Research On The Information Disclosure System In Bankruptcy Reorganization

With the implementation of the national policy of "three go,one drop and one supplement ",the bankruptcy reorganization system of our country has gradually changed from the original maximization of protecting the interests of creditors to taking into account the needs of all parties,improving the management difficulties of the reorganization enterprises,stimulating the vitality of the enterprises,and promoting the harmonious development of the reorganization enterprises.But in practice,there is no lack of debt evasion and bankruptcy reorganization,damage to creditors and other stakeholders' rights and interests.The reason for this phenomenon is the lack of information disclosure system.The widespread information asymmetry makes the knowledge of the reorganization process depend on the reformer and the creditor in the weak position of information Information disclosure by the agent.If the disclosure obligor does not perform the corresponding obligation actively,the creditor can not make an effective judgment on the reorganization,and then veto the reorganization plan.Therefore,timely and sufficient information disclosure is the key to ensure the orderly conduct of reorganization procedures.At present,for our country,the bankruptcy reorganization system has been incorporated into the bankruptcy law since 2007,which started later than some developed countries.There are some deficiencies in the system design,which makes the judge's discretion too large in the process of judicial practice.As far as bankruptcy reorganization is concerned,although the bankruptcy law of our country adopts a special chapter,it does not pay enough attention to the rules of information disclosure,The provisions of the rules on information disclosure are mostly in principle and are not operable.In judicial practice,the debtor and other use of information advantage status of bankruptcy fraud is common,seriously damage the rights and interests of creditors and other stakeholders,resulting in creditors distrust of the enterprise,reduce the efficiency of reorganization,and greatly affect the success of reorganization.This paper studies the reorganization information disclosure in three chapters.The main content of the first chapter is the theoretical analysis of bankruptcy reorganization information disclosure.The necessity of disclosure of bankruptcy reorganization information is expounded through the angle of information asymmetry theory and interest balance theory.The main content of the second chapter is the current situation and problems of the existing bankruptcy reorganization information disclosure system.Using the classic cases in judicial practice to think deeply and summarize,there may be problems in the aspects of deposit legislation,disclosure obligor,content and legal guarantee,which will lay the foundation for the following.The main content of the third chapter is to perfect the existing reorganization information disclosure system.The comparative analysis method is used to summarize the rules and regulations of information disclosure related to extraterritorial bankruptcy reorganization.Taking the problem as the direction,this paper tries to provide reference for the legal system of bankruptcy reorganization in China from the angle of legislative mode,obligor,content and guarantee system,so as to promote the orderly progress of bankruptcy reorganization.