On The Construction Of Bankruptcy Prepackaged Reorganization Legal System In China

The introduction of this thesis suggests that the main methods of debt consolidation and corporate rescue for troubled companies are out-of-court debt restructuring and in-court reorganization.Practice shows that out-of-court debt restructuring is difficult and inefficient to negotiate,while judicial restructuring is costly and its success rate cannot be guaranteed.In order to avoid the inherent shortcomings of the existing system,countries have tried to combine the advantages of in-court restructuring and out-of-court debt restructuring,thus developing a third model of corporate rescue,namely prepackaged reorganization.The article focuses on the construction of the prepackaged reorganization system in China,hoping to improve the efficiency of reorganization in China and protect the rights and interests of related parties,so as to improve the construction of bankruptcy law system.Chapter one analyzes the definition of prepackaged reorganization,the nature of prepackaged reorganization.First of all,it is clarified that the meaning of prepackaged reorganization is that,before the bankruptcy proceedings begin,the debtor and the creditors negotiate and formulate a draft reorganization plan,and then,after obtaining the consent of the majority of creditors through certain procedures,finally apply to the court for bankruptcy reorganization,so as to help the enterprise achieve reorganization and reconstruction.Second,the non-judicial,broad judicial and auxiliary nature of prepackaged reorganization is analyzed.Finally,the advantages of prepackaged reorganization over traditional out-of-court debt restructuring or in-court restructuring are discussed,with a view to laying the groundwork for the subsequent discussion.Chapter two focuses on the current situation and dilemmas of the prepackaged reorganization system in China.Firstly,a review of the existing judicial and policy documents in China is conducted to examine the existing legislative attitude towards the prepackaged reorganization system in China.Secondly,a comparative analysis of five representative regional documents is conducted to summarise the commonalities and deficiencies.Finally,the practical difficulties of the existing prepackaged reorganization system in China are analysed and listed,so as to facilitate the solution of the problem in the following section.Chapter three identifies two types of prepackaged reorganization systems,one without judicial involvement,namely the US prepackaged reorganization system and the UK voluntary arrangement model,and the other with judicial involvement,namely the UK application for administration orders and the Japanese out-of-court dispute resolution procedure for business regeneration.By comparing these models,we analyse the representative provisions and explore the different responses to the same social needs,in order to provide effective ideas and options for the construction of a prepackaged reorganization system in China.Based on the analysis in the previous part,chapter four proposes the construction of a legal system of prepackaged reorganization in accordance with the actual situation in China,including the model selection,procedural operation,and out-of-court and in-court interface of the prepackaged reorganization system.Chapter four summarizes the overseas experience of the prepackaged reorganization system and adapts it to China’s national conditions.The conclusion summarizes the whole text,again clarifying the nature of the prepackaged reorganization system itself and how it should proceed to build a prepackaged reorganization legal system,echoing the previous section.