The application for reorganization is a request for reorganization made to the people's court. There is a time limit for applying for reorganization, that is, if the creditor applies for bankruptcy liquidation of the debtor, it may apply to the people's court for reorganization after the people's court accepts the bankruptcy application and before declaring the debtor bankrupt. The debtor or the investor 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. Applying for reorganization is a key step to obtain reorganization, and it is also an important content of the Enterprise Bankruptcy Law of the People's Republic of China.
Legal basis:
Enterprise Bankruptcy Law of the People's Republic of China
Article 2 If an enterprise as a legal person is unable to pay off its due debts, its assets are insufficient to pay off all its debts or it obviously lacks solvency, it shall clear up its debts in accordance with the provisions of this Law.
An enterprise as a legal person may be reorganized in accordance with the provisions of this law if it has the circumstances specified in the preceding paragraph or obviously loses its solvency.
Article 7 The debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances specified in Article 2 of this Law.
If the debtor is unable to pay off the debts due, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor.
If an enterprise as a legal person has been dissolved but has not been liquidated or its assets are insufficient to pay off its debts, the person liable for liquidation according to law shall apply to the people's court for bankruptcy liquidation.