I am trying to apply for corporate rehabilitation. Who must submit the rehabilitation plan, and what requirements must it meet?

When applying for corporate rehabilitation, the rehabilitation plan may be submitted by the debtor (the company) or by related creditors, secured creditors, shareholders, and the like.

In addition, a creditor holding at least one half of the debt, or a debtor who has obtained consent, may prepare a corporate rehabilitation plan and submit it to the court before the commencement of the corporate rehabilitation proceedings.

Because this plan plays an important role in the rehabilitation proceedings, it must meet several legally required conditions.

① It must not violate the provisions of the law.

② It must establish fair and equitable differentiation in the order of rehabilitation security rights and rehabilitation claims. (the principle of fairness and equity)

③ The repayment terms must be equal among those holding rights of the same nature. (the principle of equality)

④ The method of repayment must be such that each creditor is repaid no less favorably than they would be upon liquidation of the debtor's business. (the principle of guaranteeing liquidation value)

⑤ The rehabilitation plan must be feasible.

For details, we recommend confirming them through a consultation with an attorney experienced in handling many corporate rehabilitation cases.