Research Of Establish A Bankruptcy System Of Local Government

At present,China's local government debt problem has not been solved very well.According to the national audit office on December 30 th,2013,the national government debt audit-results report,we can know that by the end of June 2013,local governments responsible for repayment of the debt is 10.885917 trillion yuan,guarantee responsibility for the debt is2.665577 trillion yuan,and may be liable must rescue the debt is 4.339372 trillion yuan,the above three local government debt amounted is 17.890866 trillion yuan.In the face of the nearly 18 trillion local government debt,the fact that local government bond market is established and the local government bond market practice needs,combined with the United States have been 80 years of bankruptcy law practical experience of local government,we can consider to establish the local government bankruptcy legal system of our country.In this paper,in addition to the "introduction" and "conclusion",is divided into four parts:The first part is the necessity of establish bankruptcy system of local government.First of all,in the United States,the local government bankruptcy legal system refers to the local government for the local government's own cannot repay the debt crisis,apply to the American bankruptcy law chapter 9 "the adjustment of the city government debt" legal system,and its essence is the debt reorganization system.After clear what is the bankruptcy system of local government,we need to further analysis of the status of China's local government debt.About the next set up bankruptcy system of local government,respectively from the needs of the economics and law,we can develop a detailed argument.The second part is to establish the feasibility of the bankruptcy system of local government.According to the newly revised "budget law" and in 2014 the state council on strengthening the management of the local government debt on the direction of the guide,combining with the ministry of finance of local government debt exchange activities and the local government bonds since the spontaneous and the measures for the pilot,plus to the enterprise bankruptcy reorganization of reference,draw to lessons from the United States more than 80 years of mature system,set up the bankruptcy system of local government is completely feasible.The third part is the local government bankruptcy system construction of the premise.The establishment of the legal system there is a system of condition.Because the nationalconditions of China and the United States,especially the law system is different,we need to solve some institutional premise of obstacles.This part mainly includes the aim to independent responsibility of local government fiscal and taxation system reform,the improvement of the local government bond issuance and trading market and the legislative idea of unique and clear.The fourth part is the local government bankruptcy law specific construction: to compare with the United States.First of all,we need to clear the bankruptcy because of local government and the essence of the common enterprise bankruptcy have very big different,mainly as a debtor of the local government is a public institution,so exclude the application of the clearing and settlement system.Next,in the bankruptcy system of local government entity and procedure,use the country comparison with the United States,has carried on the detailed design.Entity law system mainly include the terms of the main body of the debtor,the legislative way,proof of insolvency,negotiate with creditors,debt restructuring plan,etc;Procedure legal system mainly include the submitted the main body of bankruptcy and the proof,to accept or reject the bankruptcy application,audit end of debt adjustment scheme etc,in order to construct the science of bankruptcy law system of local government in our country.