The People's Court Approves The Legal Regulation Research Of The Enterprise Bankruptcy Reorganization Plan

The examination and approval of enterprise bankruptcy reorganization plan by the people's court is a comprehensive evaluation of a series of acts around the process of bankruptcy reorganization(including introducing strategic investors,negotiation,formulation,grouping and voting of the draft reorganization plan)since accepting reorganization cases.It is also a compulsory intervention of the court in exercising judicial power on the private rights of the reorganization subject and the person concerned,as well as an emphasis on the reorganization related subjects The "ultimate judgment" of the reorganization plan,the wisdom crystallization of the joint efforts during the whole period,is directly related to the "survival" of the enterprise,and is a final link in the process of bankruptcy reorganization.As the main body of examination and approval,under the background of supply-side structural reform in China,how to play the role of the examination and approval system of reorganization plan in protecting the legitimate rights and interests of creditors,supervising and standardizing the reorganization of related persons,and accurately identifying whether bankrupt enterprises have operational value is not only a major theoretical issue,but also a judicial problem that must be faced.Since China's Enterprise Bankruptcy Law was introduced into the reorganization system,the Supreme People's Court and some courts of law have issued some guiding opinions on the criteria for the court to approve the reorganization plan through summarizing and refining the judicial practice.However,the legislation of the People's Court approving the reorganization plan is still insufficient.In judicial practice,the court's review and approval of the reorganization plan has not been well implemented.In the face of the reorganization plan approved by the voting of the reorganization stakeholders,the court is too arbitrary to review the reorganization plan,even skip the review stage and directly decide to approve it.In fact,the normal approval system of the reorganization plan is "overhead".The practical problems of court approval of reorganization plan are partly due to the late start of bankruptcy reorganization system in China,the imperfection of relevant legal regulations,the lack of guidance of legal norms and the guarantee of supporting systems.The other is that the court itself lacks sufficient incentives to give full play to judicial initiative,thus "strictly checking" the reorganization plan.The inadequate legislation and inadequate practice of the normal approval system of enterprise bankruptcy reorganization plan in China have made some "sick" reorganization plans come into effect,which has brought great hidden dangers to the implementation stage of the reorganization plan.Some zombie enterprises which should have been "cleared" in the market and have no operational value continue to rely on the reorganization system to "prolong their breathing",resulting in a waste of market resources.Therefore,it is necessary to review and improve the normal approval system of the bankruptcy reorganization plan by the people's court.In order to improve the system of approval of reorganization plan by the people's court,China's legislation should clarify the procedural and substantive scope of the review of reorganization plan by the people's court,and the procedure of approval of reorganization plan after modification.At the same time,in practice,China should further strengthen the supervision of the People's Court in approving the reorganization plan,straighten out the relationship between the government and the courts,and ensure that the review and approval of the reorganization plan by the people's court runs in accordance with the law.