论我国破产重整计划中信托方案的司法审查

The Judicial Review on the Trust of the Reorganization Plan in China

近年来,信托方案在大型企业集团重整方案中频频出现,法官在对此审查时却面临无法可依的局面。信托财产的独立性是其产生和迅速发展的动因,以此为基础实现了与信托关系所有主体个人债务的风险隔离;而英美法中破产法的逻辑架构,恰恰基于法定信托之机理。在破产重整方案中融入信托,可视为在法定信托的执行阶段加入商业信托,双重信托机制确保了相关财产和权利的分配的风险隔离属性。加上我国信托行业的商业判断优势和行业特性,信托机制在破产重整中具有特定的积极效益。为此,法院对此审查时应以信托机制的设置是否能够实现债权人和债务人的互利共赢作为基本立场,进而就相关计划制定的全过程是否符合诚信原则要求,债务人注入信托的资产和免除的清偿责任之间是否公平合理,按重整方案规划的企业后续经营是否具有可行性和可持续性,信托计划的架构是否具有合理性和持续性、是否符合债权人最佳利益这五个方面进行多维度的审查,并最终在《企业破产法》修订条款中体现相关要求,作为法院审查和裁判之依据。

In recent years,business trusts have frequently appeared in large enterprise groups reorganization plans,but judges are facing difficulties regarding the criteria on the judicial review.The key point of the judicial review is whether the trust can achieve mutual benefit and win-win results for the creditor and the debtor.Then judges should conduct a multi-dimensional review.It includes whether the whole process of formulating complies followed the principle of good faith,whether the assets put into the trust and its debtors’liability waived are fair and reasonable,whether the follow-up operation of the enterprise is feasible and sustainable,whether the structure of the trust plan is reasonable and continuous,and whether it is in the best interests of creditors.Finally,we should take the relevant requirements in the revised provisions of the Enterprise Bankruptcy Law as the basis for the judge’s review.