论重整计划正常批准模式对异议债权人的保护

Protection of Dissenting Creditors from Normal Approval Mode of Reorganization Plan

重整计划作为破产程序中最重要的法律文件,是各方利益主体进行博弈的产物。因重整计划的表决采取的是"少数服从多数+资本多数决"的规则,故全部表决组一致通过的重整计划草案实际上侵害了对重整计划草案投反对票的异议债权人的利益,因此人民法院在对重整计划进行正常批准时应当遵循债权人利益最大原则,平等地对待各表决组以及表决组内的所有成员,同时为异议债权人提供实现异议、申诉等权利的救济途径,从而保障异议债权人的合法利益。

Reorganization plan is the most important legal document in bankruptcy procedure and it results from the game among stakeholders. Under normal approval mode, the voting rule of ＂majority voting rule＋capital majority decision rule＂ actually encroaches the interests of dissenting creditors who vote against the reorganization draft plan. Therefore, the People＇s Court should follow the maximization principle of creditor＇s interest when normally approving the reorganization plan. All the voting groups and their members should be fairly treated. At the same time, the ways of right relief, such as objection and appeal, should be provided for the dissenting creditors. Thus, the legitimate rights and interests of the dissenting creditors will be safeguarded.