Research On The Legal Regulation Of Bankruptcy Restructured Debtors' Self-management

Pushing forward the structural reform on the supply side and eliminating excess capacity are the inevitable requirements for sustained and healthy economic development.Properly handling “zombie enterprises” is the basic way to achieve structural reforms on the supply side,and the “corporate zombie enterprises” with operational value will be rescued through bankruptcy and reorganization procedures.It will help debtor companies regain new life and contribute to the economic development of our country.The Party Central Committee also proposed to “merge as much as possible and reorganize the bankruptcy liquidation system”in the supply-side reform.Therefore,the bankruptcy cases handled by the“zombie enterprises”should be remedied as far as possible,and the crisis companies should be guided to resolve the difficulties and seek a turnaround.Article 73 of the“Enterprise Bankruptcy Law”in China introduced the debtor's own management system,which provided new ideas for the company's restructuring.The debtor's own management system is supervised by the manager,and the debtor's original management can manage the company's property and business affairs.Compared with the mode of reorganization by the debtor,the advantages of the restructured debtor's own management are that the debtor has a better understanding of the company's operating conditions,more skilled professional skills,more abundant business resources,and it is easier to find that the company's operations The issue thus makes a decision based on its own experience,which will help protect the rights of creditors or other stakeholders and increase the probability of successful reorganization.In our country's practice,the principle of managerial management is adopted,and the debtor's self-management is an exceptional model.The frequency of application of the debtor's own management is not high.On the one hand,the provisions of Article 73 of the Enterprise Bankruptcy Law are too principled and lack relevant restrictions on the obligor's rights and obligations.On the other hand,imperfections in the legal provisions have caused the court to have concerns and vote with their feet,and it is not easy to approve the application.This mode.The above-mentioned city companies,for example,have so far implemented a total of 50 listed companies that have been restructured.Of these,only 10 listed companies have adopted a debtor's own management model.The use of this model by non-listed companies is even rarer.In addition to imperfect legal provisions,the debtor's enthusiasm for applying for self-management is not high.For the debtor,the most important thing is to control the company.The biggest difference between the reorganization process and other relief programs lies in the control rights.Under the out-of-court reorganization plan,the corporate governance structure and mechanism have not fundamentally changed.The original management of the debtor still has control of the company,and the bankruptcy procedure Management's control may be deprived of.For the recovery of enterprises from the predicament and the realization of rebirth,the reorganization process has obvious advantages.However,in order to continue to control the company's control,the debtors prefer to rot the company and are unwilling to give up control.It is based on this consideration that in order to enhance the enthusiasm of the debtor for reorganization,it is necessary to expand the debtor's control over the company in its own management model,and increase the likelihood of the company's success in restructuring;furthermore,the debtor has a certain degree of uncertainty for the company.If it is responsible,in order to prevent the debtor from having too much power and seek private gains,it shall exercise restraint and supervision over the debtor's actions and prevent the debtor's own management of risks.The proper application of the bankruptcy and reorganization system is an important measure to implement structural reforms on the supply side.The debtor's self-management model stipulated in Article 73 of the Bankruptcy Law is another way for the company to realign and regain new life.Therefore,it is necessary to improve Article 73 of the Bankruptcy Law,standardize the debtor's right to self-management,and improve the debtor's own management system.First,it should be clear that the court approves the debtor's own management requirements and the debtor's time for self-administration;secondly,the authority of the administrator and the debtor should be configured to protect the rights of the debtor,while at the same time it must guard against its abuse of power and harm the interests of stakeholders;in addition,due to reforming The principal position of the debtor is different from that of the normal operating status of the company.The conflict of interest is more complex and diverse.Therefore,the debtor's behavior should be standardized,the debtor's fiduciary duty should be strengthened,the efficient operation of the reorganization process should be ensured,and the reorganization cost should be saved in order to realize the efficient and fair entire process.