Bankruptcy Restructuring The Legal System

Bankruptcy reorganization acts as a kind of positive procedure aimed at saving those debtors who either suffer from bankruptcy factors arisen or bear its risk but without losing all their hopes. This procedure, despite of its undoubted advantages, might also result in a high economic and social cost. Hence, to implement it in a fairly meticulous or conservative way is highly demanding. Meanwhile, significant considerations should be given on how to balance the interest conflicts among the related parties in the designation and implementation of this procedure, as the procedure itself involves severe conflicts between individual interest and social interest, general justice and individual justice.To reveal the reasons and background where these kinds of interest conflicts generated, the author, by using a combination of historical research method, comparative research method, and empirical research method, made a deep reaching analysis on the forms and contents of bankruptcy reorganization system. Accordingly, some law making advises are presented to accommodate Chinese practices.In Part I, after a comparative analysis on the bankruptcy reorganization system among US, France and UK, their respective legal framework and basis procedure convinces us that legal system bears itsown features as they are established in highly different political, economical and cultural background. In Part II, the author goes further to analyze on three subsystems of bankruptcy reorganization procedure, including reasons for reorganization, the relations of rights and obligation for all interest parties, and the export of reorganization. Subsequently, the ways on how to cautiously handling related issue in the course of reorganization are stated. In Part III, a conclusion is given after an examination on the law making practice on our country, that while the system has already been established and developed, further efforts should be made to overcome some defects existed therein.