Research On The Legal Problems Of Financing In The Bankruptcy Reorganization

With the development of society and the change of market economy,the bankruptcy reorganization system has gradually become the leading role in the bankruptcy law of various countries.This kind of protective system to prevent enterprises from directly entering the bankruptcy liquidation procedure is deeply rooted in the hearts of the people and occupies an important position in the bankruptcy law.How to finance enough funds quickly to pay the operating costs and expenses of the company is the key to support the company’s continuous operation.It directly determines the rights and obligations of all stakeholders,and is related to the success or failure of the reorganization process.In order to promote the high-quality development of the economy and improve the ranking of the key indicators of "handling bankruptcy" in the business environment,the Supreme People’s Court issued "judicial interpretation III of the bankruptcy law",in which Article 2 deals with the issue of loan financing during the reorganization period.It defines the nature of the loan financing provided to the debtor during the bankruptcy period as the common interest debt,which is the financing party in the reorganization procedure The formula provides the legal basis.However,China’s restructuring financing system is still in the initial stage of exploration,and the legal system research is less and lack of integrity,which is not conducive to the troubled restructuring enterprises to carry out financing.First of all,in the process of borrowing and financing,investors’ enthusiasm has been hit by too small provisions on the scope of use of the financing funds.The lack of procedural constraints and restrictions on the scope of asset transfer makes asset transfer alienation a means of hyping "shell resources".In the process of share transfer financing,there are still conflicts with share pledge and share preservation.There are some problems in the financing of non-public issuance,such as the separation from the supervision of the court.Secondly,from the perspective of protecting the interests of creditors,the priority system of our country is not perfect,and there is no reasonable provision for the right of exit.Finally,there is a lack of provisions on the subject of information disclosure obligation,the scope of disclosure content and the way of disclosure.This paper takes reorganization financing as the research object,through the in-depth study of the legal system of reorganization financing in the United States,Britain,Japan and other countries,drawing on the mature theoretical experience of foreign countries,and under the basic theoretical framework of reorganization system,to improve the system of financing methods of troubled companies,the protection of creditors’ interests in the process of reorganization financing and information disclosure.