| Bankruptcy liquidation system, bankruptcy reconciliation system and bankruptcy reorganization system constitute the overall bankruptcy system in every country.Though bankruptcy reorganization system is gradually developed on the basis of the other two parts, it differs largely from them. Reorganization is a system made to help companies that are likely to go broke or worried about going into bankruptcy get rid of their bankrupt finance and management bottleneck by organizing relevant interested party to participate, after the application of the interested party and under the approval and the auspices of court, and by drawing up a project of redemption of debts.Bankruptcy reorganization system plays an important role in modern bankruptcy system and it is established and improved in all countries in the world.As such a system that can save the debtor that in insolvency and make it to be fresh start,the reorganization system undoubtedly has many advantages.However,should the system of information disclosure is unable to get better improvement, it will be impossible to get a balanced relation of individual interests and social interests and to resolve the conflict between the general and individual justice.In the recent system of information disclosure of the “Bankruptcy Law”in China, only the debtor and the manager are stipulated as subject of duty, obviously too narrow for the subject of duty of information disclosure. At the same time, in the initial phase of the reorganization program, the information disclosure is delayed. And it is not specific before the reorganization plan is decided by vote. All above suggest that the reorganization system not only has a lot of flaws and deficiencies in legislature, but has massive false and missing information emerging one after another. In light of the real situation of the broken reorganization system in China, the task of the reconstitutionand improvement of the bankruptcy reorganization system of information disclosure is naturally taking on more urgency.Through an observation of the information disclosure system of the bankruptcy law overseas, we have found two kinds of legislative approaches in general--first by setting up a specific system like the American system of information disclosure and secondly by stipulating the relevant thorough content separately in various clauses of the bankruptcy law,thereby forming a systematic regime, like Germany or Japan does.However, such a division is a relative term. The United Kingdom has not only regulated dispersedly in each part of the clauses various provisions at large concerned about information disclosure, but also has established specialized system, such as bankruptcy investigations and public inquiries. In general, China should study the valuable experience of other countries and copy their regulations in a reasonable way.On the one hand, to include the restructuring side and the company stuff in the scope of the subjects of duty of information disclosure, so as to be more beneficial to the course of the bankruptcy reorganization of companies. On the other hand, it is necessary to make the content of information disclosure clear, which means those content expected to be disclosed and to what extent should be clarified. Of course, such a disclosure should depend on a proper safeguard mechanism, and the foreign laws clearly stipulate the administrative responsibility, civil responsibility or criminal responsibility in case of the violation of the regulation. In fact, the Chinese law in this respect is incomplete. In terms of the recent decentralized situation of the Chinese legislature,China should dedicate itself to a systematic work on the basis of the existing law system by including the stakeholder theory and the interest balance theory in there, as well as importing the systems of bankruptcy investigations and public inquires, so as to establish a complete guarantee mechanism for disclosure of information. |
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