Settlement System Of Cross-strait Bankruptcy Comparative Study

This study aims at the Reorganization Proceedings of Bankruptcy. Chapter 1 is an overview of the history of the development of the reorganization system, the general theories and problems of bankruptcy. Section 1 points out reorganization proceedings contain three types of procedures. The comparison of reorganization prior to bankruptcy declaration or after bankruptcy declaration is discussed. Section 2 defines the meaning and the criteria of the settlement and reorganization. Section 3 is the procedure of the reorganization. Section 4 defines the procedure and implementation of reorganization as proceeding or non-proceeding. Section 5 lists the merits and drawbacks of bankruptcy system. What is the impact of reorganization on bankruptcy proceedings? Section 6 points out the cause of bankruptcy. The three major causes are: (1) the debtors are unable to pay the debts; (2) the debts are over the debtors' property; (3) the debtors stop their payment. Section 7 is the theoretical study on the applicable subjects of the bankruptcy reorganization system, the individual bankruptcy proceeding, enterprise bankruptcy proceeding and comprehensive bankruptcy proceeding.Chapter 2 provides a comparative study of bankruptcy system between cross-strait relations. Section 1 is a comparative overview of the cause of the Bankruptcy between China and Taiwan. Section 2 In China, reorganization proceedings can only be applicable to legal persons. Concerns are aimed at determining whether China's Bankruptcy System is applicable to current economic situations and whether the related regulations of Taiwan's Bankruptcy System can be any contributions to be drawn on. Section 3 discusses the criteria and elements of the reorganization between China and Taiwan. The major difference is the validity time of applying for reorganization. Section 4 explains the courts' acceptance or judgment of the application of reorganization. Section 5 is the validity of reorganization plan and the rights and limitations to the creditors and the debtors. In China, thedebtors regain the management over the enterprise after the acceptance of reorganization. And the liquidation team no longer takes over the bankrupt enterprise. This might put the interests of the creditors in danger. But in Taiwan, the judge and the trustee remain in custody of the account books, documents and the distribution of the property. Section 6 states the members of the trustee. According to Taiwan bankruptcy law, the trustee is appointed from the judges by the court. As to the liquidation team in China, they are designed by the people's court from among the superior department in charge, government finance department and other relevant departments and professional personnel such as lawyers, accountants, etc. Section 7 is claims of the debts. Section 8 is the comparison of the creditors' meeting. In Taiwan, the court appoints a judge as the chairman. In China, the chairman of the creditors' meeting is designed by the people 's court from among the creditors with voting right. The function of the creditors' meeting is to enable the creditors to exercise their rights, but can the creditors be fair in their position. Section 9 states the effects on the creditors and debtors upon the court's approval of reorganization proposal. Section 10 discusses the subjects of withdraw of reorganization.Chapter 3 aims to evaluate the possibility for cross-strait relationship between China and Taiwan to draw on the experience in bankruptcy law and also examines the merits and drawbacks of the more liquidation-oriented bankruptcy system of China.