Talking about bankruptcy protection system
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When the bankruptcy protection storms, the calm printing industry can no longer be calm. The word "bankruptcy" makes people unable to worry. In reality, reality is much clearer than guessing. This article analyzes the bankruptcy protection and is willing to give the printer a reassurance.
In fact, bankruptcy protection and bankruptcy in the traditional sense are not a concept. Bankruptcy in the traditional sense refers to bankruptcy liquidation, that is, when the debtor is in bankruptcy, the creditor clears, evaluates, processes, and distributes all the debtor’s property through certain legal procedures in order to obtain fair settlement. The bankruptcy protection is aimed at saving the debtor who is about to go bankrupt, helping it to resume its production and operation capabilities, re-establishing its debt repayment ability and getting rid of economic difficulties.
Bankruptcy protection is different in the laws of various countries. China and the United States call it "reorganization", which is called "management procedure" in the United Kingdom, "judicial reorganization" in France, and "regeneration" or "regeneration" in Japan.
Bankruptcy protection is an application by interested parties. With the participation of the court and the participation of the interested parties, the debtors who are unable to pay off the debts due but have the possibility of saving are rectified in the production and operation and the relationship between the creditor's rights and debts. In order to get rid of financial difficulties and regain the legal procedures for production and operation capabilities. The bankruptcy protection system is the latest development in the modern bankruptcy system. It is also one of the most powerful legal systems in the world to save enterprises and prevent bankruptcy.
An application for bankruptcy protection may be filed by the debtor voluntarily to the court or by the creditor. After the bankruptcy protection application is filed, the debtor shall propose a corporate restructuring or financing plan within the statutory time limit, and make arrangements for the time limit and method of debt repayment and the possibility of derogating from the interests of certain creditors and shareholders. After the scheme is approved by the creditors and confirmed by the court, the debtor can continue to operate and own all assets, but all major business decisions of the enterprise must be approved by the court.
The traditional bankruptcy system is to liquidate the debtor directly. Not only does the bankruptcy process take time and money, the creditor often only gets partial liquidation, but also leads to production pauses, resource losses, increased unemployment, chain bankruptcy, tax reduction, community economic recession, etc. Economic and social issues. The huge economic and social costs brought about by bankruptcy of enterprises are unbearable for modern economic society. The traditional liquidation bankruptcy system faces enormous challenges. Therefore, in order to prevent bankruptcy, save the debtor in distress, and make it a new life bankruptcy protection system, it takes into account the interests of the debtor and the public interest. It is a traditional bankruptcy-based bankruptcy that simply considers the interests of creditors. Revolutionary changes in the system.
In the bankruptcy system, there is also a system design similar to bankruptcy protection, namely bankruptcy settlement. Bankruptcy settlement is after the bank accepts the bankruptcy case, before the end of the bankruptcy proceedings, the debtor and the creditor reach an agreement on the debtor’s deferred debt settlement, the reduction of the amount of the creditor’s rights, and the rectification, and the bankruptcy proceedings are suspended to prevent and avoid the debtor’s declaration of bankruptcy. The debtor’s return to life and the possibility of a creditor’s access to a larger amount of liquidation than the applicable insolvency liquidation procedure. Through the settlement process, the creditor and the debtor reach an understanding agreement, which is both a rescue for the debtor and a preventive effect on the negative effects of the bankruptcy liquidation procedure. However, bankruptcy reconciliation is only a passive maintenance of the debtor's personality, and its role in preventing bankruptcy is very limited.
Despite the helplessness of many “unfortunate things”, “application for bankruptcy protection” is an effective strategy and way for self-rescue. Moreover, the bankruptcy protection of a mainstream company in the industry does not fully predict the decline of its upstream and downstream industries. The current market environment is complex and volatile, and the market is fluctuating frequently. It is not uncommon for various industries to get new life through bankruptcy protection. Industry giants such as General Motors, Chrysler, Delphi, Lehman Brothers and Japan Airlines have filed for bankruptcy protection, and every news shocked the industry. Therefore, we should not only focus on bankruptcy protection itself, but also on subsequent restructuring, because the process and results of restructuring are more meaningful to the printing industry.