Research On The Protection Of Dissenting Creditors Under The Compulsory Approval Of Reorganization Plan In China

The early bankruptcy legislation was based on the "creditor standard",which corresponds to the bankruptcy liquidation system.The standard of modern bankruptcy legislation is "social standard",which corresponds to the bankruptcy reorganization system.The compulsory approval of the reorganization plan refers to the reorganization plan that has not been approved by the voting group of some creditors in the bankruptcy reorganization process.The court will approve the approval after review and meet certain conditions,making it legally binding the behavior of.The system is popular in the United States,and its value lies in:(1)balancing the interests of all parties;(2)safeguarding social interests;(3)improving economic efficiency.This article takes the cases of compulsory approval of the reorganization plan that have been concluded by the court of C City F District since March 15,2016 as a sample of judicial observations.It is found that the rights and interests of dissenting creditors under the compulsory approval of the reorganization plan may be damaged as follows:(1)The preparation and review of the business plan is a mere formality;(2)The "liquidation value" standard suppresses ordinary objectionable claims;(3)The capital equity retained by shareholders is much higher than the proportion of debt repayment;(4)The objection treatment mechanism is insufficient;(5))The implementation period of the reorganization plan is too long.In order to protect the dissenting claims under the compulsory approval of the reorganization plan,the following measures can be taken:(1)Clarify the criteria for the feasibility review of the business plan;(2)Apply the evaluation standard of "reorganization value";(3)Improve the rights and interests of investors Adjustment mechanism;(4)Grant dissenting creditors the right of hearing and reconsideration;(5)Reasonably limit the change period of the reorganization plan.