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Research On The System Of Debtor’s Self Management In Bankruptcy Reorganization

Posted on:2021-11-04Degree:MasterType:Thesis
Country:ChinaCandidate:X J SunFull Text:PDF
GTID:2506306245974509Subject:legal
Abstract/Summary:PDF Full Text Request
In 2007,the enterprise bankruptcy law of the People’s Republic of China(hereinafter referred to as the enterprise bankruptcy law)was promulgated and implemented.On the one hand,bankruptcy liquidation makes loss-making enterprises and excess capacity out of the market;on the other hand,through bankruptcy restructuring,the troubled and restructuring value of the enterprise has been renewed.With the deepening of economic reform and the continuous improvement of judicial practice,the bankruptcy reorganization system which can reallocate social resources and save enterprises on the verge of crisis,is playing an increasingly important role in China.In the bankruptcy reorganization of our country,we adopt two modes: the management mode of the manager and the management mode of the debtor.In the judicial practice,the management mode of the administrator is more common,while the debtor’s self-management mode is less applicable.However,by exploring the debtor’s self-management system in bankruptcy reorganization,we can find that the system is conducive to the debtor because of a timely correct decision on management and the development of the company’s restructuring plan.It is conducive to the original management of the company to continue to control the operation of the advantages of self-management debtors who are familiar with the internal operation of the company;it is beneficial to save reforming cost and improve reforming efficiency.In a word,the system has loads of advantages that the bankruptcy administrator system cannot replace.However,the provisions of China’s enterprise bankruptcy law on this system are only a simple summary of the legal provisions and lack of applicable specific norms.The simplicity of legislation brings great difficulties to practical operation,which leads to the fact that there are not many cases that directly apply this system to the practice of reforming in our country.The dilemma of the system application needs to be theoretically explored to perfect the legislation,hence it is urgent to study and sort out the system.In addition to the introduction and conclusion,the main structure of this paper is divided into four parts:The first part summarizes the principles of debtor’s self-management system in bankruptcy reorganization.This part firstly introduces the connotation and origin of the system.Then the author discusses the legal status of the debtor in bankruptcy reorganization in China by referring to the legal status of the bankruptcy administrator and the legal nature of the debtor in American possession and combining the views of domestic and foreign scholars.At last,the author discusses the core issue of enterprise operation,namely the control right,and analyzes the difference of ownership of control right between enterprise reorganization and normal operation.The second part is the value and advantages of debtor’s self-management system in bankruptcy reorganization.It is proposed that the system should take the principle of interest balance as the focus,accord with the principle of efficiency,and take into account the principle of equity.It is believed that the system is conducive to encouraging the application of bankruptcy restructuring system.It can also ensure that enterprises continue to preserve the operating value in the restructuring process,as well as improve the restructuring efficiency,and save the restructuring cost.The third part is the present situation and shortage of debtor’s self-management system in bankruptcy reorganization.This part introduces the application of debtor’s self-management system in bankruptcy reorganization in China,which shows that the system has not performed its due value and advantages in the application of judicial practice.Due to the application of the debtor self-management system conditions are not clear,the self-management of the debtor authority allocation is also not clear and the system lacks of multi-party coordination of the supervision mechanism for discussing the current shortcomings of the system.The fourth part is the improvement of debtor’s self-management system in bankruptcy reorganization.This part points out that the application conditions of debtor’s self-management system should be specified,so as to achieve the purpose of applying the system more efficiently.In view of the problem that the law does not stipulate the rights and obligations of the debtor in his self-management,this paper puts forward that the debtor’s rights in his self-management should be clarified,and the fiduciary duty in his self-management should be strengthened.This paper discusses how to give full play to the supervisory role of creditors,managers and courts,and how to build a multi-faceted and three-dimensional self-management supervision mechanism.
Keywords/Search Tags:Bankruptcy restructuring system, Control, Self-management, Faith obligations
PDF Full Text Request
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