Research On The Initiation Of Bankruptcy Liquidation Procedures Of "zombie Enterprises"

The existence of "zombie companies" will not only harm the interests of creditors and employees,infect high-quality companies and bring down similar industries,but will also turn banks that donate blood to "zombie companies" into "zombie banks," and even cause a waste of social public resources.Bankruptcy liquidation is one of the main ways to deal with "zombie companies",but there are many problems when the bankruptcy liquidation process is initiated.For example,the number of debtors and liquidation persons in charge is small,and some state-owned "zombie companies" want to be broken but cannot,tax authorities Initiation triggers disputes,and the court has no right to initiate the transfer of enforcement actions on its own.This creates a dilemma that the bankruptcy liquidation process is difficult to initiate,causing "zombie companies" to be undecided,lingering in the market economy,eroding market capital,and some "zombie companies" A large number of them are gathered in the execution stage,and they will not be broken for a long time,resulting in a situation of difficulty in execution;“zombie companies”that should be liquidated through bankruptcy and have no salvage value have been unable to liquidate for a long time,which damages judicial authority and credibility.Therefore,the difficulty of initiating the bankruptcy liquidation procedure of "zombie enterprises" is the main theme of this article.It aims to find out the bankruptcy liquidation of "zombie enterprises" in theory and practice through the analysis of the research reports of some courts,some typical cases and the research theories of scholars.The predicament of the program start and the reasons for the predicament.This article will study and discuss the above-mentioned problems from three parts,and explore the solution to the smooth start of bankruptcy liquidation procedures for "zombie enterprises".The first part first explains the basic concept of the research object of this article,namely the "zombie enterprise",and then analyzes the initiation of the bankruptcy liquidation procedure of the "zombie enterprise".The author believes that the main difficulty in the initiation of the bankruptcy liquidation procedure of the "zombie enterprise" is the difficulty of initiation.It can be seen from the following four points:First,the number of applications by debtors and persons responsible for liquidation is small;second,some state-owned “ stalemates ” require the approval of the higher-level competent authority to apply for bankruptcy;third,the application for bankruptcy from the equity custody center is rejected In the two cases where the application from the tax authority was accepted,it was found that the tax authority as the subject of the bankruptcy application caused widespread controversy;fourth,in the analysis of typical cases,it was found that the transfer and breaking procedures played an important role in the disposal of "zombie enterprises",but The application is rarely applied,and finally analyzed the consequences of not being cleared in time.The second part is to analyze the main reasons for the predicament: First,the government's excessive intervention.Based on the consideration of social stability and political performance,the government is unwilling to bankrupt and liquidate too many large “zombie companies”.The issue of employee placement and property disposal after bankruptcy and liquidation is always a problem.Therefore,excessive government intervention is formed by “zombie companies”.The reason is that the bankruptcy liquidation of “zombie enterprises” is difficult to start;the second is the limitation of the applicants.There are three types of bankruptcy applicants under the current regulations: creditors,debtors,and persons responsible for liquidation.However,in practice,debtors and The person responsible for liquidation is negligent in fulfilling the obligation of liquidation,and the liquidation rate of creditors is low.Therefore,the three have a negative attitude towards the bankruptcy liquidation process.However,the relatively large number of creditor applications does not indicate the strength of the creditors' willingness,leading to “zombie enterprises”."There is a lack of applicants,so when the two types of statutory applicants are unwilling to initiate the bankruptcy liquidation procedure,the creditors are also left alone.The third part proposes the solution to the difficulty of initiating bankruptcy liquidation of "zombie enterprises" : First,from the perspective of the initiation of bankruptcy liquidation,it is proposed in the bankruptcy law to clarify that the tax authority is the main body of bankruptcy liquidation applications,and to study China from the perspective of comparative law.Chinese Taiwan,the United States,France,and Japan's bankruptcy laws under the "enforcement transfer to break" initiation model,the introduction of ex officio initiation of the implementation of the bankruptcy model as an auxiliary means,relying on the power of the court to enable "zombie companies" to smoothly enter the bankruptcy liquidation process;Establish the mechanism of liquidation obligors in the bankruptcy proceedings from three aspects:the subject,obligations and responsibilities of the obligors of bankruptcy liquidation;third,establish a normalized mechanism of "government-court linkage",led by the court and assisted by the government to prevent excessive protection by the government,and reasonable Legally bring "zombie companies" into bankruptcy liquidation procedures,thereby exiting the market in an orderly manner.