The reorganization plan is not only an agreement between the various stakeholders in the reorganization procedure to seek debt settlement through negotiation and mutual concessions, but also a program of action for them to work together in the economic recovery of the debtor. It includes the following two aspects:

(1) Expansion of the main body of formulating the reorganization plan

The reorganization plan is to clear debts and revive enterprises. Whether the reorganization plan is It is particularly important to be practical and feasible, which directly determines whether the reorganization goal can be achieved, and who will formulate the reorganization plan. Article 79 of the Bankruptcy Law only stipulates that the debtor or administrator shall propose a reorganization plan to the creditors' meeting, and does not prohibit persons other than the debtor or administrator from proposing a reorganization plan. In judicial practice, there are two views on the subject of formulating a reorganization plan: the first view is that the subject of formulating a reorganization plan must be the debtor and the administrator; the second view is that Article 70 of the Bankruptcy Law stipulates that the administrator, debtor, and owner Investors or new investors who have more than 1/10 of the debtor's registered capital can be the subject of application for reorganization. The author believes that the second view is more realistic. Article 79 of the Bankruptcy Law does not restrict persons other than the debtor or administrator from being the subject of formulating a reorganization plan. In judicial practice, reorganization plans are often proposed by investors or investors who account for more than 1/10 of the debtor's registered capital. New investors. Therefore, from the perspective of the operability of the reorganization plan, the debtor, the manager, the investor accounting for more than 1/10 of the debtor's registered capital, or the new investor can be the subject of formulating the reorganization plan.

(2) Feasibility review of the reorganization plan

The reorganization plan is the core and soul of the reorganization procedure. It is scientific, reasonable and practical and is a must when the court approves the reorganization plan. An important principle to consider. Whether the reorganization plan can be implemented in practice is directly related to whether the debtor's reorganization can be realized. The law does not provide for how to determine the operability of a reorganization plan. The author believes that the feasibility of the reorganization plan should focus on the legitimacy of the reorganization plan, the company's market profitability, management competitiveness, and investment innovation capabilities.

1. The content of the business plan is legal and has administrative approval. When the court approved the reorganization plan, each voting group approved the reorganization plan in accordance with statutory standards. In view of the fact that this situation mainly involved conflicts of interest within each voting group, the court mainly focused on the objection grounds of the creditors who voted against, focusing on After a formal review of the legal protection of the interests of dissenting creditors, the court cannot rule to approve the reorganization plan if the content of the debtor's business plan violates the mandatory provisions of laws and administrative regulations, or if it requires administrative permission from the relevant state departments but fails to obtain permission. .

2. The business plan must have market benefits and be feasible. Whether the debtor can make profits from its operations during the reorganization period is the key to the successful implementation of the reorganization plan. A successful company must have good products, excellent managers and good business strategies, which are the prerequisites for profitable business operations. The business plan is the debtor's production and operation plan during the reorganization period. The review of the reorganization plan must focus on reviewing the business plan, examining whether the debtor's operations are competitive in the same industry, and whether the business philosophy complies with the modern enterprise management model. Based on the business plan, the judgment must be made. Whether the debtor can make a profit during the reorganization period determines whether the debtor can repay its debts according to the reorganization plan during the reorganization period. In specific operations, the court may require the debtor or manager to provide a detailed business plan and profitability analysis report to prove that the products produced and operated by the debtor or its operating capabilities have market development potential, that its operations can make profits, and that it has the ability to follow the reorganization plan. repay its debts. When necessary, the debtor or administrator can be ordered to provide certification opinions issued by certified public accountants, lawyers or other experts to prove that it is fully capable of returning its financial status to normal through reorganization. Otherwise, no matter how perfect and impeccable the reorganization plan proposed by the debtor or manager is, allowing it to continue operating will only bring greater losses, and such a reorganization plan cannot be approved.

3. The investor increases investment or other people make additional investment. Funds are an important guarantee for the normal operation of a company. The debtor enters bankruptcy reorganization proceedings because it is no longer able to pay off its due debts. If a company that has fallen into financial crisis and cannot pay off its due debts does not receive new capital injection, it will be difficult to achieve the purpose of restructuring. But for a company that has fallen into bankruptcy and reorganization, it is quite difficult to raise funds through normal channels. It is simply impossible for the debtor to ask the bank to borrow additional money or issue bonds, etc. in real life. Therefore, the source of funds can only be through additional investment by investors or additional investment by others. Without funding sources in the reorganization plan, reorganization cannot be realized. Therefore, the reorganization plan must mention the capital injection from investors or others.

4. Adjustment of operating and management personnel. Debtors' inability to repay due debts is not only caused by macro factors, but is also largely related to their business management concepts, methods, and strategies. Analyzing the reasons for the bankruptcy and liquidation of many companies, some companies have very good products and have great development prospects, but due to operational management Problems arise, resulting in serious losses for the company, the inability to pay off its due debts, and ultimately the path to bankruptcy and liquidation.

Therefore, when reviewing and approving the reorganization plan, the court should require the debtor, manager or new investor to issue an analysis report on the original debtor's losses and a list of operating and management personnel and position allocation during the reorganization period, focusing on analyzing whether the debtor's losses are caused by the original management. If the debtor suffers serious losses due to operating errors or improper management by the original managers, then these business managers should no longer manage the debtor during the reorganization period