企業(yè)重整中的商業(yè)銀行債轉股
發(fā)布時間：2019-07-03 13:44
【摘要】：在債務困境企業(yè)的挽救中,債轉股是一種傳統(tǒng)的市場化、常態(tài)化的法律手段。國務院在《關于積極穩(wěn)妥降低企業(yè)杠桿率的意見》和《關于市場化銀行債權轉股權的指導意見》中強調要遵循法治化原則、按照市場化方式有序開展債轉股。企業(yè)重整中的債轉股具有債權出資與債務清償雙重法律性質。債轉股是不受重整集體清償程序限制的權利,是否轉股應當由每一個銀行債權人個別同意決定,它不屬于債權人會議的職權范圍,不受債權人會議少數服從多數表決機制的約束,在未經其同意的情況下也不受重整計劃以及法院批準包括強制批準重整計劃裁定的限制。在債轉股方案中,必須制訂合理的債務清償方案供不接受債轉股的債權人自愿選擇。能夠在重整程序中破壞市場化、法治化債轉股的,唯有地方政府的行政權力,地方政府在企業(yè)重整中所要達到目標與破產法的立法目標可能存在差異,約束地方政府行政權力的濫用是保障破產法以及債轉股正確實施的關鍵。
[Abstract]:In the rescue of enterprises in debt distress, debt-to-equity swap is a traditional market-oriented and regular legal means. In the opinions on actively and steadily reducing the leverage ratio of Enterprises and the guiding opinions on the conversion of creditor's Rights to Equity of Market-oriented Banks, the State Council emphasizes that debt-to-equity swap should be carried out in an orderly manner in accordance with the principle of rule of law. Debt-to-equity swap in enterprise restructuring has the dual legal nature of creditor's rights contribution and debt repayment. Debt-to-equity swap is a right that is not restricted by the reorganization collective liquidation procedure. Whether or not the conversion should be decided by the individual consent of each bank creditor should be decided by the individual consent of each bank creditor. It does not belong to the terms of reference of the creditors' meeting, is not bound by the minority obeying the majority voting mechanism of the creditors' meeting, and is not subject to the restriction of the reorganization plan and the court approval, including the compulsory approval of the reorganization plan, without its consent. In the debt-to-equity swap scheme, a reasonable debt settlement scheme must be formulated for the voluntary choice of creditors who do not accept debt-to-equity swap. Only the administrative power of the local government can destroy the marketization and legalize the debt-to-equity swap in the reorganization process. There may be differences between the objectives of the local government in the reorganization of enterprises and the legislative objectives of the bankruptcy law. Restricting the abuse of the administrative power of the local government is the key to ensure the bankruptcy law and the correct implementation of the debt-to-equity swap.
【作者單位】： 中國人民大學法學院;中國人民大學破產法研究中心;
【基金】：司法部2015年度國家法治與法學理論研究一般項目“破產重整制度研究”(15SFB2025)
【分類號】：D922.291.92
[Abstract]:In the rescue of enterprises in debt distress, debt-to-equity swap is a traditional market-oriented and regular legal means. In the opinions on actively and steadily reducing the leverage ratio of Enterprises and the guiding opinions on the conversion of creditor's Rights to Equity of Market-oriented Banks, the State Council emphasizes that debt-to-equity swap should be carried out in an orderly manner in accordance with the principle of rule of law. Debt-to-equity swap in enterprise restructuring has the dual legal nature of creditor's rights contribution and debt repayment. Debt-to-equity swap is a right that is not restricted by the reorganization collective liquidation procedure. Whether or not the conversion should be decided by the individual consent of each bank creditor should be decided by the individual consent of each bank creditor. It does not belong to the terms of reference of the creditors' meeting, is not bound by the minority obeying the majority voting mechanism of the creditors' meeting, and is not subject to the restriction of the reorganization plan and the court approval, including the compulsory approval of the reorganization plan, without its consent. In the debt-to-equity swap scheme, a reasonable debt settlement scheme must be formulated for the voluntary choice of creditors who do not accept debt-to-equity swap. Only the administrative power of the local government can destroy the marketization and legalize the debt-to-equity swap in the reorganization process. There may be differences between the objectives of the local government in the reorganization of enterprises and the legislative objectives of the bankruptcy law. Restricting the abuse of the administrative power of the local government is the key to ensure the bankruptcy law and the correct implementation of the debt-to-equity swap.
【作者單位】： 中國人民大學法學院;中國人民大學破產法研究中心;
【基金】：司法部2015年度國家法治與法學理論研究一般項目“破產重整制度研究”(15SFB2025)
【分類號】：D922.291.92
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【共引文獻】
相關期刊論文 前10條
1 韓l毲，
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