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Legal Analysis On Information Disclosure Institutions In Bankruptcy Reorganization System

Posted on:2013-03-21Degree:MasterType:Thesis
Country:ChinaCandidate:T T ShenFull Text:PDF
GTID:2246330374974243Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Asymmetric information is everywhere, and is also the case inthe bankruptcy reorganization.The restructuring of the partiesaround the restructuring agreement to rationalize the existing netasset value and the allocation of future profit opportunities in aseries of negotiations. The court is also an important side of thegame.The restructuring program is a continuation of the competitionin the market, its real value is to provide a smooth flow ofinformation through a variety of legal means, centralizedprocessing of claims and liabilities of the judicial platform, andretains the power of the final judicial intervention. This means thatthe primary goal of the restructuring of the system is to ensure that the main players in the market can effectively through independentnegotiations and arrangements of self-interests to protect, assigntheir respective interests. The basic operating mechanism is therational decision of the party,the relationship between parties. Thepremise of rational decision-making, the necessary condition isthat the parties must be given enough to make sufficientinformation for effective judgment. The necessary intervention ofthe Court must also be information.The success of restructuring from the outset to showinformation distribution is very uneven, asymmetric information isextremely serious, multiple conflicts of interests caused by theinformation costs and the resulting high cost of negotiations, evenenough to directly affect the re-engineering.Restructuring program of the smooth, effective operation, therestructuring program adopted by vote, the protection of theinterests of all parties and the balance can not be separated froma flow of information in decision-making environment. Therestructuring program itself should be a concentrated parties,platforms, is a center of information and decision-making, is ajudicial construct of "information market".The law as to build and defenders of this "market" should dois how the disclosure regime to eliminate the negative impact of this asymmetry. This is the purpose of this paper, the significanceof.The paper is divided into three chapters, each chapter is asfollows:The first chapter the main content of the informationdisclosure of genetic analysis, can be divided into two parts. Thefirst is an overview of asymmetric information, including anoverview of the information, the hazards of asymmetric informationon the prevalence and causes of asymmetric information to solve.Followed by asymmetric information, an overview ofreorganization, restructuring procedures and information game,the information in the reorganization proceedings of theimportance of asymmetric information and information costs,asymmetric information, strategic choice of the parties and itsimpact possible remedies, under asymmetric information.The main content of the second chapter of the principle ofinformation disclosure.Information disclosure principle applies notonly to the legislative rules to establish the system perfect, alsoapplies to the judicial practice in the courts to restructure theinformation disclosure system, the grasp of the rules and use. Theprinciple of information disclosure consists of four parts: theprinciple of balance of interests, the principle of good faith, fully the principles and the principle of efficiency. The four principles areessential to jointly play a guiding role.The main content of the third chapter is a specific set ofinformation disclosure rules. It includes the legislative mode ofinformation disclosure rules and selection, the disclosure obligorrules set, disclosure standards and content rules set, thedisclosure of the way time and other rules set. The four parts ofthe basic structure of the information disclosure system of rules, isthe core content of the information disclosure rulesinstitutionalized theory of operation.
Keywords/Search Tags:bankruptcy, reorganization, restructure, informationdisclosure, information asymmetry
PDF Full Text Request
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