| At present,China’s bankruptcy reorganization information disclosure regulation has not been formed as a complete system.The regulation has exposed many problems in practice.In bankruptcy litigation cases,the function of creditors’ safeguarding their own rights and interests,as well as the function of evidence sources have not been fully utilized.In bankruptcy reorganization proceedings,there is a lack of systematic construction,and the timeliness and accuracy of disclosure are also difficult to guarantee.The formalization trend of supervision and relief mechanisms is more obvious.From a theoretical perspective,the information disclosure regulation relies on the ontology and legislative theory of bankruptcy reorganization.As a legal system,it is also influenced by substantive axiology and procedural axiology as well.After analysis,it is found that the information disclosure regulation is difficult to reconcile the conflict between the game theory and the legal community in terms of ontology,nor can it adapt to the respective characteristics of the contract theory and the trust theory in the legislative doctrine.It also faces the dilemma of entity and procedure choices at the level of axiology.The theory of bankruptcy information disclosure regulation urgently needs to link up these opposing aspects with new thoughts.From the perspective of comparative law,it can be found that countries and regions,mainly including the United States,the United Kingdom,and Japan,have some differences in legislative models and specific expressions,the introduction and innovation of information disclosure principles and important rules,having different paths though,lead to the same goal.From the perspective of legislative models,countries are mainly divided into two categories.One is a collective legislative model,represented by the United States and the United Kingdom.Another is a decentralized legislative model,represented by Germany and Japan.From the perspective of specific rules,bankruptcy hearing and inquiry rules,information disclosure investigation report rules,information disclosure safe harbor rules,information disclosure list rules,etc.not only make the information disclosure rule system better implemented,but also further stimulate the enthusiasm of all parties involved in bankruptcy reorganization to participate in information sharing and carry out information games.China should further establish a system of information disclosure rules for bankruptcy reorganization.It is recommended to adopt a collective legislative model,guided by the principles of sufficient information disclosure,truthful and accurate information disclosure,timely information disclosure,and standardized information disclosure,to broaden the scope of information disclosure subjects,clarify disclosure time nodes,enrich information disclosure channels,and improve accountability mechanisms.It is recommended to introduce the bankruptcy information disclosure list rule and establish an information disclosure system with hearings and inquiries as the core.Hearing and questioning can help disadvantaged stakeholders exercise their right to supervision and information.It can not only prevent the infringement of the community on individual individuals,but also enable the administrator to further clarify the true declaration of will of each party’s subject,so as to better guide all parties to unite into a community of bankruptcy and reorganization.China should attach importance to the interaction between hearings and inquiries among stakeholders in bankruptcy reorganization,and clarify their important position in communicating with the main body,linking information,and building consensus.In terms of details,legislation should be made to regulate the participation subjects,burden of proof,procedural remedies,and convening methods,so that hearings and inquiries can run through the information disclosure system and become the link of the bankruptcy reorganization community. |
PDF Full Text Request