Legal Issues Of Corporate Restructuring System

In the field of bankrupt law, bankruptcy, compromise and reorganization are the three footstones. Among them, Reorganization is newer than the others. When the producer faces bankruptcy, it will regenerate by reorganization .Today, powerful producer occupy dominate stations, and their actions would affect other producers and workers. Once they bankrupted, great turbulence would be bringed. Overcoming the economic crisis several times, west countries realize the bankrupt system can not fill the need of economy. So the governments begin to intervene the markets, and set up reorganization system. Bankrupt law changes ultimately for it, not only bankrupt accounting, but also bankrupt defending and bankrupt rebuilding are recognized.Today, with the reform of our country,it faces the situation that a lot oi large producers, especially producers of state, are bankrupting. Because our system is not normative, the creditors' profit can not be protected, and bankrupt defending mechanism can not operate. Otherwise, in such conditions, if the large producers of state bankrupt firmly, our country will cost a lot, which will go against social stability and disposition of banks' bad loan. Therefore, it is necessary and feasible for us to use other countries system for reference.The text talks systemically not only the theory and regime of reorganization, but also considers reorganization system itself as a rule, it restrict the creditors" profit infinitely, especially those who have priority. So, think that we should think much of follow questions as bringing reorganization system ,such as balancing the relations of all parties, judicative supervising, reducing the cost and risk, etc. Only in this way. we can achieve the aims.Wherefore, I contrast the system of America Japan and Taiwan province. and try to prove that it is necessary and feasible to legislate in reorganization. But the system doesn't exist in China yet. I will expatiate the text from several aspects ,and make some suggestions about the bankrupt law in China.Except the introduction and conclusion, this text includes four parts altogether: The first part is the introduction of general theoretical question ofreorganization. It is the base of the text. It discusses the definition and characterof reorganization, expounds its property and purpose, recounts its theoreticbasis and own opinion.The second part presents some countries legal practices and relevaniregulations under frame. It makes a comparison with USA Japan and Taiwanprovince legislation experience.The third part appraises the active and negative effect ofreorganization. I analyze it with economic eyes, and figure that none olthe rules is perfect and they all cost .To keep the justice of society.to reduce the cost and to realize the whole profit, we should establishreorganization system.The last part firstly tells that it is necessary to establish corporatereorganization law , according to the actual situation in China, secondly, ]analyze the situation and deficiency of ours, and make a comparison ,to represent themeaning of reorganization. At last, I make some suggestions on it, combining theestablishment of new bankrupt law.