The Problems And Improvement Of The Bankruptcy Reconciliation System In China

the bankruptcy reconciliation system refers to the debtor with bankruptcy reasons,in order to avoid bankruptcy liquidation,and the creditors meeting reached an agreement to settle the debt by concession method,the agreement is checked by the court after the legal system.Although China's "Bankruptcy Law" stipulates a special bankruptcy settlement system,there are still deficiencies,that is,the lack of a conversion mechanism between the bankruptcy settlement process and the bankruptcy reorganization process and the lack of appropriate restrictions on the security rights in the bankruptcy settlement process.On the one hand,legislation should build a procedure conversion mechanism for bankruptcy reconciliation and reorganization.Based on the consideration of the necessity and practical feasibility of the conversion of the bankruptcy prevention procedure,the legislation should allow the settlement procedure to terminate the forward reorganization procedure,the settlement procedure to terminate the forward reconciliation procedure,and the settlement procedure after the failure Convert.With regard to the initiation of procedure conversion,the initiation of procedure conversion should be based on the principle of proactive application by the bankruptcy party,with the exception of the court ' s voluntary declaration of procedure conversion,and thelegislation should also clearly stipulate the applicant and the conditions for initiation of procedure conversion.With regard to the parties 'application for procedural conversion,the court's review criteria should be based on the necessity and the practical possibility of bankruptcy prevention procedural conversion and the hope of the bankrupt debtor's rescue.In the process of bankruptcy reconciliation and bankruptcy reorganization,the legislation should restrict the time and frequency of the process conversion,the reason for the failure of the settlement,etc.,and the effectiveness of the completed procedures before the process conversion and the resulting common claims Corresponding regulations.On the other hand,legislation should establish an automatic suspension of the security right in the bankruptcy settlement.First,it identifies the starting point of time to stop monetization.From the day when the bankruptcy party submits an application for settlement to the court,the suspension of the security right shall be initiated,and the automatic suspension will continue throughout the entire procedure.Second,to increase the conditions for the restoration of the right of security,if the security right holder lacks sufficient protection or the security property is not essential to the settlement process,the security right holder may apply to the court to release the automatic suspension of the security right.Third,strengthen the detailed identification of value impairment and interest compensation within the scope of secured creditor compensation.If the value of the encumbered property is impaired due to the application of the bankruptcy settlement procedure,the enterprise shall compensate the security right holder to the extent of physical damage;The value of the secured property is limited,and appropriate compensation shall be made for losses suffered by the secured creditor 's interest during the bankruptcy settlement.Fourth,the right of supervision of the collateral holder is granted.The debtor enterprise shall regularly report to the secured creditor and other creditors on the status of their property and the implementation of the settlement agreement;the creditor shall have the right to object to the implementation of the settlement agreement;when the creditors 'meeting votes on the settlement agreement,the secured creditor may attend the meeting and the voting matters shall When it comes to their immediate interests,the secured creditor has the right to speak at the meeting and to vote on related matters.