The Improvement Of Bankruptcy Reconciliation System Of Our Country

Bankruptcy reconciliation,together with bankruptcy reorganization and bankruptcy liquidation,constitute the three major procedures of modern bankruptcy law.Compared with the liquidation process,the success of the bankruptcy settlement can save the debtor from bankruptcy declaration and help the creditor to obtain maximum compensation.Compared with the reorganization procedure,the settlement procedure has the advantages of simpler procedure and lower cost,which makes the settlement procedure play a unique function in bankruptcy law.However,in the current process of reform of bankruptcy legislation in various countries,there has been a trend of prominent reorganization and light reconciliation,and some countries have even abolished the reconciliation system.In our country,the application rate of the reconciliation system is very low,and its survival or abolition has also become a controversial topic.However,no matter from the functional characteristics of the reconciliation system itself or the effectiveness of the existing reconciliation cases,the existence of the bankruptcy reconciliation system is still of great significance.Based on this,this article analyzes the status quo of the application of the reconciliation system in China and the reasons for its predicament,and aims to propose a perfect path for the bankruptcy reconciliation system in China.The reconciliation system is almost put on hold in China’s bankruptcy practice.The main reasons are as follows: First,the theoretical position of the reconciliation system is unclear,which directly affects the choice and application of the reconciliation system in bankruptcy practice.Secondly,the legal design of the reconciliation system,including the initiation of the reconciliation procedure,the conclusion and implementation of the reconciliation agreement,has obvious defects,which has led to the reconciliation system not being able to play its due role in practice.Thirdly,the main mode of reconciliation is in-court settlement.Although it is supplemented by self-reconciliation,it still cannot meet the excessive demand for reconciliation.Finally,the smooth transition between the reconciliation procedure,the reorganization procedure,and the liquidation procedure further exacerbates the predicament of choosing and applying the reconciliation system.Drawing on the legislative experience of the extraterritorial reconciliation system and combining the current status of bankruptcy practice,it is advisable to improve our bankruptcy reconciliation system in the following aspects: First,optimize the acceptance and trial mechanism of the reconciliation procedure,and relax the conditions for the start of the reconciliation procedure to increase the possibility of the application of the reconciliation,Establish a simple trial mechanism for bankruptcy reconciliation to promote the successful realization of reconciliation and save judicial resources.Secondly,improve the guarantee measures for the smooth implementation of the settlement agreement,in particular,improve the supervision mechanism during the implementation phase of the settlement agreement,establish a reconciliation concession cancellation system and a reasonable debtor punishment system to strengthen the implementation guarantee.Thirdly,the exercise of the rights of secured creditors shall be appropriately restricted to seek opportunities for the debtor to regenerate.At the same time,attention shall be paid to the means of relief for secured creditors.From then on,starting from China’s current mode of reconciliation,it discusses out-of-court reconciliation and the necessity of its existence,and proposes the improvement of out-of-court reconciliation in China.Finally,establish a flexible procedure conversion mechanism between bankruptcy reconciliation,bankruptcy reorganization,and bankruptcy liquidation to further promote the application of reconciliation procedures.