Origins of Bankruptcy 中美破产.docx
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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
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