团体契约视角下重整计划的双生逻辑及其规则完善

The Twin Logic and Rule Improvement of Restructuring Plan from the Perspective of Group Contract

关于重整计划的属性,“团体契约说”勾勒出市场主导“自治”与司法配套“他治”的双生逻辑,其中市场自治逻辑系债权人和债务人股东团体与重整投资人需涉“债务清理”“股权调整”两重谈判,司法干预逻辑系债权人和债务人股东团体决策需得“程序驱动”“争议判断”“决策救济”三重助力。然而实践中,对团体契约的认知偏差,常酿成“自治—他治”的角色错位,重整投资招募的市场博弈不充分和重整计划制作批准的司法干预不恰当即为典型表现。故为激活市场“自治”,以公开化招募重整投资、透明化披露招募信息、市场化确定招募标准为思路,对重整投资之“招标设计—投标评审—中标安排”施以规则补给;又为优化司法“他治”,围绕“程序驱动”高效控局、“争议判断”精准辨析、“决策矫正”理性回归,对重整计划之公正制作、依法审查、强裁批准加以规则完善。

Regarding the attributes of the restructuring plan,the“group contract theory”outlines a dual logic of market led“autonomy”and judicial support“heteronomy”.The market autonomy logic refers to the need for creditors,debtor shareholder groups,and restructuring investors to engage in two types of negotiations:“debt clearance”and“equity adjustment”.The judicial intervention logic refers to the need for“procedural driven”,“dispute judgment”,and“decision relief”support for the decision-making of creditors and debtor shareholder groups.However,in practice,cognitive biases towards group contracts often lead to a mismatch between the roles of“autonomy and heteronomy”,as evidenced by insufficient market competition in restructuring investment recruitment and inappropriate judicial intervention in restructuring plan approval.To activate market“autonomy”,the“bidding design bid evaluation bid winning arrangement”for restructuring investment is supplemented with rules based on open recruitment,transparent disclosure of recruitment information,and market-oriented determination of recruitment standards.In order to optimize the“alternative governance”of the judiciary,we have improved the rules for the fair production,legal review,and compulsory approval of the restructuring plan,focusing on the efficient control of the bureau through“program driven”,precise analysis of“dispute judgment”,and rational return of“decision correction”.