Comparative Research On Bankruptcy Reorganization System Of China And America

The institution of reorganization of bankruptcy of companies which has been developed for the purpose of overcoming the disadvantages of the reconciliation system is a new kind of institution which Can prevent bankruptcy effectively. Many countries have enhanced the importance of this institution. The corporation bankruptcy of our country put in practice on June 1st 2007 have brought in the reorganization which institution fit together with liquidation and reconciliation, compose a integrity bankruptcy system. As the new law have not put in to practice for a long time, most scholars research on the structure of this system. This article summarizes the characteristic of reorganization by compare the American and Chinese law and try to analyze the different function value and circumstance in our country. Combine with cases appeared after the new law actualized, the author will discover the limitation of the new law and find out the measures.This article includes five main parts. First the article talks about the conception of reorganization. Reorganization has the feature of diverse and social targets, looseness of reorganization reasons, broadness of participants, diversity of reorganization measures, authority restriction of reorganization and priority of reorganization procedure. Comparing these identities and differences carefully will help us comprehend and command the nature and function of reorganization institution. The second part is a brief introduction of history of bankruptcy reorganization in China and America, and then make a simple comment. In part three,the article will compare American with Chinese reorganization the startup of procedure。In part four, the article discusses the systems of automatic stays and corporate control, compares different roles about their rights and obligations, and then analysis the reasons of our system of bankruptcy reorganization. The last pare is mainly about the plan of reorganization. The author proposes several advices to perfect the system of reorganization, including the candidate of the drafter, administrator, supervisor, the coordination between the content of the plan and the related laws and regulations, the matters to be reviewed prior to the approval by the court, etc.