Research On Several Substantive Issues Of The Partnership Enterprise Bankruptcy System

Article 92 of the Partnership Law, which is formally implemented on June 1st, 2007, prescribes that creditor may apply to people's court for bankruptcy liquidation according to the law or require general partners to pay off the debt if partnership is unable to repay the maturing debt. General partners should still take unlimited joint and several liabilities for the debt of partnership if partnership is declared bankrupt according to the law. Article 135 of the Enterprise Bankruptcy Law, formally implemented in the same year, provides that the clearing not organized by enterprise legal person in accordance with the rest of laws, if belonging to bankrupt clearing, it must refer to and apply to this law. Thus it can be seen, procedural rules of Enterprise Bankruptcy Law may be applied to bankruptcy of partnership as well. Therefore, the study on substantive issues and improvement of the partnership bankruptcy system is of great importance.This paper consists of five chapters. The research mainly focuses on the causes of bankruptcy, bankrupt property and bankrupt discharge systems of partnership in substantive issues.The first chapter is an introduction about the theoretical foundation of partnership bankruptcy system. Referring to the study on partnership bankruptcy both abroad and home, the necessity of completing substantive issues of the partnership bankruptcy is demonstrated on the basis of the current researching in China.The second chapter mainly analyzes the reasons for partnership bankruptcy. Taking legislative styles of reasons for bankruptcy abroad as a reference, the writer means to support the current legislative styles of enterprise bankruptcy law adopted by China, named summarization doctrine. Furthermore, based on the analysis of the particularities of partnership bankruptcy and with a reference to foreign legislation, we complete the reasons for partnership bankruptcy in China.The third chapter mainly deals with the scope and distribution of partnership insolvency estates. We aim to give reasonable definition of scope of the partnership bankrupt estate in china through analyzing particularities of bankrupt property of partnership and comparing relevant legislation both at home and abroad. Next we aim to perfect China's Insolvent Estate distribution system with a reference to the basic principles concerning the distribution of insolvent estates overseas. The fourth chapter discusses the problem of partnership bankrupt discharge systems. First, based on the introduction of discharge system and its conditions and restrictions, we build the necessity for the construction of Partnership Bankruptcy Discharge System in China. Second, we attempt to improve the Partnership Bankruptcy Discharge System in China through the absorption of the legislative style of the bankruptcy discharge system of relevant foreign countries and with a combination of the particularities of the partnership bankruptcy in China.The fifth chapter is the main stress of this paper. According to the causes being put forward, the writer points out that we should consider partnership property being unable to pay off the maturing debt as the main reason for partnership bankruptcy, property failing to repay all debts as specific reason. Concerning division of bankrupt property, the author states that we should insist in double priority principles. To solve the shortcomings of disclaimers in Partnership Bankruptcy Law, the writer suggest that we may establish approved relief system and make strict regulations on exemption conditions.