Comparative Research On Bankruptcy Reorganization System Of China, America And Japan

Reorganization, as a law system for bankruptcy prevention, corporation saving and restructuring, is to help the debtor who has the reason for bankruptcy or faces the bankruptcy possibility but is hopeful and valuable to revive, to carry out the adjustment of its credit and debt relationship and the rectification of its production and management upon the interested party's application and the court's approval so that the debtor can maintain and develop its undertaking, survive the difficulties in management and financial operation, and thus revive and develop forward supervised by the court and participated in by the interested party. America lays down the regulations on reorganization in its bankruptcy law whereas Japan has independent legislation on reorganization. Despite of the differences in this regard, the reorganization systems are comparatively complete and operative, and play an important role in social economic life. Because no provisions on reorganization are formulated by China's present bankruptcy law, many enterprises which are valuable and hopeful to be reorganized though in difficulties, thus lose the chance to revive, or relevant interested parties' rights and interests are thus damaged. This paper, in the respect of comparative laws, focuses on seeing about Chapter 11 of America Bankruptcy Law, the Corporation Reorganization Law of Japan and the provisions on reorganization in the draft of China's new bankruptcy law, and carrying out a deep research on several typical questions, including the advance and approval of the application for reorganization, the advance, voting and approval of a reorganization plan, and some special provisions and special participants in the reorganization procedure. Through the research on the common characteristics and differences of the laws and the reference to Japan and America's experience in legislation and practice, this paper pointes out the deficiency and indefiniteness in the draft of China's new bankruptcy law, and in light of China's conditions, tries to complement, construct and perfect the reorganization system with Chinese characteristics so that a healthy development of the regulations on China's socialist market economy shall be safeguarded.