Research On The Construction Of Prepackaged System On China's Enterprise Bankruptcy

At present,China has two modes of sorting and saving debts of troubled enterprises:out-of-court restructuring and judicial reorganization implemented in accordance with the Bankruptcy Law.Practice has shown that negotiations in out-of-court restructuring are difficult and inefficient,while judicial reorganization costs too much and the success rate cannot be guaranteed.The shortcomings of the traditional reorganization model are apparent.Through the exploration of the reforming process in various countries,combining the respective advantages of the traditional reforming mode and the out-of-court reorganization,a third reorganization is formed.Prepackaged bankruptcy is not a replacement mechanism.It is characterized by being able to negotiate with other stakeholders before entering the judicial process to form a prepackaged plan,and then confirm this plan in the reformation process.Does China's Bankruptcy Law require a prepackaged system?Is it feasible to build this system?Where is the key to build?In order to answer the above questions,this article studies the construction of the prepackaged system in China,hoping to improve the efficiency of the reconstruction,protect the principal rights and interests of related parties,and work with the restructuring and reorganization system to improve China's bankruptcy law system.The article mainly includes five aspects:the first part analyzes the problems existing in China's current reforming system,and applies prepackaged as a new model.It can overcome the limitations of two systems and play their respective roles,which lays the foundation for the following discussion.The second part is to explain the basic theory of the prepackaged system,explain its necessity and value,and the 2 models of prepackaged in practice.The third part mainly discusses the feasibility of constructing the prepackaged system in China.At present,there are relevant judicial regulations in various parts of China,and a large amount of reforming experience and practical operations have provided realistic possibilities for the establishment of China's prepackaged system.By studying the information disclosure and negotiation mechanism in foreign bankruptcy law,we can help China to clear the guidelines and operate rules as soon as possible.The fourth part is to analyze and discuss the core points of the current prepackaged system.This avoids the limitations brought by its rapid development.The last part is to put forward specific legislative suggestions for prepackaged.Based on this,it is hoped that on the basis of clarifying the reorganization standards of bankrupt enterprises,the negotiation and the transitional procedures of judicial procedures will be optimized,and formulate an efficient and fair reorganization plan.