摘要： 重整程序的本质是谈判,成果是重整计划。重整谈判不同于传统私法中的意思自治,主要表现在重整计划的表决无需一致决,异议者同样受重整计划的约束。法院裁定批准重整计划,实则是对重整计划进行司法审查,旨在保护异议者和维护社会整体利益。我国企业破产法关于重整计划正常批准的条件规定不明确,强制批准的条件不合理,问题症结在于没有理顺正常批准与强制批准的逻辑关系。强制批准需要满足正常批准中除各表决组通过重整计划以外的所有条件,最佳利益原则不是强制批准的专属条件,应当移入正常批准的条件序列,而且应适用于所有表决组,而非局限于债权人组;绝对优先原则、公平对待原则应当是专属于强制批准的条件。强制批准还应当满足至少有一组利益受损害的债权人组(不包括劣后债权组)通过重整计划草案的条件。
关键词:
重整计划,
正常批准,
强制批准,
最佳利益原则,
绝对优先原则
Abstract: The essence of the reorganization procedure is negotiation, and the outcome is the reorganization plan.The reorganization negotiation is different from the autonomy of will in traditional private law.The main difference lies in that the voting for the reorganization plan does not require unanimous consent, and the dissenters are also bound by the reorganization plan.The court's approval of the reorganization plan is actually a judicial review of the reorganization plan, aiming to protect the dissenters and safeguard the integrated social interest.The provisions in China's Enterprise Insolvency Law regarding the consensus approval conditions of the reorganization plan are not clear, and the conditions for cram down are unreasonable.The crux of the problem lies in the failure to properly align the logical relationship between consensus approval and cram down.Cram down needs to meet all the conditions except for the acceptance of the reorganization plan by each voting calss in consensus approval.The best interests test is not an exclusive condition for cram down and should be moved into the sequence of consensus approval conditions, and it should apply to all voting classes, not just the creditor classes.The absolute priority principle and the fair and equitable principle should be exclusive conditions for cram down.Cram down should also meet the condition that at least one impaired class must accept the plan and the acceptance of that impaired class must be calculated without including the acceptance of any subordinate creditor and shareholder class.
Key words:
Reorganization Plan,
Consensus Approval,
Cram down,
Best Interests Test,
Absolute Priority Principle
徐阳光. 法院裁定批准重整计划的原理与规则优化——兼评《企业破产法(修订草案)》第123条和第126条[J]. 法学家, 2026(1): 46-57.
XU Yangguang. The Judicial Principles and Rules Optimization in the Approval of Reorganization Plans: A Concurrent Analysis of Articles 123 and 126 of the Enterprise Insolvency Law (Amendment Draft)[J]. The Jurist, 2026(1): 46-57.