出资人权益调整现状与管理人履职应然选择

The Current Situation of the Adjustment of Investor’s Rights and Interests and the Choice of Administrator’s Performance

出资人权益调整是重整计划的重要内容,对重整能否顺利完成影响举足轻重。出资人权益调整在《企业破产法》中语焉不详,但在理论与司法实践中得到了延伸。本文将权益调整按照重整进度划分为三阶段:内容、批准、执行,总结了不同阶段面临的难点问题及理论和实践现状,包括是否为出资人保留权益、协商调整与强制调整的对比、调整方案执行中的程序冲突等;探讨了管理人制定调整方案应坚持的原则,如何拓展协商渠道,以及解决执行冲突的可期方法。

The adjustment of investor's rights and interests is an important part of the reorganization plan, which has great influence on the smooth completion of the reorganization. The adjustment rules of investor's rights and interests are not detailed in the Enterprise Bankruptcy Law, but they have been extended in theory and judicial practice.This paper divides the adjustment into three stages according to the progress of reorganization: content, approval and implementation. It summarizes the difficult problems faced in different stages and the current situation of theory and practice, including whether to reserve rights and interests for investors, contrast of negotiated adjustment and compulsory adjustment, and procedural conflicts in the implementation of adjustment schemes. This paper also discusses the principles that administrators should adhere to when formulating adjustment plans, how to expand the channels of consultation, as well as how to resolve the implementation conflicts.