On The Application Of Bankruptcy System In Affiliated Enterprises In China

The rapid development of the modern economy,as a product of adapting to economic globalization,has become an indispensable part of today’s corporate system.However,various problems have also come to the fore.It has become an irresistible trend for affiliated companies to seek joint growth through joint operations.However,there are a large number of mixed assets,personnel,institutions,etc.between enterprises,controlling enterprises to abuse related transactions and transporting illegitimate interests,resulting in subordinates.Unjustified corporate interests have been damaged,and even led to bankruptcy liquidation,which has affected the fairness of external creditors.In this regard,this paper is based on the study of the characteristics of related enterprises,on the one hand to analyze how the transfer of illegitimate interests within affiliated companies harms the interests of external creditors.On the other hand,it studies the defects of the existing bankruptcy law system(opening the corporate veil,bankruptcy invalidation system,bankruptcy revocation system)in regulating the bankruptcy of affiliated enterprises.By exploring the characteristics of the substantive merger system,this paper analyzes the evolution of the substantive merger system in the US bankruptcy law,and finally proposes to incorporate the substantive merger system into the legislative system of China by weighing the advantages and disadvantages of substantive merger in bankruptcy practice.Add a special chapter on "Affiliated Companies" and supplement the recommendations of relevant judicial interpretations.Based on the above ideas,this paper is divided into four parts:In the first part: Asking questions,that is,what is the affiliated enterprise,what kind of improper related transactions exist in the affiliated enterprises,and how these unfair trades have affected the current legal system,and our legal system regulates the bankruptcy of related enterprises.What are the deficiencies? Furthermore,it introduces the necessity of introducing the merger and bankruptcy system in China,and introduces the institutional value of the merger and bankruptcy.In the second part: analysis of the feasibility and rationality of introducing the merger bankruptcy system.By studying the legal basis of the merger bankruptcy system,it proves that the consolidated bankruptcy system has a strong legal theory soil in China,and then through the case analysis of the US merger and bankruptcy,it is proved that the success of the merger bankruptcy system in foreign countries is of great significance for China to deal withthe bankruptcy of affiliated enterprises.Learn from the meaning.In the third part: Exploring the legislative design and operation problems of the merger and bankruptcy system of affiliated enterprises in China,mainly exploring the applicable rules,applicable conditions and applicable procedures of the merger and insolvency system.By analyzing the applicable rules and applicable standards of the combined bankruptcy system,it is discussed whether this system is used together with bankruptcy liquidation and bankruptcy reorganization.Secondly,based on the characteristics of affiliated companies,the applicable conditions for merger and bankruptcy are explored.Finally,in the judicial practice,the issue of the merger and insolvency initiation process and the initiation of the subject is discussed.In the fourth part analyzes the conflicts between the combined bankruptcy system and China’s existing system and its coordination.It mainly discusses the theoretical conflicts between the merger bankruptcy system and the legal personality denial and how to coordinate,as well as the interests of some creditors in the merger bankruptcy.The imbalance and the question of how to protect the program should be,in the end,the system is aimed at the bankruptcy of related companies,and proposes relevant suggestions for the revision of the company law in China.