Review on the Rules of Implementation Change of the Reorganization Plan
The reorganization plan is an important document formed through multi-party game that involves the interests of stakeholders such as creditors,debtors,capital contributors,employees and reorganization investors.Once approved by the court,it should maintain considerable stability.However,in the implementation of the reorganization plan,there may be situations where it is difficult or even impossible to make implementation.From the perspectives of relationship between law and risk,the value pursuit of the reorganization system,and the nature of the reorganization plan,allowing changes in the implementation of the reorganization plan is justified.The determination of the reasons for change should maintain a moderate balance between the autonomy of the interests of stakeholders and legal regulation.The changes in the implementation of the reorganization plan are significant issues in corporate governance during a special period,thus reasonable procedures should be established to facilitate stakeholders to engage in sufficient game and vote on the modification of the reorganization plan.The court should have the final ruling power over the implementation changes of the reorganization plan.When reviewing the changed reorganization plan,the court should not only allow the necessary changes from the perspective of seeking truth from facts and promoting the reorganization plan as close to reality and easy implementation as much as possible,but also prudently approve the changes to the reorganization plan based on the requirements of seriousness and stability of the implementation of the reorganization plan.
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