Study On The Legal Issues In The Bankruptcy Reorganization Of Zombie Enterprises In China

Zombie enterprises refer to the debt-ridden enterprises that are hopelessly revived but not subject to bankruptcy due to government bailouts or bank loans and such enterprise normally operate in large scale.Based on investigation of the bankruptcy reorganization of zombie enterprises at home and abroad,this thesis aims to study the legal problems existing in the bankruptcy reorganization of Chinese zombie enterprises from the perspective of bankruptcy law and then puts forward some corresponding countermeasures.Apart from the introduction and conclusion,the thesis is divided into three chapters:The first chapter is an overview of the bankruptcy reorganization of zombie enterprises.Firstly,it elaborates the connotation,essence and basic elements of the bankruptcy reorganization of zombie enterprises,and discusses the theoretical basis of the bankruptcy reorganization system of zombie enter:prises;secondly,it combs the main viewpoints of the definition of zombie enterprises in foreign country,and figures out the essence of zombie enterprise;thirdly,on the basis of investigating and draws lessons from the bankruptcy reorganization practices of Japanese and American Zombie enterprises,By comparison and analysis,it explores the experience and lessons of the extraterritorial law on bankruptcy reorganization of zombie enter:prises,which can be used for reference in China.In chapter 2,on the basis of previous research results and with taking the blank space and difficulties in this research fields into consideration,it aims to discuss three main problems among them:first,the application of bankruptcy reorganization of zombie enterprises,including the choice of disposal methods of zombie enterprises,the judgment of reorganization ability,and the selection between the surviving reorganization or the selling reorganization of zombie enterprises;second,the protection of creditors'interests,which mainly reflected in three aspects:the creditors have no right to participate in the formulation of restructuring plan,the creditors unable to obtain restructuring information in a timely manner and the creditors'interests is vulnerable to the court's enforcement system;third,the recruitment of strategic investors,which is characterized by unclear recruitment subject,unitary recruitment method,and industry-relevance considerations.In chapter 3,as to the problems raised in chapter 2,based on empirical analysis,it aims to explore the way out of bankruptcy reorganization of zombie enterprises,with taking the bankruptcy reorganization case of Chongqing Iron and Steel Co.,Ltd.,as an example,explore the corresponding improvement measures.Firstly,in the selection of the way to govern zombie enterprises,priority should be given to bankruptcy reorganization.Then the judicial organ should judge whether zombie enterprises have the ability of bankruptcy reorganization or not.And it is suggested that the provisions of the positive reasons for bankruptcy reorganization should be added,and the sale of bankruptcy reorganization mode and pre-reorganization system,to explore the multiple restructuring mode should be introduced;Secondly,in order to ensure the smooth implementation of the reorganization plan,and safeguard the interests of creditors,the creditor shall be entitle to participate in the reorganization plan,the bankruptcy reorganization information disclosure system shall be improved,the restrictions to the court for compulsory approved reorganization plan shall be explicit,and add creditors objection relief way.Finally,in order to guarantee the profitability of the zombie companies after reorganization,it also suggests to expand the scale of the investor recruiter,improve market investor recruitment model,recruite investors with industry relevance,and prevent enterprise fall into a zombie state again.