Study On The System Of The Information Disclosure Of The Bankruptcy And Reorganization Plan Of Listed Companies

The bankruptcy and reorganization of listed companies refer to the legal system in which the listed company reorganizes the creditor's rights and debts of companies through legal process after the occurrence of the inability to pay off the debts due.The reorganization plan is the core of the entire bankruptcy reorganization process,which is agreed by the bankruptcy community.And in the part of the reorganization plan formulation,voting,approval and enforcement,the voting is the most critical,because it means that the relevant rights holders are authorized to reorganize the plan,and the bankruptcy law protects is the rights of creditors in the bankruptcy reorganization and in the insolvency proceedings.However,if the right holders make a decision on whether or not to approve the reorganization plan,it is far from enough.Moreover,the reorganization plan in China is merely a kind of form without substantive texts,so information disclosure is particularly important for the reorganization plan.There are two problems in the information disclosure of the bankruptcy and reorganization plan of listed companies in China.One is the conflict between the existing legal system of securities and the legal system of bankruptcy.The other is the information disclosure of bankruptcy and reorganization,especially a serious lack of requirements for the information discourse of reorganization plan.This paper adopts comparative law to think of the establishment of relevant system in China with reference to the information disclosure system of the United States reorganization plan.Based on the empirical analysis,this paper makes a brief summary of the reorganization of listed companies in China for ten years since the implementation of the Bankruptcy Law in 2007,and the typical cases are analyzed.This paper is divided into four chapters.The first chapter mainly analyzes the status quo of information disclosure of the reorganization plan of listed companies in China,including the legal provisions of the existing laws of securities and bankruptcy laws on the reorganization plan information disclosure,and the judicial information disclosure progress status.According to the above discussion,this chapter sums up the two main issues that the current reorganization plan information disclosure faced in China.The second chapter is the analysis of the legal basis of the information disclosure of the reorganization plan.For the listed companies,the information disclosure has been carried out,but this information disclosure is conventional in the process of corporate governance,and the situation of bankruptcy and reorganization of the listed companies is rather special which is also discussed for this particularity in this chapter.It also discusses the standard of information disclosure in the reorganization plan.In addition to discussing the “full information” carried out by the United States.The third chapter discusses the information disclosure that should be adopted in China based on the content and manner of information disclosure.The fourth chapter focuses on the establishment of the information disclosure rules system of the reorganization plan.It mainly puts forward some suggestions on the establishment of the information disclosure system from the aspects of the system of information disclosure,the main body of information disclosure,the main body of supervision and the legal liability.The selection of main body of supervision answers to the first question in the first chapter.And the other part of this chapter and the discussion the content and manner answer to second question in the first chapter.