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Abstract The bankruptcy reorganization plan combines the contract core of the groups’ will with the formal effectiveness of res judicata. Between the freedom and restrictions in the change of the bankruptcy reorganization plan， the doctrine of change of circumstances should be placed at the center in order to construct a comprehensive standard system of the substantive and procedure about the change of China’s bankruptcy reorganization plan. The objective situation in the change of the implementation of bankruptcy reorganization plan can cover force majeure events which has not substantial differences， and the interference of purely commercial risk factors should be resolutely ruled out. In the change of circumstances of bankruptcy reorganization plan， the parties bear the obligation of renegotiation in order to properly arrange bankruptcy rights and interests by means of private autonomy. The scope of proposers for the change of circumstances of bankruptcy reorganization plan should include bankruptcy administrators， debtors and creditors， and other interested parties. The rules of procedure for voting and approval of the original reorganization plan shall be applied and the court should conduct a substantial judicial review of the plan change in the change of circumstances of bankruptcy reorganization plan.
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Received: 10 October 2022
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2023, Vol. 22 
