What is the procedure for the reorganization of joint-stock companies?

The procedure of company reorganization is as follows: 1. Make a reorganization plan. The reorganization plan proposal put forward by the reorganizer shall be established after being approved by the interested parties' meeting and shall take effect after being approved by the court. 2. The reorganizers implement the reorganization plan. 3. After the reorganization, the reorganizers hold a shareholders' meeting, and the shareholders' meeting elects the directors and supervisors after the reorganization. 4. Directors and supervisors apply for registration or change of registration and report to the ruling. After the reorganization, the directors and supervisors shall immediately apply to the government authorities for registration or change of registration, and together with the reorganizers, report to the court for a ruling that the reorganization is completed. Article 70 of the Bankruptcy Law of People's Republic of China (PRC), the debtor or creditor may directly apply to the people's court for reorganization of the debtor in accordance with this Law. Where the creditor applies for bankruptcy liquidation of the debtor, after the people's court accepts the bankruptcy application and before declaring the debtor bankrupt, the debtor or investors whose capital contribution accounts for more than one tenth of the registered capital of the debtor may apply to the people's court for reorganization.