China's Securities Companies Went Bankrupt Legal Issues

Competition is the soul of market economy whose outcome is that the fittest survived and the competition that incarnates the survival of the fittest is a competition to full extent. Securities companies may go bankrupt and withdraw form a severely changeable and competitive securities market at any time. There have been such securities companies in our practice. However, legal system of securities companies bankruptcy in our country is still quite imperfect. And therefore, to design a Chinese securities companies insolvency law that is in line with our national situation is of great significances for the current portfolio supervision.Taking securities companies insolvency law as its focus and based on the fundamental legal philosophy of securities companies insolvency, this thesis employes the combinations of empirircal and canonical analysises, inductive and deductive methods and such methods as comparative analysis and social legal analysis to propose ideals on perfection of our securities companies insolvency legal system on the basis of the existing condition of securities companies insolvency legislations and problems.This thesis falls into four chapters with an introduction and an epilogue.The reaserch background and the significance are presented in the introduction. The reserch background is introduced in the beginning of the thesis and the necessity to establish Chinese securities companies insolvency legal system as things are is discussed afterwards.Chapter one is a major bankruptcy of China's securities companies to carry out an analysis of the legislative structure. First Analysis Corporation's general and special nature of bankruptcy. Securities companies as the main commercial, with other enterprises, with a general bankruptcy, but at the same time, as financial institutions, securities companies, and the general legal system in bankruptcy or the existence of large differences in specific characteristics. And then analyzes the general bankruptcy of securities companies, it could apply to the ordinary legislative style, securities and general corporate bankruptcy and insolvency law does not apply the same what is wrong; but at the same time as a result of the specificity of its bankruptcy, securities companies should be excluded from the bankruptcy general business bankruptcy proceedings, the application of special rules of bankruptcy legal system. Finally, based on the analysis and concluded: Two legislative style has its own merits, the insolvency of China's securities companies to which the legislative structure, the key lies in China's securities companies combine all aspects of the insolvency of the actual situation, to make the choice of science.Chapter two mainly discusses the problems of specific procedure in two major aspeycts of bankrpt reformation and liquidation. On the problem of bankrupt reformation, this chapter firat discusses the characteristics of bankruptcy reorganization procedures, and then from the re-engineering of applications and review, re-engineering plan, the re-engineering of the vote, re-engineering plan approval and bankruptcy reorganization procedures the end of a specific analysis; As to the liquidation, first of all, the Supreme People's Court on the admissibility of securities companies on the bankruptcy cases of the eight conditions, and then the applicant from the bankruptcy liquidation, the securities of the standard bankruptcy, insolvency administrator of the designated time, the distribution of the insolvency estate, insolvency procedure carried out a detailed analysis of the end.The third chapter is primarily devoted to the problem of the Securities Investor Protection Fund. After a brief introduction of China's securities investor protection fund system, based on the four areas of focus from a detailed analysis of China's securities investor protection fund system problems: First, governance structure is irrational, Two, the principle of compensation is not explicitly limited, Third, the source of funding is relatively narrow, Four, smaller compensation.Chapter four is primarily devoted to the problem of the existing securities companies insolvency problems in the legal system, China's securities companies to improve the system of bankruptcy laws to reflect on and proposals. In this chapter, the first on the establishment of securities companies in China's legal system the meaning of the Bankruptcy and principles; followed by the mode of proposed legislation, the legislation should be adopted hybrid model, and in the legislative structure on the special legislation should be applied in our country style, and ultimately to the establishment of a Department of financial institutions in insolvency law; once again, to improve the securities companies in bankruptcy proceedings on issues related to the recommendations of its own; Finally, the Perfection of the Securities Investor Protection Fund of the recommendations of the legal system, including four points: First, improve the securities investors Protection Fund compensation mechanism, Second, improve the legal system of compensation for portfolio investors, Third, should be established for the protection of the Fund's surveillance measures, Four, and improve the protection of the Fund's governance structure. In the epilogue, there is a brief conclusion of the full thesis and a proposition for the acceleration of Chinese securities companies insolvency law system construction.