Research On Legal Issues Related To Bankruptcy Reorganization System

With the continuous development and deduction of the bankruptcy system,until the establishment of the reorganization system,the function of the bankruptcy law has undergone great changes,from a passive "bankruptcy liquidation" to an active "bankruptcy prevention".Bankruptcy reorganization saves companies that still have salvage value to prevent them from going into bankruptcy and liquidation,so that the company can continue to operate in the hope that creditors can get more repayments in the future.It has become a new channel to protect the interests of creditors,and it is also incapable of repayment.The debtors of China have provided an institutional channel for getting rid of their difficulties and moving towards recovery.However,due to the large number of stakeholders involved in the reorganization,including creditors,debtors,shareholders,and parties to the reorganization,there are extremely prominent conflicts of interest.Therefore,how to set up various norms to weigh the interests of all parties is the key to the reorganization system.How to express the interests in the form of rights and obligations and provide expectations and models for the stakeholders has become the direction for the improvement of the reorganization system.The current corporate bankruptcy law has established a reorganization system in Chapter 8,but the system specifications in all aspects are not perfect.The legislation on reorganization has only a mere 25 provisions,and the contradiction between insufficient legal supply and practical demand has become increasingly prominent.This article attempts to summarize and analyze the problems in the practice of reorganization,combined with the theory of reorganization,and try to respond to the following questions: 1.Compared with the liquidation and reconciliation system,the original intention of the reorganization system is different.2.Legal supply What kind of problems did the shortcomings have in the corporate reorganization practice? Third,how did the people involved in the reorganization participate in the corporate reorganization process,and whether there is a communication,coordination and participation mechanism.Fourth,what is the role of the court in the corporate reorganization process? Such roles,why is the court given the right of compulsory approval of the reorganization plan,what is the legislative purpose of the establishment of the compulsory approval power,and how should the conditions for the exercise of the compulsory approval power be stipulated? 5.Whether there is a complete supervision mechanism in the reorganization system and how? To ensure the smooth implementation of the reorganization plan,whether there is a complete relief system,and there is no way to prevent damage to the rights of reorganization participants.Chinese companies are constantly advancing in the process of internationalization.The “Belt and Road” initiative has been intensified.The demand for cross-border bankruptcy legislation has also been pushed to a new level.How to build my country's cross-border bankruptcy system has become a process of restructuring the development of the system.The key link.With economic globalization,there is an increasing number of cross-border trade activities worldwide,and cross-border bankruptcy has become a major economic and legal problem in various countries.Due to the continuous increase of cross-border business of enterprises,it has become the norm to set up branches or sales departments overseas,and the expansion of business scope has caused enterprises to accumulate overseas assets.As a whole,multinational enterprises,if they are deeply in bankruptcy due to external economic crisis or poor internal management,etc.,how to uniformly dispose of the bankruptcy assets distributed in various countries has become the primary problem to be solved in cross-border bankruptcy reorganization.In the reorganization,in order to prevent the debtor's corporate assets from being individually seized and repaid overseas leading to failure of the reorganization,how to construct a cross-border bankruptcy recognition and assistance system becomes the key.Only by coordinating the bankruptcy assets,stripping off bad assets and allocating good assets,can the benefits of assets be fully utilized to turn losses into profits.Therefore,this article will explore the recognition and assistance system of cross-border bankruptcy,so as to more comprehensively study the current problems of the reorganization system.In addition to the introduction and conclusion,this article is divided into four parts:The first part discusses the basic theory of reorganization system construction.Starting from the origin of the reorganization system,analyze the background of the reorganization system and the logical starting point of the system design,compare the traditional civil system to analyze the significance of the establishment of the bankruptcy system;compare it with the reorganization system and the liquidation and reconciliation system,To clarify the reorganization system requires dialectical measurement and analysis of the characteristics of various interest relationships.Finally,it analyzes several reorganization modes in the world.The second part,with the reorganization plan as the main line,analyzes the various problems existing in the reorganization procedure from the three dimensions of formulation,approval,and execution.For example,when discussing that the reorganization plan cannot be passed normally due to objections,the court will use judicial power to compulsorily approve the review standards,and analyze the misunderstandings and unreasonableness of the current laws regarding the fair treatment principle,absolute priority principle,and best interests principle.Place.The third part is to study the issue of cross-border bankruptcy and discuss the system of recognition and assisted execution of cross-border bankruptcy.First,analyze the legislative overview of the recognition and assistance system of bankruptcy proceedings,sort out the positive and negative conditions of recognition and assistance,and focus on the analysis of key conditions such as the principle of reciprocity.The application of the principle of reciprocity,the choice of models for recognizing the legal effects of foreign bankruptcy procedures,and how to adopt the "Model Law" will be discussed.The fourth part is to respond to the problems involved in the previous parts,and put forward suggestions and countermeasures for the construction of the reorganization system.For example,by granting reorganization stakeholders the right to participate and setting up an information disclosure system,a multi-participant reorganization plan formulation process can be constructed;in the reorganization plan approval process,pre-procedures,such as hearings,will be provided to all parties to the reorganization plan.The rights and interests adjustments involved in the plan have an opportunity to fully express their opinions,to make up for the lack of knowledge and experience of the court's commercial judgment,and to set up remedies for the dissident parties in the compulsory approval power,which can be used when the court abuses or misuses the compulsory approval power of the reorganization plan.Remedy etc.