Commercial bankruptcy is one of the ten first-level indicators in the World Bank’s new Doing Business Assessment Indicator System，It is also an important factor in measuring the judicial capacity of an economy。The bankruptcy administrator is the main promoter of the bankruptcy procedure and the specific executor of bankruptcy affairs，The manager bet365 Play online games system is directly related to whether the manager can be proactive、Perform duties faithfully and diligently。The "Regulations of the Supreme People's Court on Determining the bet365 Play online games of Administrators in the Trial of Enterprise Bankruptcy Cases" issued in 2007 (hereinafter referred to as the "bet365 Play online games Regulations") established that the final settlement value of the debtor's property (except for property rights guarantees) shall be calculated Rules for getting rewards。But in practice，The above rules lack incentives for managers、Unreasonable calculation standards、It is difficult to effectively realize the debtor’s restructuring value and other issues，Need further improvement。

　　The current bet365 Play online games system provides insufficient incentives for managers

Since the implementation of the "Enterprise Bankruptcy Law"，The vast majority of cases accepted by the court are bankruptcy liquidation or even liquidation cases with no assets to break up，Managers’ bet365 Play online games generally faces the problem of serious deficiencies。

First，Having no property means there is no property for distribution，The manager will receive no compensation。Even if you have property, it can be broken，Most of the debtor’s properties are secured by security interests，There are often rights in properties that are not secured、Difficult to realize due to defects in quality，The manager bet365 Play online games that can be calculated is limited。Secondly，Even if a small number of cases are transferred from liquidation to reorganization or directly enter the reorganization procedure，The operating value of enterprises is often severely lost，There are a limited number of cases that improve the repayment rate of ordinary creditors through reorganization，Therefore, the proportion of cases in which managers can calculate reasonable bet365 Play online games to the total number of bankruptcy cases is very low。Last，Some places require administrators to pay about 10% of the bet365 Play online games for property and breakable cases to compensate for non-property and breakable cases，This is just a symbolic compensation，has not increased its overall compensation level。

　The calculation standard of managers’ bet365 Play online games needs to be improved

In recent years，It is difficult for most administrators to obtain higher compensation in bankruptcy cases，The overall industry’s earnings are poor，It is indeed necessary to improve the standards for calculating managers’ bet365 Play online games。

First，Improve the current "dichotomy" standard。According to Article 2 of the "bet365 Play online games Regulations"，The court should determine the administrator’s bet365 Play online games in proportion to the total value of the property that the debtor finally repays，However, the value of the collateral that gives priority to the secured party is not included in the total value of the property。This "dichotomy" of "collateral/no collateral" is not comprehensive。For example，Construction project price priority、Ship priority、Civil aircraft priority and other rights are similar in nature to security rights，But the current compensation standards do not take it into account；In real estate company bankruptcy cases，To give priority to buyers to obtain ownership of the subscribed houses，Requires managers to invest high costs in financing、Continuation、Management、Home delivery and other work，However, the "bet365 Play online games Regulations" do not respond to this additional cost。

Secondly，Increase the bet365 Play online games standard for secured claims。Article 13 of the "bet365 Play online games Regulations"，Manager’s maintenance of collateral、Realization、When reasonable labor is required for delivery，The right to negotiate with the secured party to receive appropriate bet365 Play online games，If negotiation fails, the court shall determine the bet365 Play online games by referring to the method specified in Article 2，But the proportion shall not exceed 10% of the limit specified in this article。As mentioned before，There are cases that can be solved，The debtor’s property will almost always have a security interest。The standard of bet365 Play online games for secured claims is too low，This will result in the manager’s bet365 Play online games not matching the work done。

AGAIN，Optimize the bet365 Play online games standard for unsecured claims。Since my country implemented the capital subscription system in 2014，Company debt management has become the norm，In addition, company property is often guaranteed，It is relatively difficult for ordinary creditors to be compensated in bankruptcy proceedings。After the Civil Code comes into effect，Expansion of scope and categories of property available for guarantee，Indirectly leading to a further reduction in property available for ordinary creditors to pay in bankruptcy cases。Optimize the bet365 Play online games standard for unsecured claims，It is conducive to motivating managers to work hard for the compensation of ordinary creditors，This is important for promoting the sustainable operation of the bankruptcy system、Optimizing the business environment is extremely important。

Finally，Add a mechanism for creditors to participate in determining the administrator’s bet365 Play online games。In recent years，The proportion of cross-border investment by Chinese enterprises is gradually increasing，The disposal of bankruptcy property often involves the recognition of cross-border assets、Preservation、Price change、Recycling, etc.。The professional skills of this pair of managers、More requirements for manpower, material resources and time investment。The excess accumulation rules created by the "bet365 Play online games Regulations" are difficult to provide effective incentives for managers in complex practices。To better enhance the value of the debtor’s property，Creditors are often willing to pay extra bet365 Play online games or flexibly set bet365 Play online games calculation standards，But the current regulations do not leave room for this。If a creditor participation decision-making mechanism can be added for bet365 Play online games incentive matters，It will be more in line with the needs of party autonomy。

　　Incentive managers to promote bet365 Play online games and corporate regeneration

