The Comparative Study On The Company Bankruptcy Reorganization System Between China And Korea

Bankruptcy Reorganization is a legal system for the company avoiding from collapse but of rebirth. It is a special relief program for the company is possible or has gone bankruptcy but also has power to be reborn and forced carries on business restructing and insolvency through coordination of interests of all parities. It has more prominent effects than Bankruptcy Reconciliation and Clearing System in saving the debtors and called the most favorable way to prevent from bankruptcy.Bankruptcy Reorganization of America and Japan are the most typical in the modern legislation. Bankruptcy Reorganization of Japan inherited from the United States and Korea also lifted it from Japan. Korea formulated it for decades and has revised it for a few times. So it becomes detailed and rigorous. Logical significantly, the institution of Bankruptcy Reorganization replaced the old rectification and established it in2006which is called Company Bankruptcy. It has practical significance in building a harmonious society and reflects the social values in modern Bankruptcy. Compared to Korea, Bankruptcy of China has relatively few years and lacks practical experience and still has a long way.The purpose of this article is to search the improvement ways and suggest completing it with comparing to Korea. First of all, we will discuss the basic conception of Bankruptcy Reorganization. Tt. contains definition, feature and the history of China and Korea. To recognize it with legal principle, it should be compared with Bankruptcy Reconciliation and Clearing System.Secondly, we will introduce the provision of Bankruptcy Reorganization of China and Bankruptcy Combination of Korea. And spread out it from the scope of application, application of Reorganization, provision of plan of Reorganization, vote, permit, termination and closure.Thirdly, it will be discussed by the mechanism of institution of Reorganization with the depth study of framework of Bankruptcy Reorganization and combine the development of latest practices in Korea. By comparing to Korea, we will get the weak points of China that Bankruptcy Reorganization is restricted in the use of range. Because the qualification is dim and the provision of the applicant is too sole. All the same, the drafters and vote and proof of plan of Reorganization are not consummate. The problems in the development of Bankruptcy Reorganization should be solved and the solutions could be learned from Korea. Bankruptcy Combination of Korea has expanded the applications and sets up the administration of the court and imports drafts of Clearing Plan and drafts of Beforehand Plan into it.