Research on institutional reform of reorganization rules in the revised draft of the enterprise bankruptcy law
Zhixuan Wu
Anhui University of Finance and Economics
DOI: https://doi.org/10.59429/bam.v8i2.14525
Keywords: enterprise bankruptcy law; bankruptcy reorganization; pre-reorganization; market exit
Abstract
The 2006 Enterprise Bankruptcy Law cannot meet the needs of rescuing distressed enterprises and realizing market-based exit under high-quality economic development. The Revised Draft implements nine systematic optimizations and reconstructions of the reorganization regime. By comparing original and revised statutory provisions, this paper analyzes the revision's driving factors, institutional values and legislative deficiencies, and proposes countermeasures for implementation. The research reveals that the Draft innovates institutions including pre-reorganization and post-reorganization credit repair. Nonetheless, the division of powers and liabilities in pre-reorganization and the balance of creditors' interests require further elaboration. Supporting judicial interpretations should be issued to refine relevant rules and improve China's modern bankruptcy legal system.
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