Abstract:
In order to effectively implement the national policy of optimizing business environment and speeding up the improvement of the exit mechanism of market entities, the Supreme People’s court advocates the establishment of a cohesion mechanism of out-of-court debt restructuring and legal bankruptcy reorganization. Based on the trend of extraterritorial development and the provisions of international documents such as the United Nations “Legislative Guide on Insolvency Law” on the dual mechanism of rescuing troubled enterprises, and combined with the practice of out-of-court debt restructuring and legal bankruptcy reorganization in the context of China, through revealing the inevitable problem of “clamping down” and the problem of “effectiveness” with limited constraints in out-of-court debt restructuring, this paper analyzed the mutual rules and internal relations between out-of-court debt restructuring and legal bankruptcy reorganization, and clarified the background , reason and foundation of the reasonable cohesion of out-of-court debt restructuring and legal bankruptcy reorganization. At the same time, it is necessary to make legislative arrangements for the connection procedure and the connection system, including the selection of pre-reorganization path and the determination of legal status, as well as the design of the system of cohesion subject and cohesion effect and so on. The construction of a reasonable cohesion mechanism of out-of-court debt restructuring and legal bankruptcy reorganization, can not only improve the judicial efficiency of rescuing troubled enterprises, but also provide a legislative reference for China’s bankruptcy law which is being revised and perfected.