Bankruptcy Reorganization Research

The bankrupt rectification system is one of the most important systems of modern bankrupt legal system. It is also a rebuilding system of debts - clearing up, whose aim is to revive the enterprises replacing the bankrupt reconciliation system which can't prevents bankruptcybecause of its inner drawbacks. In academic field, among the various definitions, the comparative correct one is as the following: it is a system whose aim is to survive and revive an enterprise which possibly or has already gone bankrupt but has promising aspects by the agreements of the parties and the enforcement of law. The bankrupt rectification system has the following legal natures: loose requirements of applying reasons, versatilities of applying subjects, certainties of rectifying objects, various participants, various rectifying measures and priority of rectification effects. This system isn't the product of theory but practice. This system's theoretical basis includes managing valuetheory, social policy theory and benefit theory. It has three legal relationships: creditor's rights and debt relationship betweencreditors and the enterprise, investment relationship between shareholders and the enterprises, laboring relationship between labors and the enterprises. The enterprise, shareholders and workers have different values. So we can see the value pursuit of the bankrupt rectification system, that is , to harmonize the interests of creditors, debtors and the whole society in order to realize the value aim of social efficiency.In order to survive and rebuild the bankrupt enterprise, we need a series of substantive law. But we can't neglect procedures. The substance of the bankrupt rectification system is to restrict the parties' benefits...