A distributor includes first and second liquid distribution systems for two liquid phases for an upright tube-bundle reactor. The first system is arranged directly above or on a tubesheet and is connected to at least one outer feed device and contains an annular weir. The second system is connected to at least one other outer feed device and contains one upper and one lower distribution tray which contains a plurality of openings which are arranged flush above the inlet sleeves of the first system, and has at least one device for setting a uniform liquid level above the openings. The upper distribution tray is connected to the feed device for liquid, and contains a plurality of overflow weirs from which the liquid is able to discharge into the lower distribution tray. Each of the overflow weirs is assigned to a plurality of openings of the lower distribution tray.