Research On Legal Lssues Of Disposal Of Corporate Bonds Default

Corporate bond default researchers have always been keen on field,present a tendency of normalized corporate-bond defaults in recent years,amount of default and defaults rise gradually,default main body in the constantly expanding,and corporate bond default disposal relating to both financial and legal field,most researchers study of corporate bond default disposal of the relevant legal system is relatively small,The legal problem of corporate bond default disposal is in a relatively blank research state.This article will corporate bond default disposal as the research object,the research perspectives on corporate bond default disposal related legal issues,literature analysis and comparative analysis of these two kinds of research methods,combing the current law of default on corporate bonds in the treatment of the related content,through to the current legal system framework and analysis of the relevant specific provisions,The author found that in terms of the current situation of the legal provisions on the disposal of corporate bond defaults in China,there are still some problems,such as the lack of unified provisions of superior laws,low level and scattered legal rules;The system design of restrictive clauses of bonds is not perfect;Investor protection mechanism is not sound and the judicial lawsuit system is not perfect,especially as the holder of a bond is preferred,maintain the lawful rights and interests of the bondholders trustee system and bondholders conference system,the two system exist some shortcomings in terms of operational procedures,for the general meeting of the holders of bonds,There are some problems,such as unclear provisions on the conditions for convening the meeting,and the resolution of the congress does not have mandatory legal effect on the bond issuer.For the trustee system,there is a mismatch between rights and responsibilities.There are interest conflicts between the trustee and the holder,the judgment standard for the negative performance of the bond trustee is not uniform,and the punishment is not enough.The author believes that the healthy and stable development of the bond market is related to the development of the whole financial market and even the capital market,so it is of practical significance to improve the legal system of corporate bond default disposal.In view of the existing problems in China’s corporate bond default disposal legal provisions,the author suggests to strengthen the top-level legal system design,improve the legal level of relevant legal provisions;Construct restrictive clause system;Improve the investor protection mechanism;Improving the judicial compensation mechanism and other aspects to solve the legal problems in the disposal of corporate bonds in default of our country.Among them,the author believes that the investor protection mechanism is the most important system design to safeguard the interests of bondholders,so improving the investor protection mechanism is very important in improving the legal regulations on the disposal of corporate bonds in default.For the bondholders’ meeting,the author suggests to improve the procedure of the meeting system from the aspects of limiting the legal upper limit of the convening procedure and strengthening the effect of the resolution of the meeting on the bond issuer.For the trustee system,this paper introduces the relevant system design of the bond trustee in the United States.The author suggests to draw lessons from the experience of the United States,and to define the function orientation from the mandatory investigation power to the trustee.Ban underwriters,as trustee,change the trustee compensation ways and increase penalties for trustee,increase the liability of joint and several liability,administrative liability,play to the investor protection system of the legal effect,better safeguard the interests ofcivil liability and criminal liability this a few aspects,such as the combination of real the bond investors.