Research On Investors' Rights Adjustment System In Bankruptcy And Reorganization

China is currently accelerating the implementation and promotion of "supply-side structural reforms",and urgently needs to restructure the system to play an important role in saving distressed companies,adjusting economic structure and optimizing industrial structure.In the process of bankruptcy and reorganization,multiple parties play and compromise with each other in order to pursue different interests.The reorganization plan is the core document in the bankruptcy reorganization process.The formulation of the reorganization plan is mainly based on the adjustment of the interests of all parties,including the company's operating plan,debt adjustment and compensation plan,and investor's equity adjustment plan.Therefore,the adjustment of investors' rights and interests is also an important part of the bankruptcy reorganization process.The "Corporate Bankruptcy Law" revised in2007 made corresponding legal provisions on the adjustment of investor's rights and interests,but it is far from meeting the actual legal requirements and needs to be further improved.Therefore,this article intends to sort out the shortcomings in the adjustment of investors 'rights and interests in the current legislation and practice of our country,and on this basis,proposes a corresponding solution to the dilemma in the adjustment of investors' rights and interests,hoping to provide reference and advance for lawmakers and judges orderly development of the reorganization process.This articlefocuses on the adjustment of investor rights in the bankruptcy reorganization of the company.The full text is to be divided into four chapters,respectively from the necessity of investor rights adjustment in the bankruptcy reorganization,the analysis of the plight of investor rights adjustment in the current legal system of China,making clear the basic principles of formulating the investor's equity adjustment plan and improving the specific path of the investor's equity adjustment are studied,and an in-depth analysis is conducted.The first chapter is to analyze the necessity of investor rights adjustment in bankruptcy reorganization.The first section explains the relevant concepts of investor equity adjustment.The second section analyzes the investor's equity adjustment in line with the principle of interest balance.While the reorganization system takes into account social interests,it adjusts the rights of creditors,investors,and investors to achieve a balance between the interests of the three in the reorganization process,and adjusting the rights and interests of investors conforms to the principle of interest balance.The third section analyzes that adjusting the rights of investors is in line with the principle of maximizing interests.Under the bankruptcy reorganization system,adjusting the rights of investors can not only balance the interests of all parties,but also maximize the benefits of all parties.The second chapter is the analysis of the plight of investors' rights adjustment in the current legal system of our country.This chapter makes an in-depth analysis of the problems in the adjustment of investor's rights and interests from three aspects: the conflict of interest in the adjustment of the investor's rights and interests,the deficiencies in the current legislation on the investor's voting rights and the lack of a dialogue mechanism for the investor.The first section analyzes the conflict of interest of the investor's rights adjustment plan.The reorganization plan designs the interests of multiple parties,and in the game with creditors and investors,due to the conflicts of interest between the multiple parties,the rights of investors are often unfairly adjusted;within the investors,the equity adjustment plan is for small and medium investors There are also unfair problems.The second section will analyze the investor's voting rights in the investor's equity adjustment plan.There are problemswith the provisions of the "Corporate Bankruptcy Law" on investors' voting rights,mainly focusing on three aspects: unclear voting grouping,unreasonable voting standards,and lack of voting rights for reorganization plans.The third section analyzes from the lack of investors' right to know and the absence of representatives.The third chapter clarifies the basic principles for formulating the investor's rights and interests adjustment plan.The formulation of any kind of plan needs to consider various factors.In practice,the reasons for the bankruptcy and reorganization of the company are different,and the formulation of the investor's equity adjustment plan is also different.But no matter which kind of plan is not perfect,each plan has its own advantages and shortcomings.Therefore,it is very important to clarify the basic principles of the investor's equity adjustment plan.This chapter clarifies the basic principles of formulating the investor's equity adjustment plan from three aspects: the creditor's priority principle,the new value exception rule and the differential adjustment principle,and provides theoretical guiding factors for the formulation of the investor's equity adjustment plan.The fourth chapter is to improve the path selection of investors' voting rights.The first part is to improve voting rights of investors.Based on the above research content,the rules of investor voting rights and the dialogue mechanism between investors and creditors are discussed in detail.The construction of voting right rules includes relevant extraterritorial legislation,improving the grouping mechanism of investors,selecting investors with voting rights,formulating double voting standards.By perfecting and refining the rules of the investor's voting rights,the investor's voting rights in the investor's rights adjustment plan can be truly realized.And the second part of the fourth chapter is to establish a funder committee to increase the influence of the funder in the bankruptcy and reorganization process,and to ensure the power of the investor's right to speak when formulating related equity adjustment programs.When the investor faces the creditor's meeting,there is no organization to compete with it.Therefore,when formulating the investor's rights adjustment plan or other programs involving the investor's rights adjustment,the investor does not have a high voice.Finally,It may cause the investor's equityadjustment plan and even the reorganization plan to fail.Therefore,this part analyzes the funder's committee from two aspects: the structure of the funder's committee,and the rights and obligations of the funder's committee.It hopes to build an institution that belongs to the funder and talks with the creditors' meeting to formulate a reorganization plan and funder's rights getting more voice when adjusting the plan.