Research On Substantive Consolidation Doctrine Of The Affiliated Enterprise In Bankruptcy

With the improvement of China’s social and economic development level,especially the development of the capital market and the introduction of modern enterprise systems,affiliated companies have been able to generate and develop rapidly,and have gradually become an important economic form of the market economy.At the same time,affiliated companies have their own special corporate structures.And the business model has brought a lot of legal problems,especially the bankruptcy of affiliated companies.This article first takes the representative bankruptcy case of an affiliated company as a starting point,then discusses the legal issues of bankruptcy of affiliated companies,and induces the impact of affiliated company bankruptcy on the traditional company law.Secondly,it briefly introduces the legal regulation methods and limitations of the bankruptcy laws of the related companies in our country at the present stage,and discusses the necessity of the introduction of the principle of substantial merger in our country’s legislation.The comparative method is used again to compare the relationship between the substantive merger principle and other related systems in the bankruptcy law,by briefly introducing the reasons for the emergence of the principle of substantive merger,and the principle of substantial merger in the United States and other bankruptcy laws in more developed countries and regions.The current situation of judicial practice in China’s substantive merger principle has been related to analysis.Finally,in conjunction with the publication of the "Minutes of the National Bankruptcy Trial Conference" by the Supreme People’s Court,from the three aspects of the application of substantive merger principles,procedural rules,and legal validity,it mainly discusses the legislative construction of the principle of substantive merger in the Chinese legal system to better solve problems of affiliated enterprises in bankruptcy.