmation that the rule of pro rata distribution is not the only method for the coordination of the creditors' rights in a bankruptcy procedure, and, of course, it is neither the only fair rule, but it responds mainly to an economic requirement based on the lack of publicity of the credits, the possibility to dilute the losses and the associated costs.
Palabras clave : credits; order of priority of credits; pari passu; Bankruptcy Law.