企业发生债务危机拟进行债务重组时，企业的客观情况，包括但不限于企业集团的构成、资产、负债、业务经营等等，是企业自身选定重组方向制定重组方案、政府机关判断企业有无救助价值、债权人判断重组方案是否可行、投资人研判企业有无投资价值及具体投资方向的基本依据，故全面、及时地尽职调查对危机企业极有必要。然而应当注意的是，基于债务重组为目的的尽职调查与传统的收并购、IPO、债权融资等业务所涉尽职调查在尽调的对象、内容、方法等方面存在区别，应基于尽职调查的目的有针对性地设计尽调方案，进而获取对使用人有价值的尽调结果。本文拟对债务重组场景下“尽职调查”的目的、分类、尽调的主要内容及方法、以及尽调中的注意事项进行分析论述。

一、庭外债务重组尽职调查目的概述

尽职调查的目的是指导如何设计尽调方案、采取何种尽调方法、如何进行尽调结果披露的基础。举例来说，在股权收购项目中，收购方需对目标企业进行尽职调查，其目的是了解企业是否具备投资价值、并尽可能的发现可能对投资人收益产生影响的潜在风险；在资产收购项目中，收购方需对收购标的进行尽职调查，其目的是了解资产的客观状态及法律状态，确定收购资产的客观现状、法律权属、法律瑕疵等；而在庭外债务重组中，尽职调查的主要目的是了解企业的客观现状，以便确定如何化解其债务危机问题。

目前庭外债务重组的表决程序尚没有明确的强制性规定，其实质是债权人和债务人之间的协商合意，在债务人与债权人“单对单”的重组场景下，由债务人和债权人协商重组条件、签署重组文件，相关重组文件可以发生对债务人和债权人的约束。但在大型企业整体债务重组中，涉及较多的债务重组主体和数量较多的债权人。在各债权人存在不同诉求的情况下，可能无法达到百分之百债权人同意方案、签署重组协议，故如何高效、快速地完成整体重组方案的表决，以及表决通过的重组方案对投弃权票甚至明确反对的债权人是否有约束力，是债务重组实践中债务人和债权人均会关心且经常面临的实际问题。

一、庭外债务重组方案表决的程序探讨

（一）重组方案的表决程序概述

(Bankr. S.D. Ind. Dec. 4, 2017)

The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.

(Bankr. E.D. Ky. Nov. 22, 2017)

(B.A.P. 6th Cir. Nov. 28, 2017)

The Sixth Circuit B.A.P. affirms the bankruptcy court’s dismissal of the Chapter 12 bankruptcy case. The court finds that the bankruptcy court failed to give the debtor proper notice and opportunity to be heard prior to the dismissal. However, the violation of due process was harmless error. The delay in filing a confirmable plan and continuing loss to the estate warranted the dismissal. Opinion below.

Judge: Preston

Attorney for Appellant: Heather McKeever

(6th Cir. Nov. 14, 2017)

(Bankr. W.D. Ky. Nov. 1, 2017)

The bankruptcy court grants the creditor’s motion for stay relief to proceed with a state court foreclosure action. The creditor had obtained an order granting stay relief in a prior bankruptcy filed by the debtor’s son, the owner of the property. The debtor’s life estate interest in the property does not prevent the foreclosure action from proceeding. Opinion below.

Judge: Lloyd

Attorney for Debtor: Mark H. Flener

Attorney for Creditor: Bradley S. Salyer

The Sixth Circuit affirms the B.A.P., holding the entry of summary judgment in favor of the creditors in the nondischargeability action was appropriate. The creditors obtained a default judgment against the debtor in Tennessee state court. The default judgment was on the merits and the doctrine of collateral estoppel applied. Opinion below.

Judge: Rogers

Appellant: Pro Se

Attorneys for Creditors: Keating, Muething & Klekamp, Joseph E. Lehnert, Brian P. Muething, Jason V. Stitt

(Bankr. E.D. Ky. Nov. 1, 2011)

(Bankr. S.D. Ind. Oct. 20, 2017)

The bankruptcy court dismisses the debtor’s complaint against the lender, which asserted claims related to the lender’s foreclosure of its mortgage lien in state court. The court dismisses the stay violation claim, because the property was not property of the estate at the time of the alleged acts, and dismisses the remaining claims because the court lacks subject-matter jurisdiction. Opinion below.

Judge: Carr

Attorney for Debtor: Sawin, Shea & Des Jardines LLC, J. Andrew Sawin