Research On The Formulation Of Bankruptcy Reorganization Plan In China

The bankruptcy reorganization system is different from the bankruptcy liquidation system,which focuses on saving the enterprises with reorganization value and brings it back to life.Reorganization plan is the core of the bankruptcy reorganization system,and the formulation of reorganization plan is the key link throughout the reorganization procedure.In terms of legislation,China's bankruptcy laws and regulations do not clearly specify the formulation of bankruptcy reorganization plan,while China's bankruptcy practice has a huge demand for the rules of the formulation of reorganization plan.In theory,the contrast between supply and demand needs to be studied by comparative method,and in practice,practical experience needs to be summed up to make up for the deficiencies in the system.This paper reviews the relevant laws and regulations on the making of bankruptcy reorganization plan in China,analyzes three problems existing in the process based on the reorganization practice,and puts forward corresponding suggestions.The text of this paper is divided into four parts.The first part introduces the bankruptcy reorganization plan,emphasizes the value of it in the reorganization procedure,then reviews the laws and regulations related to the formulation of the bankruptcy reorganization plan in the bankruptcy law,judicial interpretation,meeting minutes and local judicial documents in China,and lists three problems in the formulation of the bankruptcy reorganization plan.Combining theory and practice,the latter three parts dive deep into the three problems mentioned in the first part,namely,the single main body to draft bankruptcy reorganization plan,rigorous deadline for submission,and over principled provisions.The second part is the research on the single main body to formulate bankruptcy reorganization plan.In theory,this mode ignores the coordination between the reorganization applicant and the reorganization plan maker,and violates the principle of equality and efficiency;in practice,it lacks attraction to reorganization investors and aggravates the burden on the plan makers.Through the comparative analysis of the modes in Taiwan,the United States and Japan,the paper suggests a moderately diversified structure under the existing mode of single formulation body,and puts forward the creditor committee act as a representative to participate in the negotiation of the reorganization plan.The third part discusses the submission deadline of the bankruptcy reorganization plan.The deadline is supposed to improve efficiency and ensure the success rate.However,it should also take into account the objective realities.It undermines the original intention by indiscriminately declaring the reorganization enterprise that has submitted the draft overdue bankruptcy.In addition,force majeure and other factors stipulated in the civil procedure law can also be taken into consideration.Based on the above factors,this part proposes that the legislative provisions and exceptions should be made clear,and the main body transfer system should be established.At the same time,it is suggested to introduce the emerging pre-reorganization system.The fourth part is discusses what the bankruptcy reorganization plan is about.China's bankruptcy law has over principled provisions on the draft reorganization plan.Through the investigation and analysis of the specific reorganization drafts of enterprises represented by Chang Jiang Shipping Group Phoenix Co.,Ltd and Chongqing Iron and Steel Co.,Ltd,the author points out problems such as the discretionary determination of the amount of small-amount credits,the undefined operation plan and the unfair adjustment to the investors' rights and interests.In view of these problems,the author puts forward to identify the admittance of small-amount credits,refine standards for the operation plan to make it feasible and the suggestions on strengthening the protection of the rights and interests of the investors.