Study On Compulsory Approval System Of Bankruptcy Reorganization Plan In China

The Enterprise Bankruptcy Law,published in 2007,for the first time provided for the mandatory approval system for bankruptcy reform plans,which became a highlight of China's bankruptcy reform system.This system has given the court that the draft reform plan has not been fully adopted by the voting group.Under the circumstances,the power to approve the draft reform plan can be enforced when the statutory conditions are met.The core of the system is to use the public power to intervene in the reform plan,break the deadlocked negotiations between the parties,and make the reform process It can be carried out smoothly.The mandatory approval system of the bankruptcy reform plan plays an important role in maximizing social public interests,improving the efficiency of the reform,saving the cost of the reform,and protecting the interests of creditors.However,because the mandatory approval system of the bankruptcy reform plan belongs to Exports have exposed some problems in the process of judicial practice,reflecting the deficiencies in the theoretical and practical aspects of the mandatory approval system for bankruptcy reorganization plans.Article 87 of the Corporate Bankruptcy Law provides for the mandatory approval system for bankruptcy reorganization plans.In order to accurately apply the system and accelerate the rescue of market entities,the SupremePeople's Court in 2018 issued Article 18 of the Summary of the National Court Bankruptcy Trial Work Conference.The requirements of the compulsory approval system for bankruptcy reorganization plans have been further clarified.However,since the introduction of the bankruptcy law in the system,20%-30%of cases in which bankruptcy rectification is applied in judicial practice have been completed by the compulsory approval system.The abuse of the compulsory approval right by the court.Because the legislation does not specify the applicable standards of the compulsory approval system,and the court improperly exercises the compulsory approval right in judicial practice,the compulsory approval system of the bankruptcy reorganization plan still exists in the operation.Inadequate.Mainly manifested in: the law's rules for reviewing the compulsory approval system of the reorganization plan are briefly vague,the lack of fair compensation standards,the failure to implement the principle of maximizing the interests of creditors,the lack of a clear absolute priority principle,and the lack of capital contributions Rules for the fair adjustment of human rights and interests,lack of specific inspection standards of the feasibility principle;in judicial practice,the court's exercise of compulsory approval power was not standardized,judges lacked corresponding supervision and management,and misunderstanding of ruling rules;the compulsory approval system of the bankruptcy reorganization plan lacked procedural guarantees,including inadequate transparency of the reorganization process,oppositions after mandatory approval,and Missing relief procedures.By comparison with the legislative provisions of the United States,Germany,Japan and other countries on the mandatory approval system for bankruptcy and reorganization plans,it has played a role in other countries' deficiencies in legislation and practice.On the basis of judicial practical experience and in combination with China's specific conditions,measures to improve the compulsory approval system for bankruptcy and reorganization plans include: Refining the standards for applying the compulsory approval system for bankruptcy and reorganization plans,including the development of fair compensation measurement standards and compensation Deficiencies in the principle of maximizing the interests of creditors,clarifying the principle of absolute priority,clarifying the fair adjustment rules for the rights and interests of investors,and elaborating the review criteria for the feasibility principle;meanwhile,regulating the exercise of the compulsory approval power of judges and strengthening and regulating the supervision mechanism 2.Give the judges the power to make decisions to return and revoke the reform plan;finally,improve the rules of procedure for the mandatory approval system for the bankruptcy reform plan,including the improvement of the information disclosure system before the voting on the reform plan,and the establishment of a mandatory approval system for the reform plan.Relief procedures.