On The Restrictions Of Equity-transfer Under Bankruptcy Reorganization

Most countries in the world have recognized the value of reorganization,no except of China.We enforced Bankruptcy Law in 2007,which brought in reorganization.There are multiple parties participating in the reorganization proceeding,and different kinds of interest pool.So the legislator needs to set up a system to distribute and guide the interests of all parties.Setting restrictions on equity-transfer during reorganization is able to unite all parties to resolve business failure of debtor by figuring out the collective goal to bind all parties.However,its fundamental functions suffered from relatively substantive defects,and it is too far to say that its derivative functions have been quite well regarded;which have led to interests-imbalance and obstacles in pushing the proceeding.In addition to the introduction,this article is divided into four chapters:Chapter one identifies the basic meanings of setting restrictions on equity-transfer during reorganization,mainly by introducing its connotation,distinctions of restrictions on equity-transfer among Bankruptcy Law,Corporation Law and Security Law,further analyzing its theory-basis and value-basis to rationalize and justify it.Chapter two catalogues disputes deduced from premising disputes which had happened,of restrictions on equity-transfer which are likely to happen in our social life.In the following,extract law loopholes existing in those disputes,and dig out the problems happening when it runs.Chapter three contrasts the legislation-purposes between four foreign countries and us to find out similar mechanisms to restrictions on equity-transfer during reorganization adopted by those foreign countries,which include Germany,Japan,America and Britain.Focus on their Bankruptcy Laws and documents like these to research their concrete rules.Chapter four firstly summarizes the defects of rules which our mechanism consists of based on analysis in the above three parts.Then make judgment on different mechanisms which own similar value-features,and pick up one approach matching our circumstance.Finally,offer a few suggestions related to both primary and derivative functions to improve the picked-up mechanism.