A Study On The Application Of The Rules Of Compulsory Approval Of Reorganization Plan By The Court

In order to give troubled enterprises more opportunities for reorganization and ensure the effective use of social resources,Article 87 of the enterprise bankruptcy law stipulates the mandatory approval rules,so that the draft reorganization plan that has not been adopted by all the voting groups can be implemented through the intervention of public power.In essence,the compulsory approval of the draft reorganization plan is an interference of public power in the autonomy of private rights.However,the application standard is too low,the review is too vague and the remedies are missing,which leads to a serious disorder in the application of the compulsory approval rules.In practice,there are not a few cases in which the reorganization fails after the compulsory approval of the draft reorganization plan,and the interests of interested parties are infringed from time to time,including both the substantive rights of the obligee to obtain the actual repayment and the procedural rights of the dissenter to express his true intention.More seriously,on the premise that the dual purposes of turning losses into profits and ensuring social benefits have failed,the failure of reorganization after compulsory approval will aggravate the damage to private rights and interests and public authority.Therefore,raising the application threshold for compulsory approval of the draft reorganization plan,strengthening the substantive review of rights and interests distribution and voting,and building a perfect relief channel have become effective measures to improve the compulsory approval system of the draft reorganization plan.These three measures will enable the court to realize the pursuit of public interests and protect the substantive and procedural rights and interests of the stakeholders who hold dissenting opinions in the voting stage when applying the mandatory approval rules.The improvement of the relief channels will enable the stakeholders to focus more on the feasibility of the business plan,thus more effectively improving the probability of successful reorganization of troubled enterprises.