A Study Of Russian Enterprise Reorganization System

Russia has formed a more perfect Enterprise-Reforming System in the context ofsocial transformation. There is a clear characteristic in investigating procedures, debtnegotiation, promotion of undertakings revival and special enterprises' reformingprogram. It shows that the legislation keeps up with the times. Russian enterprises'reforming program structure uses the legislation of the monorail system that the onlyone set of investigation procedures is applied to the financial recovery program andexternal management procedures. That is the most significant feature of thereorganization program structure in Russia. Russian enterprises' reorganization structureis characterized by the dual-track as other transition countries. Debtor managementinstitutions, as Administrators for the reorganization, have the executor status in thefinancial recovery program, but the external managers are elected by the court as thereorganization executor in the external management program.The key to the successful corporate restructuring depends on the outcomes of theconsultations between the debtors and the creditors. There are some common problemssuch as the manipulation crisis and the failure of creditors' interests protection inRussia's and other countries' transition practice. China should consider about theeconomy-transition element, learn experiences from Russia, and set thepre-reorganization system which the reorganization plan has been accepted or opposedbefore the restructuring programs. The result of pre-reorganization system will make thereorganization program be deemed to have been accepted in accordance with theprovisions of the bankruptcy law or denied, and bind constraint on all interested parties.In the information disclosure system, reorganization reorganizationer should submit there-engineering manual before the vote meeting for the reorganization plan. The terms ofreorganizationer's loyal duty should be added in. The burden of proof should betransferred to the defendant. In this way, if the reorganizationer violated the duty ofloyalty, he would have to fulfill instructions obligations.