| The fundamental purpose of modern enterprise system is to establish enterprise with market competitiveness, the appearance and development of affiliated enterprise is the inevitable outcome of the establishment of modern enterprise system. But between the affiliated enterprises, the controlling enterprise uses correlation to fraudulently transfer debts and assets, often leading to subordinate enterprise’s personality defects, and serious damage to the subordinate enterprise and other creditor’s rights and interests. Abuse of affiliated enterprise forms constitutes a serious challenge to the existing legal system in many aspects. This paper focuses on the legal challenges to the bankruptcy law and the response supposed to be given by bankruptcy law.How to regulate the legal issue about affiliated enterprises in Chinese bankruptcy law is an urgent task. In America, Court of bankruptcy used the equitable power to create the substantive consolidation doctrine. This article will focus on substantive consolidation doctrine of affiliated enterprises.Except introduction and conclusion, the thesis is considered5chapters:Chapter1brings up the legal problems of affiliated enterprise bankruptcy. This chapter is aimed to analyze the concept and character of the affiliated enterprise. Abuse of affiliated enterprise forms constitutes a serious challenge to the existing legal system in many aspects..Chapter2focuses on the Substantive consolidation doctrine by analyzing some important cases in the American bankruptcy law.Chapter3discusses the relationship between the Substantive consolidation doctrine and "piercing the corporation’s veil", and the relationship between Substantive consolidation doctrine and Deep-Rock Doctrine. The Substantive consolidation doctrine has independent value, and it can’t be replaced by other doctrines.Chapter4analyzes the present systems in our legislation and its defects.Chapter5discusses the adopting of the doctrine in our country. |
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