Research On The Legal Issues Of Reorganization Party Intervening In Bankruptcy Reorganization

“PRC Enterprise Bankruptcy Law” establishes a bankruptcy reorganization system aimed at rescuing enterprises in bankruptcy crisis.Since the reorganization enterprise itself has already had financial crisis,it often needs the injection of funds from the reorganization party to complete the bankruptcy reorganization.Therefore,the reorganization party plays a key role in the success of reorganization.However,there is no provision in the bankruptcy law concerning the reorganization party’s involvement in bankruptcy reorganization,which leads to many practical problems in the process of bankruptcy reorganization when the reorganization party intervenes in practice.For this reason,this paper will combine the practical cases of reorganization and foreign legislative experience to study the legal issues of reorganization party intervening in bankruptcy reorganization.Starting with the basic problems of reorganization party’s intervention in bankruptcy reorganization,this paper first clarifies the concept of reorganization party,its production process,introduction of funds,status change and its status in bankruptcy law,then discusses the protection of the “right to know” in the process of reorganization party’s intervention in bankruptcy reorganization,and analyses the legal issues of reorganization party’s intervention in the process of formulation and implementation of reorganization plan.Based on the above research ideas,this paper argues that the reorganization party,as the stakeholder in the bankruptcy reorganization,is an indispensable subject of bankruptcy reorganization.In view of the information asymmetry dilemma faced by the reorganization party at all stages of bankruptcy reorganization,it is necessary to strengthen the protection of the reorganization party’s “right to know” from the perspectives of enriching the subject of information disclosure,improving the content of information disclosure,strengthening the legal liability for information disclosure,in order to provide precondition guarantee for reorganization party’s intervention in bankruptcy reorganization.In the stage of making the reorganization plan,the reorganization party has the legitimacy to participate.It is necessary to strengthen the feasibility of the reorganization plan and give the reorganization party the right to participate in making the reorganization plan.In the implementation stage of the reorganization plan,the reorganization party also has the legitimacy to intervene.It is necessary to give the reorganization party the right to participate in the implementation of the reorganization plan and the right to participate in the change of the reorganization plan,and to define the criteria for the completion of the implementation of the reorganization plan to ensure the rights and interests of the reorganization party in the implementation stage of the bankruptcy reorganization.