Study On The Legal Issues Of Bankruptcy Reorganization Of Zombie Enterprise

Zombie enterprise is a rigid and immortal enterprise,which has bankruptcy conditions in essence,but it can't go bankrupt due to government subsidies,bank credit and other reasons,so it can continue to operate formally.Under the background of China's economic structure transformation and improvement,The 2018 government economic work conference clearly proposed to strengthen supply side structural reform and stimulate initiative of economic subjects and other work.The existence of zombie enterprises is an important factor affecting economic development.Due to the long-term production and operation difficulties,resulting in overcapacity and financial crisis,the zombie enterprises occupy high-quality social resources for a long time Source,destroy the competitive environment under the market economy.The longer it exists,the more likely it will lead to the social effect of "bad currency expelling good currency" due to the unreasonable allocation of resources.In view of the problems existing in zombie enterprises,it is bound to deal with them.Although there will be short-term pain,it is of great benefit to the long-term and stable development of the economy.Compared with other judicial disposal of zombie enterprises,bankruptcy reorganization is more in line with the value concept of clearing up debts and rescuing crisis enterprises: bankruptcy reorganization is a means to protect private rights to the maximum extent,which can stimulate the production capacity of enterprises,restore the hematopoietic function of enterprises and realize the optimal allocation of resources,and ultimately help enterprises to regain life.Therefore,according to the particularity of zombie enterprises,reorganization system is considered as one of the priority to save zombie enterprises.First of all,the paper introduces the cases of zombie enterprise reorganization and the legal problems caused by them.Through the analysis of two typical cases,and extract the legal problems caused by them.Secondly,starting from the concept of zombie enterprises,this paper expounds the definition and identification standards of zombie enterprises,the concept,characteristics and value of bankruptcy reorganization,and the significance of bankruptcy reorganization of zombie enterprises.Thirdly,it analyzes the main legal problems in theprocess of the reorganization of zombie enterprises,including the difficulty of the reorganization of zombie enterprises,the imperfect supervision mechanism of managers,the unclear compulsory approval system of the court,the difficulty of protecting the interests of creditors,and the lack of investor recruitment system.Finally,this paper puts forward some feasible suggestions for the current legal problems in the reorganization of zombie enterprises,including establishing the preparation system before reorganization,optimizing the supervision of the bankruptcy administrator,improving the implementation norms of the court's compulsory approval right,further strengthening the protection of the interests of creditors and building a reasonable investor recruitment system.