The Legal Configuration Of The Bankruptcy Reorganization Assets Management Control Power

In-depth discussion of enterprise life cycle theory and the guidance of legal norms makes more and more enterprises with regeneration hope wish that through reforming system to get rebirth,creditors also want to improve their rights by improving the pay off rate,the government hopes to spur the growth of social interests and avoid the waste of social resources via the enterprise restructuring.Reorganizing as a kind of regeneration system of enterprise,plays a crucial part in the bankruptcy law legislation and judicial practice.The debtor property can be value-added is the premise of successful restructuring,this leads to the management of the bankruptcy reorganization assets become very important.Any kind of business is to establish a set of rules under the leadership of the subject,and then carry out the process of specific business activities.In the process of operation,the subject-who is responsible for business activities take the first position.Only by determining the subject can we design the specific system to ensure the continuity and efficiency of the operation,then achieve successful operations.The subject is particularly important in the management of the bankruptcy reorganization assets,because the company's situation is very complicated if it enters the reorganizing process,the process is full of contradictions and conflicts of interest.A slight misstep can led to the process cannot be started,or lead to it is forced to end after consuming huge costs.The subject of the reorganizing process also have control power over it,the power is crucial to the asset management and even the whole company reorganization is basically around the reforming operational control power.What kind of power it is,what is the specific content of it,what people will have the power,the reason is why,when the subjects inappropriate use of this power,what measures can be taken to remedy the related interest subjects' benefits,what is the world mainstream mode and how's the mode operate in China's current bankruptcy law.These issues are all related to reforming management control power.This article is divided into four parts to carry on detailed introductions of the bankruptcy reorganization assets management control power :The first chapter,the summary of the management control power.As the opening of this essay,the author mainly focus on the basic theory problems.Firstly,the author puts forward the value of the legal configuration of the bankruptcy reorganization assets management power: It is possible to change the vacuum of property rights under conflicts of interest and reflects the tendency and selection process of the law to various interests.Secondly,the author introduces the characteristics as well as the content of this kind of management control power,and based on this introduction to create the framework of the definition.Finally,the author argues that: When we are in the process of configured,we need to consider two factors,one is closely around achieving the value of the bankruptcy reorganization system,the other is the full play of the legal system.The second chapter,the ownership of the eventually management control power.Based on the hierarchical state of the operational control power-that is the ultimate control power and the specific management power belong to different subject pointed out in the first chapter.In this chapter,the author will introduce in a large number of stakeholders,who should have the final control power and how will they exercise their rights.Through the study of the residual claim theory of economics and the institutional value of reorganization,the author thinks that the creditors should have this ultimate control power,the creditors exercise the power on the premise of fully disclosure and smooth channels.The third chapter,the ownership of the specific management control power.This chapter analyze two specific control configuration mode,one is DIP,while another is bankruptcy manager.The author has carried on a comparative study from the background of rise,the specific powers,the respective advantages and disadvantages as well as the present situation of each modes based on the research of the typical country.The fourth chapter,the configuration of our country.In this chapter,the author will from the final and the specific operation control configuration to analyze the problems existing in our current mode and how can we improve the system in China.Through the study of Chinese Bankruptcy Law,the author found that: In our country,the ultimate operational control power also belongs to the creditors,but what the rights specifically contain is ambiguous and lack of right remedy channels.In this context,the author thinks that the legislation should give creditors a certain number of important specific rights and limit the overuse of public power.In specific management control configuration,the law stipulates that the manager management has a superior position than the debtor management.Due to the historical background of this configuration mode have largely vanished,so the author suggests that we should pay more attention to the role of the debtor to manage as well as improve the manager management system.