Research On The Sale-type Bankruptcy Reorganization System

In recent years,the rescue and exit mechanism of China's market players has gradually improved.As the most active and effective way to prevent corporate bankruptcy,the restructuring system has plays an important role in saving distressed enterprises and helping them to regenerate.However,in China's traditional surviving reorganization,problems such as long time consuming,high cost,and residual debt risk make it difficult for the debtor enterprise to reorganize to achieve the expected results.On the other hand,the sale-type bankruptcy reorganization that is widely used in foreign countries is based on the concept of "replacement and regeneration",and realizes the reform by selling the business assets of the debtor enterprise as a whole.The exploratory application in China has achieved good results that fully reflecting its multi-faceted institutional advantages.However,due to the lack of related concepts in China and the absence of legal systems and supporting systems,the application of sale-type bankruptcy reorganization in China is facing a certain practical dilemma.Therefore,it is necessary for us to seriously examine the value of sale-type reorganization,improve China's sale-type bankruptcy reorganization system,realize the diversified development of the reform model,and promote the optimization of the business environment.This thesis uses inductive analysis,case analysis and other research methods to study the sale-type bankruptcy reorganization system.In addition to the introduction and conclusion,the full text is divided into the following five parts.The first part studies the general theory of the sale-type bankruptcy and reorganization system,which mainly includes its connotation,nature and type.First of all,a comparative study of the three modes of reorganization is conducted to summarize the connotation of sale-type reformation.Secondly,it analyzes the fundamental purpose of the reorganization system,andconcludes that the nature of sale-type reorganization is reorganization,not bankruptcy liquidation,and analyze the difference between the two.Finally introduce two types of sale-style reorganization,asset sale-type reorganization and equity sale-type reorganization,and analyze their advantages and disadvantages.The second part discusses the necessity and feasibility of the sale-type reformation system in China.By analyzing the difficulties faced by surviving reformation and the institutional advantages of sale-type reorganization,the necessity of the application of sale-type reorganization in China is demonstrated,and then from the theoretical basis,the applicable space under the legal framework of our country,and judicial practice experience,this thesis analyzes the feasibility of sale-type reorganization in China.The third part studies the judicial application and dilemma of sale-type reorganization in China.Based on the starting point of the reorganization case of Juchuang Textile Co.,Ltd.and the merger and reorganization case of the concave-convex enterprise,the current situation of the application of sale-type reorganization in China is analyzed,and advanced experience is summarized.It also summarizes the real difficulties faced by China's sale-type reorganization from the three aspects of the idea of sale-type reformation,the lack of legal system and supporting systems.The fourth part introduces the US experience of the sale-type reorganization system.Starting from the two aspects of legal basis and judicial practice,this article analyzes the main legal basis applicable to the U.S.sales reformation based on Article 363 of the US Bankruptcy Code,and introduces the Chrysler reorganization case and GM reorganization case,showing the U.S.sale-type reformation system.On this basis,the similarities and differences of the application of the sale-type reform in China and the United States are summarized in order to provide a reference for the improvement of China's system.The fifth part discusses the improvement of the sale-type bankruptcyand reorganization system in China.Based on the dilemma faced by China's sale-type reform,it appropriately draws on the experience of the United States,and puts forward specific suggestions from three aspects: philosophy,legal system and supporting system.Specifically,it includes cultivating the sale-type reorganization concept,formulating general provisions,improving implementation paths,and refining specific rules.This is complemented by supporting systems such as the business transfer system,bankruptcy risk prevention,and bankruptcy contacts.The sale-type bankruptcy reorganization system in China will plays a huge role in judicial practice.