Research On The Legal System Of Distressed Direct Sale Model In Reorganization

China’s enterprises are in multiple difficulties.The direct sale model in reorganization provides enterprises with ideas to get rid of the difficulties.It has an impact on both enterprises and the market,and has certain economic value,social value and legal value.Although the direct sale model in reorganization has the advantages of short reorganization time and relatively low cost,there are still shortcomings.On the one hand,in terms of substantive rules,the regulations concerning the subjects involved in direct sale model in reorganization of distressed enterprises are not complete enough,the scope of the object that the direct sale model in reorganization points to,that is,the debtor ’s property is not clear enough,and the main The qualitative and standard of business behavior vary.On the other hand,in terms of procedural rules,when the direct sale model in reorganization process is started,whether enterprise reorganizes the reasons,specifically,the main body that can apply for the start of the reorganization process is lacking.When implementing the reorganization plan,the lack of relevant regulations for the reorganization plan change during the implementation process,and the lack of supervision during the reorganization plan execution process,make it possible for companies to commit fraud.The direct sale model in reorganization still has deficiencies in China.When the direct sale model in reorganization process ends,the regulations for determining when to terminate the process are unclear.In addition,there is no provision for the matching system that the direct sale model in reorganization process ends.As a result,the direct sale model in reorganization is not widely applied in China.The direct sale model in reorganization has withstood the test of many cases in practice.When enterprises are facing difficulties,the directsale model in reorganization has undoubtedly become the primary choice for enterprises to achieve rebirth.In the face of the deficiency of the substantive and procedural rules of the direct sale model in reorganization,the countermeasures to improve the legal system of the direct sale model in reorganization of the enterprises in difficulties in China should follow the basic concepts of balancing the interests of multiple subjects,the legitimacy and legality of the procedure,and the equality and efficiency.Starting from two aspects of substantive law and procedural law,this paper clarifies the applicable elements of the direct sale model in reorganization and the scope of debtor’s property,reasonably evaluates the sold assets,continuously improves the relevant contents of the start,execution and termination of the direct sale model in reorganization procedure,pays attention to the supervision of the implementation process of the direct sale model in reorganization,fully guarantees the right to know and the right to dissent among the interest subjects,and plays the important role of the court and the government in the reorganization.Balancing the interests of all parties involved in bankruptcy and help the troubled enterprises to regenerate.