| The new "enterprise bankruptcy law" introduced the bankruptcy reorganization system. Cram-down system is the biggest breakthrough in the bankruptcy reorganization. It means the court can enforce the plan and make it work when some parts of the voting groups in creditors’meeting do not agree with the the reorganization plan. The essence of cram-down system is that the judicial capacity intervenes the reorganizers procedures.But this intervention is likely to bring the infringement of the private rights and the creditor’s lawful rights and interests can not be guarantee. Therefore, how to make rational use of the cram-down power is worth pondering. On analysis of the connotation of cram-down system and considering the specific circumstances in china, this thesis is attempt to put forward a series of suggestions to improve the cram-down system.This paper consists of five chapters.The first chapter is the theoretical basis of cram-down system.Firstly, It defines the reorganization plan and introduces two approval modes which are the normal approval and cram-down. Then it discusses the value basis of cram-down system. It consists of the maximum social benefit, the protection of the interests of creditors and promoting the regeneration.The second chapter analyzes the cram-down system in china. It discusses the system design in the axle of time. After, we put forward four questions those are uncertainty of discretion standard, the lack of professional, the lack of due process and administrative intervention.In the third chapter, it introduces several principles in the cram-down of the reorganization plan.There are principle of best interests, principle of absolute priority, principle of fairness and principle of absolute priority. It analyzes application requirements of those principles and the importance to cram-down.The fourth chapter puts forward some proposals to the cram-down system in China. These proposals include the following contents. Judicial interpretation and guiding case can explicit the discretionary standard. Bankruptcy court can be establishment and the level of trial will be improve. It adds the objection and the relief mechanism. Administrative intervention must be limited and judicial activism should be promote.The last part of this paper is a general summary of the whole thesis. |
