Study On Business Reorganization Of USA

As fundamental law to adjust relationships of debtors and creditors which are common and important in market economy, bankruptcy system plays important role in national economic security, improvement of market economy, prevention and softening the impairments produced by economic crisis, so as to influence the core issues of national political and economic system. Business Reorganization system supplements the original functional construction of bankruptcy system, and is regarded as its essence and life. The Chapter 11 of the American Bankruptcy Code, due to its advanced legislative theoretical ideals and scientific technological design has been set up as an example by the rest of world. Through analyzing the Business Reorganization of America, this dissertation summarizes main features and legislative trends, and the learning value by China as well. As for the legal transplant of China from American Bankruptcy Code, this dissertation analyzes the merits and demerits of Chinese business reorganization system and proposes suggestions of improvement. There are five chapters in this dissertation, including introduction and conclusion, and 150 thousand words.The introduction analyses the importance and meaning to undertake comparative study between the business reorganization systems of China and America. Business reorganization system has logic of substantial law and independent concepts, principles, target and functions, so it is important to construct mechanisms to develop research on its inner logics.The first chapter discusses the inner core of logic of American business reorganization. Market economy is economy of credit, where debts pervasively exist as social events and transaction instruments. Business reorganization system offers a platform to uniformly handle debts and creditors'rights. This chapter discusses what kind of businesses should file for reorganization, the targets, values, principles and the relationship among them, and the logical construction of the elements above.The second chapter discusses the premise of the legitimacy and feasibility of American business reorganization and the major principles of business reorganization. The fact of insolvency, construction of free competitive market and capital market and the theory of company relationships are the premise to understand the legitimacy and to construct relative institutional system. The functioning model of business reorganization is to maintain the going concern value so as to increase the distributive value and whole social value. The confirmation of reorganization principles offers foundations for judicial practices and helps reorganization professionals grasp ideals and institutions of reorganization.The third chapter develops detailed analysis on specific mechanisms of the Chapter 11, following to the order of filing, company running, reshaping and reorganization plan confirming. Institutional construction comes from the thinking of legislators about the meaning and logics of system, and different logic core induces different systems. This chapter draws the logic core within the legislative policies of reorganization institutional construction and the main features of the legislation.The forth chapter focuses on the discussion of the main features of Chapter 11, and the development trends of legislation. The Chapter 11 has established the open and market driven styled reorganization system with pragmatism, which has been fully demonstrated in the institutional construction by legislators. In current global economic recession, the governmental function has been stressed in business reorganization practices in America, which will influence future legislation.The fifth chapter analyses the disadvantages and improvement of Chinese current business reorganization, and prospects the future development of Chinese reorganization systems. This dissertation mainly focuses on the demerits and proposes improvement suggestions on the disadvantages of voluntary reorganization, company operation, and role play rules among government, market and court, and proposes improving suggestions as well. Chinese business reorganization legislation will be amended and supplemented with the model of issuing judicial interpretations within the frame of bankruptcy code, and forming the marked driven model.The conclusion confirms the important role of business reorganization in national economy and bankruptcy system. China should keep strengthening study on theories, improving institutional construction and enriching relative judicial practices.