Mechanism Positioning Of China’s Prepackaged Reorganization And The Building Of Its Convergence Rules

Along with the rising of “enterprise saving” trend,The enterprise saving system specified in the existing Bankruptcy law is far behind the development of practice,which makes it unable to satisfy the new demands during market development process entirely.Under the context of the above,prepackaged reorganization emerged in Bankruptcy practice and becomes more popular.However,the difference among different local courts on the understandings of prepackaged reorganization system leads to different judicial practices of reorganization and more seriously,the practice deviates from the purpose of mechanism.Therefore,it is urgent to establish a central prepackage reorganization rule.By analyzing the prominent characteristics of China’s local practice of prepackaged reorganization and reviewing the problems occurring to China’s exploration of prepackaged reorganization mechanism,it is found that the fundamental reason for the alienation of the prepackaged reorganization system is that the local courts are eager to build a prepackaged reorganization system without clarifying the institutional orientation of the prepackaged reorganization in my country’s bankruptcy law system.There are deviations in the functional understanding of the prepackaged reorganization system by local courts,which may cause the application of the prepackaged reorganization system to be counterproductive.At the same time,the legal positioning of prepackaged reorganization is unclear,and the difference between the prepackaged reorganization system and the formal judicial reorganization system is not properly understood.As a result,the pprepackaged reorganization system has become a tool for the court’s power to extend out of court,and it has lost its prepackaged reorganization itself has unique institutional value.To establish a unified prepackaged reorganization system that meets the needs of my country’s bankruptcy practice,we should first clarify the positioning of the prepackaged reorganization system.The second and third chapters of this paper provide a theoretical basis for the construction of the prepackaged reorganization system by discussing the functional and legal positioning of the prepackaged reorganization.The functional orientation of the prepackaged reorganization system in my country’s bankruptcy law system is to make up for the deficiencies of the two systems of out-of-court reorganization and in-court reorganization,give full play to the advantages of the two systems,enrich the enterprise rescue mechanism in my country’s bankruptcy law,and realize the recovery of distressed enterprises.Early treatment can improve the success rate of enterprise reorganization.Secondly,in terms of legal orientation,the legal nature of the prepackaged reorganization system is a procedure that connects out-of-court reorganization and in-court reorganization.This coupled procedure can respect the will of the parties and,through rule design,lead from out-of-court reorganization to formal reorganization.The whole procedure makes the results of the out-of-court reorganization generally legally binding.By clarifying the institutional positioning of prepackaged reorganization we can have a more correct understanding of the characteristics of prepackaged reorganization convergence rules.The prepackaged reorganization linking rules should be indirect and post-regulatory in the way of regulation,and the construction of the content of the rules should lead to reorganization in court.unique advantage.The fourth chapter discusses the specific rule construction of the prepackaged reorganization linking system on the basis of the aforementioned theory,focusing on ensuring the efficient linking of the out-ofcourt procedure to the in-court procedure.