On The Cram-Down System Of The Reorganization Plan In China

China’s new Enterprise Bankruptcy Law give court a holy power that is regardless of the creditors’ meeting of the group of individual voting against and forced approval reorganization plan, this is a important breakthrough in our country bankruptcy reorganization system. what the nature of the cram-down system is that judicial power can intervene in the reorganization plan,while the cram-down power is likely to lead to the interest of some creditors could not be guaranteed.Therefore, how to recognize and to use the system is very important, the article will be combined with China’s specific conditions to improve the system of compulsory and provide some feasible suggestions.This paper is composed of four chapters.Chapter One:The introduction.Chapter Two:Overview on the cram-down system of the reorganization plan.Based on defining the conception of cram-down power,this chapter analyzes the reorganization plan approved by the normal and the compulsory for approval, and expounds the reorganization plan is approved or not the legal consequences.Chapter Three:This chapter analyzes the necessity and rationality of the cram-down system. Its necessity mainly from the social benefit maximization,"free-riding" problem, protect the interests of the creditor three aspects; Its rationality analysis mainly from the inherent relationship, compulsory approved plus public interests of creditors, get more benefit, for the debtor to pave the Renaissance, improve economic efficiency and several aspects.Chapter Four:The chapter firstly discusses five principles should be applied by courts during the exertion of cram-down system, which are principle of best interests, principle of fairness and equity, principle of feasibility, principle of minimum acception, principle of absolute priority.Chapter Five:The article will be combined with China’s specific conditions to improve the system of compulsory and provide some feasible suggestions.