On Bankruptcy Reorganization

Modern bankruptcy law is not the simple liquidation or reconciliation, but including liquidation, reconciliation and reorganization which take effect respectively. This thesis studies the basic theory and value of reorganization, while emphasizes on the procedure problems of reorganization. Based on the general situation of foreign countries and deep analysis on the problems and difficulties in our country's bankruptcy law, the author makes proposals in the necessity of legislation of reorganization and gives some suggestions on it.Bankruptcy legal system develops from special execution proceedings to legal relief of insolvent debtor by both substantial law and procedural law. The debtor can revive from insolvent situation and keep business with reorganization system. Since 1970's or 1980's, the leading representatives of civil law and common law countries have already amended or enacted bankruptcy law, which all take the surviving of debtor as legislation intent, such as le redressement et la liquidation judiciaire des entreprises (refreshment judicative of French) and reorganization of America. From such legislation practice, it can be concluded that constitute of reorganization system in China is, theoretically and practically, reasonable, allowable, necessary and feasible. In the interest of the reform and open policy and developing steadily, to establish and perfect the socialist market economy system, and especially for the modernization of legal system, constitute of reorganization system is a must in new bankruptcy law.