A Legal And Economic Analysis Of Self-managing Ddebtor's Rights And Obligations In Bankruptcy Reorganization

Under the current market economy environment,the enterprise is the main body of a country's economic activity.The enterprise forms various interest relations with other social subjects in the management activities,and the success or failure of the enterprise management is related to the interests of the multi-party subjects.In order to avoid loss of creditors' interests and employees' interests and waste of social and economic resources caused bybankruptcy,most countries have established a reorganization system in their legislation,which gives the troubled enterprises which still have the possibility of rescue a chance to be reborn.The<Enterprise Bankruptcy Law of the People's Republic of China>,which has been in effect since 2007,has also established the reorganization system,and adopted the mode of selecting the reformer.It takes the manager as the reformer as the routine,at the same time,upon approval of the application,the debtor also can manage the reorganization affairs on its own.Due to the relative lack of professional bankruptcy management personnel in China,it is difficult to adapt to the actual needs,so the restructuring of the debtor self-management has a greater possibility of application.However,at present,the legal rules of the self-management system of the debtor in China are relatively simple,especially for the unclear regulation of the rights and obligations of the self-managing debtor,which leads to the dilemma in the application of the system,so it is necessary to explore the perfection of the legislation in theory.The innovation of this paper lies in the use of economic analysis of law and related theories to explore the boundaries of the rights of self-managing debtors in China and the obligations that should be assumed.In this way,it explores the status of the debtor's information superiority and the legal risk that may be triggered,the cost of the debtor's right of abuse under the initial right configuration,and the extension of the debtor's obligation of fiduciary obligation and the principle of imputation of the breach of the obligation.Thus it is clear that the following measures should be taken:strengthen the debtor's obligation to disclose information;perfect the binding mechanism to the debtor;and apply the principle of general negligence to imputation for the breach of the obligation of fiduciary.Finally,the author puts forward some suggestions on the establishment of the right structure and obligation system of the debtor's self-management system in China.