摘要： 《企业破产法》第123条对破产程序终结两年后新发现财产的追索方面存有立法空白，引发了司法裁判分歧与制度困境。该问题本质上反映了破产程序中个别清偿与集体清偿、效率价值与公平价值之间的深层张力。此问题的解决，在遵循破产法公平清偿核心宗旨的基础上，应以债权人程序参与程度为关键区分标准：对于已尽力行权但未能实现债权的债权人，应允许其在程序终结两年后继续追索；对于怠于行使程序权利者，则应适用失权规则；对存在恶意串通等特殊情形的，则应排除两年除斥期间的适用。通过这一区分，可填补现行法的局限，也有助于在维护破产程序终局性的同时保障实体公平，为统一司法实践提供理论依据与路径指引。

关键词: 企业破产法, 破产程序终结, 债权实现, 追加分配, 失权规则

Abstract: Article 123 of the Enterprise Bankruptcy Law has a legislative gap concerning the recovery of newly-discovered property two years after the conclusion of bankruptcy proceedings, which has triggered divergent judicial rulings and institutional dilemmas. This issue essentially reflects the deep-seated tension between individual settlement and collective settlement, as well as between efficiency values and fairness values in bankruptcy proceedings. To resolve this problem, on the basis of adhering to the core tenet of fair settlement in bankruptcy law, the key distinguishing criterion should be the degree of creditors’ procedural participation. Creditors who have made every effort to exercise their rights but failed to realize their claims should be allowed to continue claim recovery after the two-year period following the conclusion of the bankruptcy proceedings. Those who are negligent in exercising their procedural rights should be subject to the rule of rights forfeiture. In special cases such as malicious collusion, the application of the two year exclusion period should be excluded. Through this differentiation, the limitations of the existing law can be filled. It also helps to safeguard substantive fairness while maintaining the finality of bankruptcy proceedings, providing a theoretical basis and path guidance for unifying judicial practice.

Key words: Enterprise Bankruptcy Law, conclusion of bankruptcy proceedings, realization of claims, supplementary distribution, rule of rights forfeiture