Research On The Construction Of Prepackaged Bankruptcy System For The Troubled Enterprises In China

As a new system combining the advantages of out-of-court reorganization and bankruptcy reorganization,prepackaged bankruptcy not only exerts party’s autonomy adequately,but also makes use of the judicial force in the process of saving the troubled enterprises,so as to ensure the realization of the value of efficiency and fairness.There is no prepackaged bankruptcy system in Chinese legislation,but there are explorations in judicial practice.This paper will analyze the significance of the prepackaged system in the United States,and combined with the actual situation in China,on the basis of existing exploration,in order to put forward concrete thoughts of constructing the prepackaged bankruptcy system in China.Around this proposition,this paper mainly discusses through three parts:The first part mainly analyzes the foundation of prepackaged bankruptcy system.Prepackaged bankruptcy was originated in the practice of US bankruptcy reorganization and gradually recognized by the US bankruptcy law.Its perfect provisions can be used as a reference for the construction of prepackaged bankruptcy system in China.Compared with out-of-court reorganization and bankruptcy reorganization,the value advantages of prepackaged bankruptcy provide a theoretical basis for the construction of prepackaged bankruptcy system in China.The second part mainly analyzes the exploration of prepackaged bankruptcy in Chinese judicial practice.Some local courts in China have explored the prepackaged bankruptcy in different degrees either in the form of judicial documents or in the judicial trial.It is of great significance to analyze the deficiencies in the practical exploration and summarize the experience in order to build the prepackaged bankruptcy system according with the actual situation in China.The third part is mainly on the basis of the analysis of the above-mentioned parts,and puts forward the specific path to build the prepackaged bankruptcy system in China.It includes defining the function of prepackaged bankruptcy and the responsibilities of the government and the court in the prepackaged bankruptcy,specifying the start of the prepackaged bankruptcy procedure,the connection with the bankruptcy reorganization,the failure handling and other procedural issues.