Research On Legal Issues Of Debt-to-Equity Swap In Bankruptcy Restructuring Procedure

"Debt-to-equity swap" and "bankruptcy reorganization" are two key words since the central government initiated the supply-side structural reform.In particular,the central bank has set aside 500 billion yuan for market-oriented debt-to-equity swaps,and "debt-equity swaps" have once again become the market's attention.?Market-based debt-to-equity swaps,as one of the main ways of debt restructuring in corporate restructuring procedures,provide a flexible approach to bankruptcy reorganization,and bankruptcy reorganization provides an effective path for market-based debt-to-equity swaps with its judicial process advantages.Enterprises in the bankruptcy and reorganization to promote the market-oriented debt-to-equity swap model,the purpose is to reduce corporate debt,to avoid the debt burden is too heavy to go bankruptcy liquidation;creditors in the settlement plan agreed to carry out debt-to-equity swap,in addition to taking into account the enterprise also has investment value,Compared with the company's liquidation and settlement,it can get more benefits,and it also promotes the current adjustment of the supply structure and the economic growth momentum.In the history of our country,we have tried a policy-based debt-to-equity swap.The market-oriented debt-to-equity swap has been slow to develop,and there is no specific policy,laws and regulations to support it.It makes the use of debt-to-equity swaps in bankruptcy and reorganization difficult.This article is based on theory and practice.From the perspective of the concept and characteristics of debt-to-equity swaps in bankruptcy reorganization,this paper analyzes the status quo of debt-to-equity swaps,focuses on the specific legal issues arising from debt-for-equity swaps,and proposes solutions based on specific issues.The framework of this paper is divided into introduction,body and conclusion.The main body consists of four parts:The first part is about the overview of debt-to-equity swap in bankruptcy reorganization.Debt-to-equity swap is the behavior of creditors to convert their corporate creditor's rights into equity.According to the different stages of implementation,it can be divided into debt-to-equity swap in normal operation and debt-to-equity swap in bankruptcy reorganization,and policy debt-to-to-equity SW Firm debt-to-equity swap and debt-to-equity swap have special attributes in bankruptcy reorganization procedures.The second part is the current situation of debt-to-equity swap in bankruptcy reorganization,including the legislative status and implementation status;the third part focuses on the legal problems encountered in the implementation of bankruptcy reorganization,including the lack of legislative basis,the conflict between debt-to-equity swap and other laws,and the specific applicable rules.There are three controversial issues;the fourth part is to put forward suggestions to improve the specific problems in the implementation of debt-to-equity swap in bankruptcy reorganization,to improve the legislative system,to clarify the specific rules of debt-to-equity swap implementation,to coordinate conflicts with other laws based on the Bankruptcy Law,to solve the disputes of rules through judicial interpretation of the Bankruptcy Law,and to improve the practice of debt-to-equity swap in the re organ shin.