Study On The Readjustment Of Investors' Rights During The Reorganization In Bankruptcy

In a market economy, enterprises are the most important resource owners and transaction subjects, with unprecedented scale and wealth of creativity, play an important role in the social and economic life.But there's no always winners as market is battlefield full of competition.The world's enterprises,especially some listed companies and giant corporations,face the difficulties and challenges of bankruptcy because of the global financial crisis in 2008.How to solve the economic difficulties of Bankrupt companies through effective reorganization measures,it has been an important subject concerned by the researchers of Commercial Law.In 2007,the new <Bankruptcy Law> had been formally promulgated and implemented, and the system of bankruptcy reorganization is under Chapter VIII,becoming a major institutional innovation.But our research on the bankruptcy reorganization is still in the early stages,the practice of reorganization work slowly.In the application of Chapter VIII-reorganization system,We found out that there are still some shortcomings and flaws in the existing laws,especially how to adjust the interests of investors in the reorganization of bankrupt enterprises has not been given full attention.The author try to find out the legal obstacles in practical adjustment of the interests of investors from the analysis of typical cases of reorganization of bankruptcy,and solve those obstacles through the procedural and substantive aspects.The basic structure of this paper is:First part,the review and analysis of the typical cases of reorganization of bankruptcy.Form the cases of Zhen Baiwen,Zhejiang Haina,Wugudaochang,we find the legal obstacles in practical adjustment of the interests of investors,and foreshadow the analysis of the following passage.Second part,the implication of adjustment of the interests of investors in reorganization of bankruptcy.This part is the theory summary part,the author defines the interests of investors first,and then analysis the facts of adjustment of interests of investors.Third part,the specific ways in adjustment of interests of investors.Five specific ways of adjustment of interests of investor are introduced here:Stock Right Transfer, Capital Increase, Debt-to-Equity, Stock Repurchase, Stock Auction.And the rationality and legitimacy of the five ways in adjustment of interests of investors are analysised.Fourth part,the procedural rules of the adjustment of interests of investors in reorganization of bankruptcy.As 'Mandatory Adjust Standard' has it's directing role on the procedural rules of the adjustment of interests of investors,the author analysis the standard of adjustment of interests of investors here.And then introduce a series of procedural rules about interests of investors in reorganization plan in details. Fifth part,Conclusion.