【线上云德】疫情期间律师说（七十八）┃破产重整中博弈与平衡的艺术

重整程序是一种积极的拯救程序,既不像破产清算程序,将债务人的财产公平分配给债权人,而使其从经济活动中消灭;也不像和解程序,只是消极地避免债务人受破产宣告。

一、重整申请主体

《中华人民共和国企业破产法》第70条规定,债务人或债权人可以直接向人民法院申请对债务人进行重整;债务人或者出资额占债务人注册资本十分之一以上的出资人,在债权人启动破产清算程序之后,可以向人民法院申请重整。据此,重整申请主体范围为债务人、债权人及满足条件的出资人。

债务人只要具有企业法人资格,在出现破产原因时,债务人或者债权人即可直接向人民法院申请对债务人重整;出资人则需要满足一定的出资额及时间限制,即债权人申请对债务人进行破产清算的,在人民法院受理破产申请后、宣告债务人破产前,债务人或者出资额占注册资本十分之一以上的出资人可以向人民法院申请重整。

The reorganization procedure is an active rescueprocedure, neither like the bankruptcy liquidation procedure, the debtor'sproperty is fairly distributed to creditors, so that it is eliminated fromeconomic activities; Nor is it like a settlement process, which passivelyprevents the debtor from being declared bankrupt.

According to article 70 of the enterprisebankruptcy law, the debtor or creditor may directly apply to the people's courtfor restructuring of the debtor. The debtor or the investor whose capitalcontribution accounts for more than one tenth of the debtor's registeredcapital may apply to the people's court for reorganization after the creditorinitiates the bankruptcy liquidation procedure. Accordingly, the scope ofsubject of reorganization application is debtor, creditor and the investor thatsatisfies a condition.

As long as the debtor has the status of an enterpriseas a legal person, the debtor or creditor can directly apply to the people'scourt for restructuring of the debtor when bankruptcy causes arise. Theinvestor needs to meet a certain amount of investment and time limit, that is,the creditor applies for bankruptcy liquidation of the debtor, after thepeople's court accepts the bankruptcy application, before the declaration ofdebtor bankruptcy, the debtor or the amount of investment accounted for morethan one tenth of the registered capital investors can apply to the people'scourt for restructuring.

二、重整的甄别

《中华人民共和国企业破产法》明确重整申请的主体和申请重整的原因,《 最高人民法院关于适用《中华人民共和国企业破产法》若干问题的规定(一)》对此也予以明确。但是,什么样的企业可以进入重整程序、哪些企业经过甄别后应当剔除，亦即企业的重整能力,并未规定。实践中,法院应着重分析重整的可行性。就是判定债务人是否具有重整希望与重整价值,也即重整的必要性和可行性。一般通过分析债务人企业性质产业结构、市场前量、战略投资者等,进行合乎实际的初步评断。主要的判断标准有如下几个:一是生产、经营能力。也就是生产技术水平、工艺水平,是否符合现代生产的要求,工人和机器的配合能否满足现代化生产的需要,如果机器和工艺都属于落后淘汰,则无挽救的价值。二是有市场前景,符合社会需求。如果重整原因是市场前景暗淡,商品已不符合社会需求,企业本来属于该处置的“僵尸企业”,也就无挽救的必要。三是债务企业机体功能可利用。如果企业整体机能健全,只是由于资金、经营管理能力或者决策失误导致陷入财务困境,那么通过重整是有挽救可能的。

The enterprise bankruptcy law makes clear thesubject of reorganization application and the reasons for reorganization, andthe judicial interpretation of bankruptcy law (I) also makes it clear. However,what kind of enterprises can enter the reorganization process, whichenterprises after screening should be removed, that is, the enterprise restructuringcapacity, not stipulated. In practice, the court should focus on analyzing thefeasibility of reorganization. Is to determine whether the debtor hasrestructuring hope and restructuring value, that is, the necessity andfeasibility of restructuring. Generally through the analysis of the nature ofthe debtor enterprise industrial structure, market volume, strategic investors,etc., in accordance with the actual preliminary assessment. The main judgmentcriterion has the following several: one is production, management ability.That is, the level of production technology, the level of technology, whetherto meet the requirements of modern production, workers and machines can meetthe needs of modern production, if the machine and technology are backwardelimination, there is no value to save. Second, there are market prospects, inline with social needs. If the reason for restructuring is the market outlookis bleak, the commodity has not met the social demand, the enterpriseoriginally belongs to the disposal of the "zombie enterprises", thereis no need to save. Third, the debt enterprise body function can be used. Ifthe overall function of the enterprise is sound, but only because of thecapital, management ability or decision-making errors resulting in financialdifficulties, then restructuring is possible to rescue.

就判断方式而言,除通过审核债务人的财务报表及资产管理情况，预测债务人重整的可能性外,目前采用的有诸如召开征询会议或是听证会。召开征询会议,是邀请与债务人的相关开户银行、税务机关、劳动行政部门、主要债权人和有经常往来的客户到场,听取各方对债务人经营管理能力、盈利潜力和市场前景的评价意见,是否有挽救价值和再建重生的可能。必要时,也可以召集债务人的相关出资人企业高管以及债权人代表,通过听证会,分析重整可行性。

In terms of judgment methods, in addition topredicting the possibility of debtor restructuring by reviewing debtor'sfinancial statements and asset management, consultation meetings or hearingsare currently used. The consultation meeting is to invite the relevant bankwith debtor, tax authority, labor administrative department, main creditor andthe customer that has often been delivered to the scene, listen to theevaluation opinions of all parties on the debtor's operation and managementability, profit potential and market prospect, whether there is salvage valueand the possibility of reconstruction and rebirth. If necessary, the relevantinvestors of the debtor can also be summoned to corporate executives andcreditors' representatives, through a hearing, to analyze the feasibility ofrestructuring.