Origins of Bankruptcy 中美破产.docx

Origins of Bankruptcy 中美破产.docx

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OriginsofBankruptcy中美破产

ⅠOriginsofBankruptcy

ArticleI,Section8,oftheUnitedStatesConstitutionauthorizesCongresstoenact“uniformLawsonthesubjectofBankruptcies."Underthisgrantofauthority,Congressenactedthe“BankruptcyCode"in1978.TheBankruptcyCode（whichiscodifiedastitle11oftheUnitedStatesCode）hasbeenamendedseveraltimessinceitsenactment.Itistheuniformfederallawthatgovernsallbankruptcycases.

TheproceduralaspectsofthebankruptcyprocessaregovernedbytheFederalRulesofBankruptcyProcedureandlocalrulesofeachbankruptcycourt.TheBankruptcyRulescontainasetofofficialformsforuseinbankruptcycases.TheBankruptcyCodeandBankruptcyRulessetforththeformallegalproceduresfordealingwiththedebtproblemsofindividualsandbusinesses.

ⅡGoalsoftheBankruptcySystem

AfundamentalgoalofthefederalbankruptcylawsenactedbyCongressistogivedebtorsafinancial"freshstart"fromburdensomedebts.TheSupremeCourtmadethispointaboutthepurposeofthebankruptcylawina1934decision.1

Thisgoalisaccomplishedthroughthebankruptcydischarge,whichreleasesdebtorsfrompersonalliabilityfromspecificdebtsandprohibitscreditorsfromevertakinganyactionagainstthedebtortocollectthosedebts.

ⅢBankruptcyjudicialsystem

Weallknowthat,inmostcountries,thebankruptcycasealljudgedbycivilcourtorcommercialcourt.TheUnitedStatesistheonlycountryintheworldhasindependentbankruptcycourtsystemofthecountry.

1Itgivestothehonestbutunfortunatedebtoranewopportunityinlifeandaclearfieldforfutureeffort,unhamperedbythepressureanddiscouragementofpreexistingdebt.LocalLoanCo.v.Hunt,292U.S.234,244（1934）.

IntheUnitedStates,bankruptcycodeisformulatedbytheUnitedStatescongress,andimplementthroughthecountry.Thebankruptcycourtasapartofthefederaljudicialsystemisresponsiblefortherelevantjudicialmatters;anystatecourtshallnotjudgeabankruptcycase.Ifthelitigantsrefusetoaccepttodecision,theycouldappealtotheFederaldistrictcourt.

Bankruptcyjudgesareappointedbythefederalappealscourt,eachtermof14years.IntheUnitedStates,thebankruptcyjudgeshavetheirowncourts,staff,wheresomeofthebankruptcyjudgeevenhastheirowncourtbuilding.

ⅣTypesofBankruptcy

BasictypesofbankruptcycasesareprovidedforundertheBankruptcyCode.Thecasesaretraditionallygiventhenamesofthechaptersthatdescribethem.Chapter7,entitledLiquidationChapter9,entitledAdjustmentofDebtsofaMunicipality,Chapter11,entitledReorganizationChapter12,entitledAdjustmentofDebtsofaFamilyFarmerorFishermanwithRegularAnnualIncomeChapter13,entitledAdjustmentofDebtsofanIndividualWithRegularIncome.

A.Liquidation

ⅰ.Themeaningofbankruptcyliquidation

Itmeanscontemplatesanorderly,court-supervisedprocedurebywhichatrusteetakesovertheassetsofthedebtor’sestate,reducesthemtocash,andmakesdistributionstocreditors,subjecttothedebtor’srighttoretaincertainexemptpropertyandtherightsofsecuredcreditors（3）.

ⅱ.Legalproceduresofthebankruptcyliquidation

Whenthedebtorissubmittingthebankruptcyapplication,accordingtotherelevantprovisionsoftheAmericanbankruptcycode,BankruptCompanyshouldstopallbusinessoperations.Allthepropertyofthedebtorbecomeestate,andthenthecourtappointatrusteetotakeoverandcleanupthedebtor’sbankruptcyproperty.thetrusteededucted“exemptionfromproperty

（1）”accordingtothelawinthegroundstate,andthenturntheremainingpropertyovertothecreditorhavingsecurityinterestsorpayoffthegeneralcreditorwithoutsecurityinterestsaftersellingtheproperty.

ⅲ.Thesequenceofthebankruptcyliquidation

⏹Securedcreditors.Usuallybanks.

⏹Unsecuredcreditors.LikeSuppliers,bondholdersetc.

⏹Stockholders

ⅳ.ThedifferenceofbankruptcyliquidationbetweenChinaandAmerica

Thebankruptcycodeclearlydefinesthebankruptcyexemptionprinciple（4）（5）.Itmeansthatexemptfromtheobligor’sdebttothecreditorwhichisn’tenoughpaidoff.（6）

AlthoughTheEnterpriseBankruptcyLawofChinahavesimilarprovisions,2butChinaonlyadmitstheenterprisebankruptcy,sothebankruptcyexemptionisviewedastheInevitableconsequenceofthequalificationlossofanenterpriseasalegalperson.,Butnottheso-calledbankruptcyexemptionprincipleinthebankruptcylaw.

B.Reorganization

ⅰ.ThemeaningofBankruptcyReorganization

Reorganizationisordinarilyusedbycommercialenterprisesthatdesiretocontinueoperatingabusinessandrepaycreditorsconcurrentlythroughacourt-approvedplanofreorganization.

