Elementary analysis on the social values of the priority for labor creditor's rights

The arguments of many scholars in the drafting process of new bankruptcy law were mainly concentrated upon the liquidation order of labor creditor's right and security creditor's right. Provisions in the first and second drafts of bankruptcy law have tremendous divergence on this issue. Therefore, which one should enjoy the priority? This paper analyzes the social values of labor creditor's right taking priority over security interest which is suggested by some scholars, and hence makes clear the position of labor creditor's right.