On The Legislative Objective Of The Bankruptcy -Reorganization System And Its Reached-Foundation

Since the 70's of 20th century, to build and improve the reorganization system have became one of the main subjects of the bankruptcy reform in the world. As a key part of modern bankruptcy system, reorganization is such a system that can save the debtor that in insolvency and make it to be fresh start. The legislative objective of reorganization is "to promote the debtor to be recovery". By this objective, reorganization expends the function of the bankruptcy system and provides institutional support to the idea of maintaining the public benefits. The proceedings and rules that included in reorganization are all designed to realize that objective. After looking through those proceedings and rules, the author draws such a conclusion, that is, to realize the legislative objective of reorganization, two measures need to be taken. Firstly, establish a kind of benefits balance mechanism inside the reorganization system to harmonize and conform various benefit -conflict and restrict all kinds of benefit- competition. By this benefits balance mechanism, all the parties that involved in reorganization can try their best to promote the debtor to be recovery together. The author names that mechanism as the inside foundation to realize the legislative objective of reorganization. Secondly, build a kind of favorable institutional environment outside the reorganization system to provide some institutional support to it, such as personnel, administration, service and information, etc. Such favorable institutional environment is regarded as the outside foundation to realize the legislative objective to reorganization. According to the author, the legislative objective of reorganization couldn't achieve unless both of the foundations are provided, so, they are the absolutely necessarily principles to build and operate the reorganization system. In general, this treatise emphasizes particularly on researching the theories as to reorganization. What the author wants to do is to find out the principles that can guide the practices of building and operating the reorganization system. By all of these, the author hopes to give some good advice to Chinese reorganization legislation. This treatise is consisted by five sects, about forty thousand words.In the first part of this treatise, the author reviews the evolvement-history of the legislative objective of the bankruptcy system. According to the author, if we want to roundly and deeply know reorganization, we'd better firstly try to find out the answers from its mum-system, that is the bankruptcy system. So as a treatise of discussing the legislative objective of reorganization, it begins with the description of the legislative objective of the bankruptcy system.After that reviewing, the author finds that reorganization and its legislative objective has a very tight connection with the evolvement-history of the legislative objective of the bankruptcy system. When the corporation became the dominant strength in social economy, this fact brought an essential change to the legislative objective of the bankruptcy system, that is, the idea of maintaining the public benefits took part in it and won the equal status with the idea of maintaining the private benefits. The new legislative idea needed the new system to carry out it, so reorganization came into being. At the same time, "to promote the debtor to be recovery", the legislative objective of the reorganization system, embodied the legislative objective of the bankruptcy system into reorganization. As a result, both character and function of bankruptcy were enlarged. It means the legislative objective of the reorganization system has a good value. All of these are the contents of the second part of this treatise.The third part is some discussion as to the benefits balance mechanism, it is the inside foundation to realize the legislative objective of reorganization. At the beginning, the author introduces the parties that involved in reorganization and their multifarious benefits in it and indicates that benefit-con...