A Comparative Study On The Legal System Of Bankruptcy And Reorganization Between Chinese And American Enterprises

Based on the comparison of enterprise bankruptcy reorganization legal system of China and the United States, in order to improve the enterprise bankruptcy reorganization legal system of China, this paper puts forward the suggestions as follows: In terms of the startup of the reorganization process, this paper argues that the judicial process should mainly be applied by the debtor instead of creditors, the courts should review the possibility and necessity of reorganization independently; In terms of the enterprises management during the period of reorganization, this paper argues that the right should mainly be given to the debtor, and the right should be distributed between the debtor and the manager reasonably at the same time; In terms of the information disclosure of listed companies during the reorganization of, this paper argues that the debtor should be the information disclosure obligor, and the essence of the information disclosure content should be detailed at the same time; In terms of making and voting for the plan of reorganization, this paper argues that right should reasonably be given to the debtor(manager), creditors,shareholders and other interested parties under certain conditions.