Research On Sale Type Reorganization System

The sale type reorganization is an innovative product of the reorganization system in the exploration of bankruptcy practice.It is a new reorganization mode that combines the content of the continuous reorganization and the bankruptcy liquidation procedure.Therefore,the sale type reorganization has the system value which is different from the survival type reorganization and the bankruptcy liquidation procedure.In terms of economic value,the sale reorganization helps to improve the efficiency of reorganization,reduce the cost of reorganization,and give full play to the operating value of reorganization enterprises;in terms of social value,the sale reorganization helps to reduce employee unemployment,maintain social stability,and maintain social public interests.Although there is no clear stipulation in the bankruptcy law of our country,there is still room for application.The so-called practice shows the true knowledge,while the sale reorganization produces the beneficial experience in the bankruptcy practice of our country,it also exposes the dilemma existing in the application of the sale reorganization in our country: first,the lack of clear legal norms leads to the confusion inpractice;second,the lack of corresponding matching system is not conducive to the completion of the operation process of the sale reorganization;third,the lack of the support of the bankruptcy culture Not to be understood.In order to provide more diversified path choice for reorganization enterprises and give full play to the system value of sale reorganization,it is necessary to design the specific system of sale reorganization.On the premise of determining the applicable principle of the sale type reorganization,on the entity level,the applicable subject of the sale type reorganization shall be defined,the sale plan shall be added to the reorganization plan,and the information disclosure system shall be improved;on the procedural level,the judicial review standard shall be detailed,and the necessity of the sale behavior and the appropriateness of the sale contract shall be strictly reviewed.In view of the externality of the bankruptcy law,relying on the bankruptcy law itself can not solve all the problems in the sell-off reorganization,it is necessary to establish a supporting system of the sell-off reorganization.In this regard,the author puts forward the following four suggestions: first,optimize the asset pricing mechanism to provide a reasonable pricing for the core assets of troubled enterprises;second,improve the investor selection mechanism to select a suitable "White Knight" for troubled enterprises;The third is to increase the crime of bankruptcy fraud in order to crack down on the useof sale type reorganization for bankruptcy fraud;the fourth is to formulate necessary tax preferential policies to reduce the burden of reorganization enterprises and investors in the sale type reorganization.