Commercial bankruptcy is one of the ten first -level indicators of the World Bank's new "Business Environment Evaluation Index System"，It is also an important factor to measure the judicial ability of an economy。The bankruptcy manager is the main promoter of the bankruptcy procedure and the specific executor of the bankruptcy affairs，The administrator's remuneration system is directly related to whether the manager can actively actively、Faithful and diligently performing duties。The "Regulations on the Supreme People's Court on the Determination of Managers' Returning to the Enterprise Bankruptcy Case" (hereinafter referred to as the "Remuneration Regulations") issued by the Supreme People's Court established in accordance with the value of the debtor's property (except for setting the property guarantee). Rules for Return。But in practice，The above rules are inspiring to inspire managers、Standard for calculation is unreasonable、It is difficult to effectively realize the problems of the debtor's reorganization value，Urgently need to be further improved。

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Since the implementation of the "Enterprise Bankruptcy Law"，Most of the cases accepted by the court are bankruptcy liquidation and even prolazed liquidation cases，Management compensation generally faces serious insufficient problems。

First，Problem can be broken means that there is no property to allocate，The manager will not pay without remuneration。Even if there is production, it can break，Most of the debtor's property is set to be set for guarantee property rights，The property that does not set the guarantee often exists in rights、Quality and other flaws are difficult to monetize，Poly available manager compensation is limited。Next，Even if a small number of cases have shifted from liquidation to reorganization or directly enter the reorganization program，The operating value of the enterprise bet365 best casino games is often seriously lost，The number of cases that increase the settlement of ordinary creditors through reorganization is limited，Therefore, the total proportion of the total number of cases that the manager can pay for reasonable compensation is extremely low。Last，Some places are required to ask the manager about 10%of the salary can be compensated to compensate for the case of campaign to break the case，This is just a symbolic compensation，It has not improved its overall remuneration level。

　The calculation standard for the compensation of the manager needs to be improved

In recent years，It is difficult for most managers to get higher remuneration in bankruptcy cases，The income of the entire industry is not good，Improvement of the administrator's reward calculation standard is indeed necessary。

First，Improve the current "two -point method" standard。According to Article 2 of the Remuneration Regulations，The court shall determine the administrator's remuneration according to the total amount of property value of the debtor's final settlement，But the value of the guarantor preferred the value of the guarantee is not included in the total amount of property value。This "two -point method" of "having a guarantee/non -guaranteed" is not extended。For example，Construction project price preferred right、Ship preferred right、The nature of rights and other rights such as civil aircraft priority is similar to that of guarantee property rights，But the current reward standard has not been considered; in the bankruptcy case of real estate companies，Get ownership of the purchase of houses to give priority to guarantee the house buyer，It is necessary to invest in high costs to invest in financing、Continuous construction、Management、Delivery and other jobs，But the "Remuneration Regulations" did not respond to this additional cost。

Next，Raise the reward standard for the right to guarantee claims。Article 13 of the Remuneration Regulations，The maintenance of the manager's maintenance of the guarantee、Cashful、Delivery, etc. When paying reasonable labor，The right Bet365 app download to negotiate with the guarantor to collect appropriate remuneration，When the negotiation is not successful, the court shall refer to the method specified in Article 2 to determine the remuneration，But the proportion must not exceed 10%of the restricted range specified in this article。As mentioned earlier，In a case of breaking out of production，The debtor's property will almost all be set with guaranteed property rights。The standard for compensation for guarantee claims is too low，The labor that the manager will pay and pay will not be matched。

again，Aviation standard for optimization of non -guaranteed claims。Since the implementation of the capital subscription system in my country in 2014，Corporate liability operation becomes normal，In addition to the company's property, there is often a guarantee，In the bankruptcy procedure, ordinary creditors are relatively difficult to compensate。After the implementation of the "Civil Code"，Available property scope and category expansion，indirectly led to further reduction in property that can be repaid for ordinary creditors for compensation。Aviation standard for optimization of non -guaranteed claims，It is helpful to motivate managers to work hard for ordinary creditors，This is the sustainable operation of the bankruptcy system、Optimizing the business environment is extremely important。

Last，Add creditors to participate in the decision to determine the manager's remuneration mechanism。In recent years，The proportion of cross -border investment in Chinese enterprises has gradually increased，The disposal of bankruptcy property often involves confirmation of cross -border assets、Preservation、Change the price、Recycling, etc.。The professional skills of this pair of managers、Human and material resources and time investment put forward higher requirements。The excess reduction rules created by the "Remuneration Regulations" are difficult to provide effective incentives to the manager in complex practices。To better enhance the value of the debtor's property，Creditors are often willing to pay additional bet365 Play online games pay or flexibly set the reward calculation standard，But the current regulations have not left room for this。If you can add credit incentives to the decision mechanism of the debtor's participation，It will be more in line with the needs of the parties to autonomy。

