On The Protection Of Creditors’ Interests In Bankruptcy Reorganization Plan ——Taking The Bankruptcy Reorganization Case Of The Hui Shan Dairy Series Enterprise As The Breakthrough Point

In 2007,China established the enterprise bankruptcy reorganization procedure,which provides an alternative way different from bankruptcy liquidation for enterprises that are on the verge of bankruptcy due to debt crisis and have the possibility of reconstruction.Enterprises can get reoperation opportunities through bankruptcy reorganization.They can not only guarantee the normal operation of enterprises,but also solve the problem of employee employment,which has certain economic and social benefits.However,these should be based on the creditor’s agreement to reduce the repayment rate and reduce part of the creditor’s rights.Therefore,it is necessary to pay attention to the protection of creditors’ interests in the bankruptcy reorganization procedure.Based on the bankruptcy reorganization case of Huishan dairy series enterprises,this paper tries to explore the insufficient protection of creditors’ interests in China’s legislation through the reorganization plan.As one of the important participants in the reorganization procedure,it is very necessary to protect the interests of creditors.First,the unified requirements of the protection of creditors’ interests and the goal of multiple values.The concept of bankruptcy law ignores the protection of creditors’ interests in the process of changing to social standard.Second,it is caused by the disadvantageous position of creditors in reorganization.Creditors not only bear the risk of failure alone,but also have limited rights and incomplete information in the process of reorganization.Third,the practical needs of the protection of creditors’ interests.The court not only has a compulsory approval system,but also lacks professional judges to hear bankruptcy reorganization cases,and is vulnerable to the intervention of local government administration in the process of case hearing.However,there are defects in the protection of creditors’ interests in the current bankruptcy reorganization plan.Firstly,the single formulation right of reorganization plan in the bankruptcy law limits the initiative of creditors as participants in reorganization proceedings.Secondly,the lack of information disclosure in the bankruptcy reorganization plan also leads to the inability of creditors to timely and accurately understand the relevant information,which is always lagging behind.Finally,the lack of supervision in the reorganization plan in the bankruptcy law makes creditors unable to take up legal weapons to protect their legitimate rights and interests when their rights are damaged.Through the analysis of the necessity of creditor protection,this paper points out the defects of the protection of creditors’ interests in the current bankruptcy reorganization plan,and it is necessary to put forward some suggestions to strengthen the protection of creditors’ interests in the bankruptcy reorganization plan.Specifically,it includes:firstly,we can consider expanding the subject of the formulation right of the reorganization plan and endowing the creditor with the formulation right on the basis of the existing formulation right of the debtor and the manager,so as to avoid the disadvantages of the formulation right of a single subject;We can also learn from foreign countries to give the creditor committee the right to formulate the reorganization plan,so as to avoid the problem of low efficiency caused by a large number of creditors;At the same time,limiting the time of proprietary proposals can play a supervisory role and improve the efficiency of reorganization to a certain extent.Secondly,we can improve the information disclosure system and run the information disclosure system through the whole reorganization plan.The reorganization plan clearly stipulates that information disclosure should adhere to the principles of authenticity and integrity,determine the time point and specific content of disclosure according to different disclosure subjects,and set up certain punishment measures to ensure the authenticity and effectiveness of information disclosure.Finally,we should further refine the supervision rules of managers,add inspection power and necessary legal supervision procedures,and have the authority to implement the reorganization plan under special circumstances;In addition,we should give full play to the supervisory authority of the creditor Committee,position its role as the supervisory authority,supervise the acts that harm the interests of creditors in the implementation of the reorganization plan,and can file a lawsuit on behalf of creditors.