Research On Shareholders’ Rights And Interests In The Bankruptcy Reorganization Of Listed Company

With the enforcement of new bankruptcy law, bankruptcy reorganization system has been a effective means to go through the difficulty and achieve salvation for listed company. Whether the restructuring of listed company can be successful or not concerns the social stability and the regional economic development, for its wide involving range and huge influence degree. Considering all the interested parties and promoting the revival, reorganization system has to confirm, protect and limit the corresponding rights and benefits of relevant party. The shareholders, important interested party in the restructuring of listed company, directly influence the success of reorganization. So the confirmation, protection and limitation of shareholders’ rights and benefits become significantly important. On the one hand, the shareholders as the positive force in restructuring should be endowed with certain rights and interests, such as the right to apply for reorganization, the right to be acknowledged, the right to supervise, the right to vote and so on. And on the other hand, the shareholders’ rights and interests should be limited owing to the self-interest of shareholder, like the limitation of certain shareholders’ equity transfer, the limitation of their control power and lawsuit right, etc. Make a meticulous division between protection and limitation seems necessary. For its particularity, few corresponding legal rule, immature theoretical research and different treatment in practice, how to deal with the shareholders’ rights and benefits appears extraordinarily difficult. In practice, the issue of shareholders’ rights and benefits in listed company’s reorganization becomes more and more, but can’t be solved.Therefore, this paper focuses on the shareholders’ rights and benefits in reorganization of listed company. Combined with the practical experience in the reorganization of listed companies in China, comparing with the representative legislation and operational mode in other countries and China’s Taiwan region, based on two aspects of the protection and reasonable limitation, the paper develops deep consideration and systems analysis on this issue. Meanwhile, in view of the deficiency in the present related law, the paper puts forward some concrete opinions and suggestions to perfect the legal system of shareholders’ rights and benefits in organization of listed company and benefit the solution of the specific problems in judicial practice.