The "bet365 Play online games Regulations" use the total value of the debtor's final property repayment as the core criterion for evaluating the manager's performance，Mainly embodies the logical thinking of bankruptcy and liquidation。But bankruptcy and reorganization contains multiple value objectives for multiple entities，Don’t just focus on creditors realizing their claims，Regardless of whether the company can operate well after reorganization，And whether creditors are willing to share future value-added income "in exchange for time and space"。To encourage managers to promote reorganization and regeneration，The following three problems must be solved。

First，Accrued bet365 Play online games for installment payment or debt repayment。In recent years，In many reorganization cases，Investors will no longer use all investments to pay off external debts，Instead, part of the investment will be used for business operations after restructuring，Therefore make arrangements to pay off the debt in installments or to pay off the retained debt。In practice，The practice of repaying debts in installments or repaying retained debts without bet365 Play online games to the manager is open to discussion。First，For installment payment plan，The manager still needs to perform supervisory duties；Secondly，The debt repayment plan is difficult for reorganized companies to repair their credit、Workarounds for difficult refinancing，It is also a compromise on the incomplete supporting mechanism for reorganization；Last，Repayment of retained debt can ensure the timely implementation of the reorganization plan，Also taking into account the enterprise's need to use part of the restructuring funds for future operations，Conducive to the sustainable operation of the enterprise after restructuring。

Second，Clear the calculation method of equity value in equity settlement。Arrangements for equity settlement，Usually based on creditors’ comments on the improvement of the company’s financial structure after reorganization、Recognition of business value and other matters，Helps lower the threshold for investors in restructuring，And reduce the debtor’s debt ratio。At this time，It is necessary to clarify the calculation method of equity value。First，The equity value base date should be determined after the reorganization plan is approved。When the reorganization plan is voted and approved，The consideration payable by the restructuring investors、Committed high-quality resources (including cash、Asset、Business, etc.) are not actually performed。Only after the relevant reorganization resources are in place and operated for a certain period，The equity value is expected to represent its fair value。Secondly，The completion date of the reorganization plan is not necessarily a fair time point for determining the equity value。Take the reorganization of listed companies as an example，The execution period of the reorganization plan is usually short (mostly less than 1-3 months)，Enterprise operations are still in the process of gradual recovery，The equity value at this time is not enough to represent its fair value。Last，Special agreements on the base date or equity value in the reorganization plan should be respected。Unless the agreement lacks objective basis (such as serious deviation from the assessed value)，The court can refer to the equity value when the reorganization plan is completed，Determine as appropriate，And use this as the basis for calculating the manager’s bet365 Play online games。

　Third，Properly distinguish between trust bet365 Play online games and manager bet365 Play online games。Because investors are unwilling to take over part of the assets of bankrupt companies，Or the creditor is willing to hold this property for a long time to seek higher returns，In reorganization plans, arrangements are often made for the repayment of the trust beneficial interest share。If the trust bet365 Play online games is deducted from the manager’s bet365 Play online games，It is unfair to both the manager and the trustee。First，Establishing a trust is a choice made by creditors based on their own interests，Be able to divest bad or ineffective assets to improve the company's financial structure，And can get rid of the dilemma of rapid liquidation causing serious depreciation of property value。Secondly，Trust companies receive bet365 Play online games based on trust work results，It should be different from the manager’s bet365 Play online games。For Incentive Trust Company，The meeting of creditors or the meeting of trust beneficiaries may set higher trust bet365 Play online games standards，Even much higher than the manager’s bet365 Play online games is not a bad idea。If the trust bet365 Play online games is deducted from the manager’s bet365 Play online games，On the one hand, the manager’s bet365 Play online games was improperly reduced，On the other hand, it is equivalent to setting an invisible limit that the trust bet365 Play online games is not higher than the manager’s bet365 Play online games，There is a denial of market transactions between creditors and trust companies、The risk of violating autonomy。Last，Trust bet365 Play online games should not be linked to manager bet365 Play online games，The respective duties and performance should be distinguished，The value ultimately realized based on the trust beneficiary rights，Otherwise agreed in the trust plan。

In recent years，The market-oriented reform of my country’s bankruptcy administrator system has achieved a series of results and progress。A large number of professionals devote themselves to bankruptcy legal practice，Replace the liquidation committee attached to the government and become a neutral manager，And played an active and significant role in the development of the bankruptcy system。But relative to other business areas，Cultivate a professional team of bankruptcy administrators，Requires continuous investment and a long period。bet365 Play online games of administrators is the material basis for the smooth operation of bankruptcy cases，The reward incentive mechanism is the key to the long-term development of the bankruptcy system。

It has been more than sixteen years since the "bet365 Play online games Regulations" were promulgated，But its standards have not been adjusted according to changes in my country’s CPI index，It is difficult to adapt to my country’s current economic development level，There are too many constraints for the stability and sustainable development of the management team、Insufficient motivation”。This is an important opportunity for the revision of the Bankruptcy Law，To further optimize the business environment、Improve the quality and efficiency of bankruptcy case handling，We can revise the standards for determining manager bet365 Play online games，To give full play to the incentive effect of managers’ compensation，Continue to deepen the important and unique function of the bankruptcy system in optimizing resource allocation and resolving corporate economic difficulties。

　　(Author’s unit: Zhejiang bet365 Play online games Administrators Association、Shanghai Jiao Tong University bet365 Play online games Protection Law Research Center)