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On Balance of Interests in Bankruptcy Reorganization Procedure

Author: JiangXuanDe
Tutor: WangLi
School: Anhui University
Course: Economic Law
Keywords: bankruptcy reorganization system conflict of interests interests balance
CLC: D922.291.92
Type: Master's thesis
Year: 2010
Downloads: 233
Quote: 0
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Abstract

Reorganization procedure, also named judicial renewal procedure, refers to a special legal procedure which, requested by interested parties and presided by judicial organs, restructures an enterprise’s operation and liquidates its credits and debts with the participation of all interested parties, in order to help the enterprise get out of difficulties for existence.The system of reorganization procedure closely connects paying off debts with saving the enterprise. On the one hand, it eliminates the causes of bankruptcy through adjusting debt relationship. On the other hand, realization of creditors’ rights can be built on the revival of the enterprise in debt. To be more specific, reorganization measures can help preserve the enterprise’s value. Therefore, this enterprise can profit from its further operation and finally pays creditors more than it does in bankruptcy liquidation procedure. In this way, the legitimate rights and interests of creditors, debtors and investors can be protected to a larger extent. Furthermore, chain bankruptcy, unemployment and other issues that can lead to social unrest can be avoided.Reorganization procedure not only relates to creditors and debtors, but also involves economic order and social interests. Therefore, only when demands of interested parties are well balanced in a scientific way can reorganization procedure motivate initiatives of all parties and realize its legislative target.This paper starts from the present situation and features of the conflict of interests in reorganization procedures to prove the necessity of interests balance. After that, the target of interests balance is illustrated. And then, the basic ways of interests balance are put forward. Finally, how to protect and adjust interests of all parties is discussed in a detailed way.Part one presents all participants in reorganization procedure and their conflict of interests. After the analysis of interests demands of creditors, debtors, shareholders, employees and other related parties, the features of the conflict of interests in reorganization procedure are analyzed. Generally speaking, this part begins with the relationship of interests in reorganization and introduces the target and basic ways of interests balance briefly.Part two advocates the target and basic ways of interests balance. In this part, according to different interests demands in reorganization, three targets of interests balance are talked about, namely enterprise’s existence, maintenance of social stability and realization of social fairness. Afterwards, three basic ways of interests balance are advanced, i.e. interests arrangement by legislation, self-management of parties and the ruling of the conflict of interests by court. These three basic ways make up the mechanism of interests balance in reorganization procedure.Part three discusses the protection and adjustment of the interests of creditors, debtors, shareholders, employees and other related parties in a specific way.Finally, in the conclusion part, the author’s point is summarized. Only when the interests of all parties are well balanced in reorganization procedure can the purpose of such system be achieved.

On Balance of Interests in Bankruptcy Reorganization Procedure

Abstract

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