ⅱ.ThestartofBankruptcyReorganization

1.Reorganizationapplicant

2TheEnterpriseBankruptcyLawofthePeople'sRepublicofChinaArticle19:

Afterthepeople'scourtacceptsanapplicationforbankruptcy,therelevantmeasuresforpreservingthedebtor’sassetsshallbereleasedandtheproceduresforexecutionshallbesuspended.

Accordingtothebankruptcycodechapter11,alltheinterestedpartiesofthecompany

canapplyforreorganization,includingthecreditor,thedebtorandthedebtor'sshareholders.

Aslongasthedebtorshavefinancialtroubles,theycanapplyforreorganization.Anddoesn’tneedtoproveunabletopayofforinsolventwhichthecreditorsneedtodowhentheyapply.

ThebiggestdifferencebetweenreorganizationandothertypeofBankruptcyisthatthestockholdersdirectlyhavetherightstomakeapplication.

2.Automaticstay

Theautomaticstayisasysteminbankruptcylaw,itbringstoahaltandprohibitsallactsdirectatthedebtortorecoveraprepetitionclaimandallothercollectionswillhavenegativeinfluenceonpropertyofthedebtor'sestateshouldceaseuponthefilingofapetition.

ⅲ.Reorganizationplan

1.SubmitReorganizationplan

Debtorusuallyhastheexclusiverighttofileaplanofreorganizationforthefirst120days.

Butinspecialconditions,thereorganizationplancanalsosubmitbyotherinterestedparties.Suchasthedebtor,thecustodian,thecreditors'committee,thecreditor,theshareholders,etc.

2.Confirmationofplan

TherearetwoapproachestopasstheReorganizationplan.Oneisvotedbythecommitteewhiletheotheristhroughthe“fill”program.

Iftheplancan’tpassbythecommittee,thecourtmayapprovethereorganizationplanaccordingtorelevantprovision.Suchas:

Thattheholdersofsuchclaimsretainthelienssecuringsuchclaims,whetherthepropertysubjecttosuchliensisretainedbythedebtorortransferredtoanotherentity,totheextentoftheallowedamountofsuchclaims.3

ⅳ.Appointmentoftrusteeorexaminer

1.Trustee

（2）

Atanytimeafterthecommencementofthecasebutbeforeconfirmationofaplan,onrequestofapartyininterestortheUnitedStatestrustee,andafternoticeandahearing,thecourtshallordertheappointmentofatrustee—

（1）forcause,includingfraud,dishonesty,incompetence,orgrossmismanagementoftheaffairsofthedebtorbycurrentmanagement,eitherbeforeorafterthecommencementofthecase,orsimilarcause,butnotincludingthenumberofholdersofsecuritiesofthedebtorortheamountofassetsorliabilitiesofthedebtor;or

（2）ifsuchappointmentisintheinterestsofcreditors,anyequitysecurityholders,andotherinterestsoftheestate,withoutregardtothenumberofholdersofsecuritiesofthedebtorortheamountofassetsorliabilitiesofthedebtor.4

2.Examiner

Ifthecourtdoesnotordertheappointmentofatrusteeunderthissection,thenatanytimebeforetheconfirmationofaplan,onrequestofapartyininterestortheUnitedStatestrustee,andafternoticeandahearing,thecourtshallordertheappointmentofanexaminertoconductsuchaninvestigationofthedebtorasisappropriate,includinganinvestigationofanyallegationsoffraud,dishonesty,incompetence,misconduct,mismanagement,orirregularityinthemanagementoftheaffairsofthedebtoroforbycurrentorformermanagementofthedebtor,if—

（1）Suchappointmentisintheinterestsofcreditors,anyequitysecurityholders,andotherinterestsoftheestate;or

（2）Thedebtor’sfixed,liquidated,unsecureddebts,otherthandebtsforgoods,services,ortaxes,orowingtoaninsider,exceeds$5,000,000.5

3thebankruptcycodetitle11,chapter11,subchapterⅡ&1129b

（2）Ii.

4thebankruptcycodetitle11,chapter11,subchapterⅠ&1104a.

5thebankruptcycodetitle11,chapter11,subchapterⅠ&1104b.

ⅴ.DefectsofReorganization

Bankruptcyreorganizationhasseveraldefectslikecomplicatedprocedure,difficultoperation,longcircleandhighcost.IftheReorganizationfailed,itmustbegreatlossofthecreditorandsociety.

Somecompanydoesnothavethatpotentialtoreform.ButduetothesimpleconditionoftheReorganizationapplication,almosteveryenterprisechoosereorganizationinsteadliquidation.

IftheReorganizationfailed,itmustbegreatlossofthecreditorandsociety.

ⅵ.ThedifferenceofreorganizationbetweenChinaandAmerica

1.Theproposerofreorganizationplan

Inchina,debtorformulatesthereorganizationplan.InAmerica,anyinterestedpartieshavetherights.

2.Thecontentsofreorganizationplan

Adraftofrectificationplanshallincludethefollowingcontents:

（1）Abusinessplanofadebtor;

（2）Classificationofthecreditor’sright;

（3） Anadjustmentplanofthecreditor’sright;

（4）Arepaymentplanofthecreditor’sright;

（5） Termforimplementingtherectificationplan;

（6） Termforsupervisingtheperformanceoftherectificationplan;and

（7） Anyotherplanconducivetothedebtor’srectificatio