Research On Several Issues Of Corporate Bankruptcy And Reorganization

China introduced the bankruptcy reorganization system in 2007.Since its operation,various problems have arisen in the aspects of the start of reorganization plan,the subdivision of reorganization application subject,the protection of secured creditor's interests,the selection and remuneration of bankruptcy administrator,the application of court's compulsory approval right,the limitation of debtor's operation and management right,and the voting rules for the adjustment of investor's rights and interests.This paper will combine 109 cases of corporate bankruptcy and reorganization practice,grasp several issues that emerge in the case,and propose countermeasures to improve the corporate bankruptcy and reorganization system from the perspective of case analysis.The first part is about the theoretical analysis of enterprise bankruptcy reorganization.In this part,the author defines the concept of enterprise bankruptcy reorganization by referring to the theory of foreign legislation and analysis scholars,defines the division standard of small and medium-sized enterprises and large-sized enterprises,analyzes the value and features of enterprise bankruptcy reorganization,so as to clarify the main concepts involved in this paper,delimit the research scope of this paper,and discusses the significance and value of this article's study of the bankruptcy reorganization system.The second part is the practice and case type analysis of enterprise bankruptcy reorganization in China.In this part,the author reviews the course of the bankruptcy reorganization legislation in New China,introduces the practical background of the enterprise bankruptcy reorganization practice in China,and introduces the bankruptcy trial work in recent years,especially the bankruptcy reorganization trial work according to the data of the Supreme People's court.In addition,this part makes a typological analysis of109 cases studied in this paper based on the first part of the clear division standard of small and medium-sized enterprises and large enterprises.In this section,the author does not introduce the case to the reader in detail,but uses the method of table enumeration.First,because of the limited space,the author collected many cases to expose more problems as much as possible,which could not be presented in the full text.Second,there is no need to stack up the case situation,and only presenting the key information in the case in a chart format can let the readers have a certain understanding of the case situation.The problems involved in small and medium-sized enterprises mainly include too long bankruptcy reorganization time,and the operation and management rights of debtors are excessively limited,as well as the way of competition and recommendation to appoint administrators in the judicial practice of bankruptcy and reorganization of small and medium-sized enterprises.The reason why the author repeats the problems of the length of bankruptcy reorganization and the way of appointing the administrator in the two categories is that the same problem has different characteristics and internal reasons in large enterprises and small and medium enterprises.In order to better illustrate the problem,this part interspersed with the case,such as the lack of incentives for the reorganization applicant,using the case of Yunwei shares where the debtor did not actively file the reorganization application when the enterprise was on the verge of bankruptcy.The fourth part is the countermeasure research part.In view of the problems summarized in the third part,this part puts forward some countermeasures to improve the enterprise bankruptcy reorganizationsystem,including refining the article structure,improving the legal basis,strengthening the filing guidance,encouraging the parties to apply for bankruptcy reorganization,combining the advantages of the way of appointment of the administrator,clarifying the remuneration standard of the administrator,strengthening the protection of the rights and interests of the investors,and we should strengthen the protection of the interests of the secured creditors,restrict the court's compulsory approval right to the reorganization plan,and give priority to the self-management mode of the debtors of small and medium-sized enterprises.As the question of whether the “debt-to-equity swap” mentioned in Part 3 should be voted separately is only a matter of controversy,and in the analysis of the problem,the author believes that the current practice should be maintained and that the “debt-to-equity” plan should not be voted separately.Part of the countermeasures that do not involve the "debt-to-equity" voting plan.Through the discussion of this paper,the author hopes that all parties can deepen their understanding of the problem,so as to improve the operation efficiency of the enterprise bankruptcy reorganization system and the success rate of the enterprise bankruptcy reorganization,so that the enterprises in distress can realize the revival faster and better,and create greater social value.