The Problems And Countermeasures Of China's Bankruptcy Reorganization System

Chinese bankruptcy reorganization,liquidation and reconciliation are three bankruptcy systems,those programs are the core of the bankruptcy law.Although the reorganization was formally introduced into China in 2007,the reorganization system has its own unique advantages in the market.Compared to bankruptcy liquidation and reconciliation,the reorganization can pay more attention to the interests of the community and the legitimate interests of creditors.It is a product of the development of the market economy,but also the most important method to save the company who is in trouble.However,due to the reorganization system was officially entered into the public's eyes ten years ago and started late,the system of reorganization is not perfect,its procedure has a long time,the receivers' choice has a disadvantage,the procedure lacks of corresponding measures,government support and so on.These problems have hindered the process of reorganization.The article is from the aspects of development,finding some problems of reorganization,and then putting forward some ideas.We should simplify the duration of reorganization,reduce the power of the court,expand the scope of supervision,improve the supervision of receivers,and enact the law of tax preference about reorganization,so as to make the bankruptcy reorganization process proceed smoothly.