On The Bankruptcy Reorganization Of The U.S.

As a mechanism to rescue the debtor so proactively as to rejuvenate the enterprise, Reorganization is resulted from the reform and development of Modern Insolvency Law. As Reorganization is to save the enterprise as well as pay the debt, which conforms to the development of the economy and society, every nation sets up it in law form, for instance, the Business Reorganization at Chapter 11 in the Bankruptcy Code of U.S.,the Corporation reorganization law of Japan, and China too, expounded the system of Reorganization in one chapter under the Enterprise Bankruptcy Law adopted in 2004. Among the above, the reorganization system of the U.S. is tested with a long history and its complete and standard design sets a model for other countries in restructuring the legislation.The dissertation focuses on American reorganization through investigating American reorganization procedure and mechanism,taking methods of comparative analysis,value analysis,and positivism analysis.Besides, the dissertation also includes humble opinions of my own, making analysis on relevant provisions of the reorganization system in China's "Enterprise Bankruptcy Law". Four parts constitute the dissertation.The first part is an overview of Reorganization. It sees from the rise and development of the reorganization system, introduces the establishment and status of reorganization from the establishment concept and worldwide revolutionary wave of the Insolvency Law. By comprising reorganization and reconciliation and making analysis on the characteristics of the reorganization system, the concept of "reorganization" is put forward with a clearer meaning. In addition, this part comes to the conclusion, based on the analysis of function and restriction of reorganization from the perspective of the value of the mechanism, reorganization conforms to the development of economy but should be carefully implemented.The second part is a detailed explanation of the provisions of the reorganization system from the U.S. Bankruptcy Code. Chapter 11 of the Code is focused on Business Reorganization, which has made detailed provisions on the launch of reorganization proceedings, executor, reorganization plan as well as the formulation, adoption and effects of reorganization. Now as the history of reorganization on Chapter 11 is clear, this part mainly introduces reorganization procedures and institutions of the U.S. on the basis of relevant provisions of reorganization procedure in the U.S. Bankruptcy Code. Value analysis of the design of the U.S. reorganization is also made in this part. The third and fourth part are key parts of this dissertation.Reorganization plan in the third part is core of reorganization proceedings, while debt restructuring is top priority in the reorganization plan. Therefore, this section primarily introduces , from theory, some common forms of debt restructuring , such as debt-equity swap, asset sale, share transfer, etc.; then empirical methods of analysis are followed as taking the case that overwhelmed the world for theoretical analysis, that is, General Motors Corporation applying for bankruptcy protection, and comes to the conclusions that: firstly, the reorganization system of the U.S. plays an active role in practice; secondly, the problems when General Motors Corporation applies to the Reorganization proceedings and its way to solve them.The fourth part focuses on the assessment of China's "Enterprise Bankruptcy Law". Although the rectification mechanism rose in China in the 80's of last century, rectification is different from reorganization. It is not until 2004, with the enactment of "Enterprise Bankruptcy Law" that the reorganization system is established on legal level. Comparative analysis is used in this part making comparison between the two reorganization systems in China and the U.S. to find out influences and enlightenment the U.S. mechanism has had on China's mechanism establishing. Besides, in depth analysis of the imperfects of China's reorganization is brought up, suggesting China learn from the advanced legislative experience of the U.S. constantly to improve the reorganization system here in China.