On Legislation Of Pre-reorganization System

The bankruptcy reorganization system has been criticized for a long time because of the disadvantages of time-consuming,large negative impact,and the pre-reorganization system came into being.It has been recognized as a new type of bankruptcy prevention mechanism in the world.Trying first,forming a pre-restructuring model with Chinese characteristics,played a significant role in the supply-side structural reform.However,the current understanding of pre-reorganization in academic and practical circles is not unified.Not only is there a gap in legislation,but also some difficulties are exposed in practice.It is urgent to regulate pre-reorganization in legislation to achieve a benign operation of localization.After an empirical analysis of 59 pre-reorganization cases in China 's judicial practice and an interpretation of judicial policy documents,it is concluded that China ' s three models of spontaneous reorganization,the pre-reorganization process is very different,and the practical problems of poor connection between the court and the main are There are four: the outcome of out-of-court negotiations is difficult to solidify;the managerial model is rigid;financing is difficult;and the debtor cannot obtain judicial protection.In comparison,examine the different modes of the United States,the United Kingdom,and Japan,explore different countermeasures in the face of the same social needs,and summarize the experience that can be used for me.China can selectively learn from rules such as information disclosure,voting rules and solidification of pre-reorganization plans,court review standards,management models,new financing credit status,and suspension of debt collection notices.The legislation of the pre-reorganization system must be based on China's market and the environment of the rule of law,sum up the successful experience of the judiciary,and integrate into a viable system outside the territory.It is recommended that the bankruptcy law recognize the status of the pre-reorganization system,and establish a core clause that applies the "prohibition of estoppel" to the creditors' consent votes.At the same time,the judicial interpretation is used to stipulate the six-step procedure from the start to the end of the pre-reorganization system.The connection between the early and late stages should implement the solidification of the voting effectiveness of the negotiation plan,and the solution to the other three connection problems requires the implementation of a mixed management model of debtors and managers;The newly-increased financing is regarded as "common beneficial debt" to be paid off at any time;a judicial record protection mechanism for the debtor shall be established.The establishment and improvement of China's pre-reorganization system has strong theoretical and practical significance for China's bankruptcy reorganization trial system.