The Research On The Legal System Of Prepackaged Bankruptcy

Prepackaged bankruptcy,is a kind of methods for enterprise asset restructuring which is developed in native American judicial practice. It is the debtor’s plan of reorganization that between tradition pre-reforming and out of court reorganization. It is a reforming model that, first consulting and negotiating with creditors and interested parties in obtaining consent, get a certain proportion of the interested parties, then submit the reforming application to the court. Prepackaged bankruptcy legal system became more and more popular,It’s studied by American judicial practice and law academia since American Crystal Oil Company using prepackaged bankruptcy system jump out of financial distress successfully in 1986. This new type of corporate reforming program not only retained the advantages of traditional reforming, but also avoided restructuring cases falling into a deadlock by the reason of the "nail house" and other issues, and thus reflected its great advantages.In 2005, the United States enacted a new bankruptcy law amendment which affirmed and regulated prepackaged bankruptcy system in the legislative level. In recent years, due to the advantages of the prepackaged bankruptcy legal system are more superior than traditional reforming system and out court restructuring, and it have achieved great achievements in the United States, many countries have introduced prepackaged bankruptcy legal system into their legislation and practice of bankruptcy from the United States. For the troubles encountered by Chinese enterprises during the bankruptcy reorganization process in recent years, the author believes that it is necessary to introduce America’s prepackaged bankruptcy legal system, and establish the new system of bankruptcy reorganization aiming to get rid of the current dilemma of corporate reorganization and problems. Around this center, the body of the article discussed from following four aspects:Chapter I, legal thinking triggered by Yinguangxia reforming. First introduced the brief of Yinguangxia reorganization case, analyzed the crucial reasons of Yinguangxia reorganization falling into a deadlock. Then summarized the characteristics of China’s current reforming system, and pointed out the deficiencies of the existing legal framework for reforming cases, then lead to the pre-reforming system, laying the foundation for the latter part of the article.Chapter II, the legal system of prepackaged bankruptcy and the the analysis on its nature. This chapter introduced the general framework of prepackaged bankruptcy legal system, which can be divided into early work before reforming, processing work after applying to the court and reforming failed. Then the author analyzed the essence of prepackaged bankruptcy legal system. Finally, described the theoretical basis of prepackaged bankruptcy legal system from the perspective of law economics and law sociology.Chapter III, a comparative analysis to the prepackaged bankruptcy legal system. Mainly introduced specific provisions for prepackaged bankruptcy legal system in the United States, and objectively evaluated the limitations of the pre-reformed, with the expected of a reasonable and objective evaluation to the prepackaged bankruptcy legal system.Chapter IV, the conception of structuring prepackaged bankruptcy legal system in China. For the construction and improvement in legislative arrangements, on the basis of the need for introducing the prepackaged bankruptcy legal system to our country, the paper analyzed the pre-feasibility of implanting prepackaged bankruptcy in our current legal system. Then the author pointed out the route selection for China to build the prepackaged bankruptcy legal system. Finally, the author proposed opinions on how to build prepackaged bankruptcy legal system in China.