Reforming The Legal System

With the evolution and development of bankruptcy law over the past several hundreds of years, modern bankruptcy legal system has included liquidation, reconciliation and reorganization which take effect respectively and interact with each other. With corporate reorganization law, bankruptcy law develops from special execution proceedings to legal relief of insolvent debtor by both substantial law and procedural law. Since the 20th century, the leading representatives of civil law and common law countries have already amended or enacted bankruptcy law, which all take the surviving of debtor as legislation intent. From the legislation practice of these countries and the national condition of China, it can be concluded that constitute of reorganization system in China is, theoretically and practically, reasonable, necessary and feasible. In the interest of the reform and open policy and developing steadily, to establish and perfect the socialist market economy system, and especially for the modernization of legal system, constitute of reorganization system is a must in new bankruptcy law.