Abstract: The new bankruptcy law tired to a repayment order that credit of workers is prior to that of secured creditors,which was questioned because of its impact on the system of secured interest and market economy.The system of secured interest was established thousands of years ago and the priority of secured interest is strictly observed.Nevertheless,in the bankruptcy proceeding,the principle should not be applied mechanically.So restricting the priority of secured interest to some degree is conductive to the realization of social justice and distributional efficiency.

Key words: bankruptcy, secured interest, distributional justice, governance of corporate