On The Construction Of China’s Prepackaged Bankruptcy System

In July 2019,the National Development Reform Commission and Supreme People’s Court jointly issued a Reform Plan to Improve Market Subjects’ Exit System,which clearly stated that: "Research and establish the prepackaged bankruptcy system,realize the effective connection between the out-of-court reorganization system,furthermore,it will enhance the credibility and binding power of out-of-court restructuring,and clarify the legal position and system content of the prepackaged bankruptcy." The prepackaged bankruptcy system is a bankruptcy system parallel to the out-of-court reorganization and the bankruptcy reorganization system,which is not part of the bankruptcy reorganization system.Compared with the out-of-court reorganization and the bankruptcy reorganization system,the prepackaged bankruptcy system has With its own advantages,it has low cost,high efficiency,trial and error,and high success rate;The commencement procedure is simpler than reorganization,and it can also maintain the good negotiation results achieved in the out-of-court reorganization.The prepackaged bankruptcy system refers to the assets and liabilities reorganization activities before the formal entry into the reorganization procedure,including the out-of-court reorganization before the bankruptcy reorganization application,the in-court reorganization before the formal acceptance of the bankruptcy reorganization application,As well as the preparation for the reorganization before bankruptcy liquidation.After the reorganization agreement is successfully reached,the effectiveness of the reorganization agreement can be directly extended to the formal reorganization procedure through the review of the people’s court,Thus,the creditor grouping and voting procedures that have been implemented in the prepackaged bankruptcy procedure are omitted in the reorganization procedure.The prepackaged bankruptcy system includes two stages:out-of-court reorganization and in-court reorganization.None of them is indispensable.At present,the legislative activities of the prepackaged bankruptcy system have been carried out all over the country.However,due to the lack of unified national guidance,the prepackaged bankruptcy work guidelines vary from place to place.For this reason,the author found that the prepackaged bankruptcy system in China has unclear leading subject model,unclear priority of the government-rate linkage The prepackaged bankruptcy startup mode is not uniform,whether the execution can be suspended and the guarantee can be released,the identification of the common interest debt,the establishment of the debt committee,the selection of the temporary manager,the unclear and uniform information disclosure regulations,and other issues.In view of this,the author believes that the legislative activities of the prepackaged bankruptcy system at the national level should be carried out as soon as possible.At the same time,it is necessary to clarify the primary and secondary relationship between the government and the court.As a judicial system,the prepackaged bankruptcy should be dominated by the court throughout the judicial process,and the linkage between the government and the court should be the coordination between the government and the court to deal with relevant matters.In the specific procedure design,the start-up of the prepackaged bankruptcy system should follow the concept of "based on the application and supplemented by the authority".The selection of the temporary manager should adhere to the recommendation of creditors,and at the same time,a separate financial bond committee should be established to improve the connection between the prepackaged bankruptcy system and the formal reorganization system.