　　Inspired managers to promote the regeneration of reorganized enterprises

"Remuneration Regulations" uses the total amount of property value of the debtor's final settlement as the core criterion for the performance manager's performance，It mainly reflects the logical thinking of bankruptcy liquidation。But the bankruptcy and reorganization contains multiple value targets facing multiple subjects，Can't just follow the creditors to realize creditor's rights，Regardless of whether the enterprise can operate benign after reorganization，Whether the creditor is willing to "change space in time" to share the future value -added income。To motivate manager to promote the regeneration of reorganized enterprises，The following three problems must be solved。

First，Instant settlement or settlement of debt payments should be paid for。In recent years，Among many reorganization cases，Investors will no longer use all investment to claim debt，Instead, some investments are used for post -reorganized enterprise operations，Therefore。In practice，Pestable settlement or debt -reserved compensation is about to be discussed。First，For installment settlement plan，Managers still need to perform their supervision duties; second，Debt Research Cleansing Plan is difficult to repair the credit repair of reorganized enterprises、Re -financing difficulties，It is also an incomplete compromise on the reorganization supporting mechanism; finally，Research on debts can ensure that the reorganization plan is completed in time，Both the company will use some reorganization funds for future business needs，It is conducive to the sustainable operation of post -reorganized enterprises。

Second，Calculation method of clarifying equity settlement in China。Arrangement of equity settlement，Usually based on the improvement Bet365 app download of creditors' financial structure for post -reorganized enterprises、Approve of business value and other matters，helps reduce the threshold for reorganization investors，and reduce the debtor's debt rate。At this time，The calculation method of the equity value must be clear。First，The equity value benchmark date shall be determined after the reorganization plan is approved。Reorganization plan voting and approval，The consideration that the reorganization investor should pay、High -quality resource injected into the commitment (including cash、Assets、Business, etc.) Nothing is not actually fulfilled。Only after the relevant reorganization resources are in place and operate a certain period，Equity value is expected to characterize its fair value。Next，After the implementation of the reorganization plan is not necessarily a fair time for equity value。Reorganization of listed companies as examples，The execution of the reorganization plan is usually shorter (most of less than 1-3 months)，Enterprise operation is still in the process of gradual recovery，At this time, the value of equity is not enough to represent its fair value。Last，The special agreement made on the benchmark date or equity value in the reorganization plan should be respected。Unless this agreed lack of objective basis (such as serious deviation from evaluation value)，Then the court can refer to the equity value of the reorganization plan when the reorganization plan is completed，Determine as appropriate，and use this as the basis for calculation of the manager's remuneration。

third，Properly distinguish between trust remuneration and manager's remuneration。Some assets of investors are unwilling to receive bankruptcy companies，or the creditor is willing to hold this property for a long time to seek higher returns，The arrangement of trust beneficiaries will often be made in the reorganization plan。If the trust compensation is deducted from the manager's remuneration，If the manager and the trustee are unfair。First，Establishment trust is a choice made by creditors based on their own interests，Being poorly or invalid assets to improve the company'bet365 best casino games s financial structure，and can get rid of the dilemma of the severe derogation caused by the value of rapid realization。Next，Trust companies collect compensation based on trust work results，It should be paid different from the manager。To motivate trust company，Credit meeting or trust beneficiaries may set higher trust remuneration standards，It is even much higher than the manager's remuneration。If the trust remuneration is deducted from the manager's remuneration，On the one hand, it is improperly damaged by the manager's remuneration，On the other hand, it is equivalent to setting up a invisible restrictions on the reward of the trust of the trust.，There is a market transaction between the claim that the creditor and the trust company、Dispiration of violating meaning of autonomy。Last，Trust remuneration should not be linked to the manager's remuneration，and should distinguish their respective performance content and work performance，The value of the final realization of the right to benefit of the trust，A separate agreement in the trust plan。

In recent years，The market -oriented reform of my country's bankruptcy manager system has achieved a series of results and progress。A large number of professional talents have devoted themselves to the practice of bankruptcy，Replace the liquidation of the government as a neutral manager，and play a positive and significant role in the development of the bankruptcy system。But relative to other business areas，Cultivate a professional bankruptcy manager team，Need to continue input and longer cycle。Management compensation is a material basis for the smooth operation of bankruptcy cases，Remuneration incentive mechanism is the key to the long -term development of the bankruptcy system。

"Remuneration Regulations" has been introduced for more than 16 years，But its standard has not been adjusted according to the changes in my country's CPI index，It is difficult to adapt to my country's current economic development level，For the stable and sustainable development of the manager team, "restraint is more than more、Inspirational insufficient "。Coincomating an important bet365 live casino games opportunity for the revision of the bankruptcy law，To further optimize the business environment、Enhance the quality and efficiency of bankruptcy cases，We can revise the standard for the determination of the manager's remuneration，To give full play to the incentive effect of manager's remuneration，Continue to deepen the bankruptcy system's important unique features in optimizing the allocation of resources and resolving the economic dilemma of the enterprise。

　　(Author Unit: Zhejiang Bankruptcy Manager Association、Research Center of Bankruptcy Protection Law of Shanghai Jiaotong University)