The Research On The Cram-down System Of The Reorginazation Plan

Article 87 of the Enterprise Bankruptcy Law of China stipulates the compulsory approval system of reorganization plan.During the localization process for about ten more years in our country,the system has shown the creditor interest protection imbalance,the compulsory approval authority abuse and so on the question in the practice process.The main reason lies in the "time difference" between the transition from creditor standard to social standard,and the design of relevant system elements,the improvement of rule application ability in the development process of China's bankruptcy law,especially in the development process of the restructuring system.In the situation of incompatible ideas,systems and practical development,on the one hand,it leads to the alienation of social standard,and the interests of creditors are often damaged in different degrees in the face of social public interests.On the other hand,it directly leads to that all parties are not clear about the path to realize the function of the compulsory approval system,and only rely on the court to exercise the compulsory approval power under the influence and intervention of the local government in a non-independent state,which is the final word for bankruptcy reorganization.Compulsory approval system has been in a dilemma,creditor groups regard that the court abused the power of strong discretion,treated the reorganization plan voting procedure in a negative way,resulting in the low efficiency and high cost loss in the reorganization procedure;At the same time,under the request of exercising the power of compulsory approval cautiously,the court hardly dare to impose judgment,and the system of compulsory approval performs practically no function.To solve the problem,we should first complete the return of the concept and promote the transformation of bankruptcy reorganization from government-led,court-led to creditors' autonomy.Secondly,in order to better play the compulsory approval system,we should promote the role of effective autonomy of the creditors,the parties should further improve its core elements of design,including raising the minimum accepted principle standard,bringing the investor group into the absolute alignment principles of comparable categories,adjusting establish elements of the small claims group.And we should clear information disclosure system,compulsory hearing system,increase the legal remedies for dissident voters.Finally,we should further explore the mode of coordination between the government and the court in the compulsory approval system.