Legal Research On Information Disclosure In The Bankrupcty Reorganization Of Listed Companies

From the start of the bankruptcy reorganization of listed companies,it shows extreme asymmetric on information distribution.With the listed company falls into bankruptcy reorganization,the shares of the listed company is suspended and the business operation shrinks.If there is no active information disclosure,except for the managers,the other entities and natural persons could not get any information about the business status thereof.The information disclosure of in the bankruptcy reorganization of listed company information disclosure is regulated by the bankruptcy law,as well as the securities law.However,the current of the Enterprise Bankruptcy Law of the People's Republic of China(hereinafter referred to as the Enterprise Bankruptcy Law),the Securities Law of the People's Republic of China(hereinafter referred to as Securities Law)and other related laws and regulations only provide a framework of rules on the information disclosure in the bankruptcy reorganization of listed companies.A lack of information disclosure causes problems in the practice of bankruptcy reorganization.The creditors is often in a state of confrontation against the debtor and the trustee.The creditor does not trust in the trustee believing that his interests is impaired or shall get better compensated.Then,a common case is that the plan or reorganization could not get normal approved by the creditor,and the court passed the plan in its discretion.At present,the legal researches on the information disclosure in the bankruptcy reorganization of listed companies in China mostly stay in the perspective of theoretical level,and related researches from the practical angel is lacked.Accordingly,this article firstly makes a collection of the legal regulations and legal practice on information disclosure,and holds that the main problems therein are a lack of a specific standard and time requirement on information disclosure.This articles argues that the first issue need to be clarified is the relationship between the bankruptcy law and securities law in the research of the legal regulations on the information disclosure in the bankruptcy reorganization of listed companies,and an accompanying issue is that the role of the Securities Regulatory Commission in the bankruptcy reorganization.The experience of the reform of the American Bankruptcy Act in 1978 is very valuable.We shall make use of the advantage of the Securities Regulatory Commission in written disclosure and amend the relevant provisions on information disclosure from the principle of bankruptcy law.The Securities Regulatory Commission shall participate in the review and hearing of disclosure statement.For the concrete design of the system of information disclosure in the bankruptcy reorganization of listed company,the obligor of information disclosure,the content of information disclosure,the method and responsibility of information disclosure,etc.shall be paid attention to.A system of an advanced disclosure statement on the reorganization plan shall be established,and a hearing system of the disclosure statement shall be introduced.