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Some parts of the Debtor Rehabilitation and Bankruptcy and Act of 2004 are derived from the Bankruptcy Code of 1978, such as the transition from the court appointed 3rd party system into a quasi debtor in possession system, introduction of the priority of DIP financing, establishment of a creditors committee and provision of the best interests of creditors rule in rehabilitation proceedings. The practice of the bankruptcy court also set up the appointment of a receiver from the incumbent directors of the debtor corporation, began to employ a stalking horse system widely used in Section 3653 US Bankruptcy Code sales, and tried to implement court-to-court judicial cooperation in solving cross-border bankruptcy issues, which was used in the Hanjin Shipping concurrent bankruptcy proceedings in Korea and the US. In the US, shareholders may not file a petition for bankruptcy of the company while they may do so in Korea. It is noteworthy that, in the US, involuntary petitions by creditors trigger automatic stay. Foreign creditors who have received repayment from the debtor prior to the filing of the bankruptcy petition must pay attention to the exercise of personal jurisdiction of the US bankruptcy court. Creditors committees in the US consist of only unsecured creditors while secured creditors can be members of the creditors committee in Korea. The joint administration is widely used in Mega case such as Sun Edison and Seadrill.

With the prolonged economic depression since 1991, Japan has recognized that securing the effectiveness of handling bankruptcy is indispensible to stabilize the country’s financial system, and further, revive its economy. The Civil Reorganization Act has been enforced since 2000. Although this law was initially established as procedures for small and medium-sized companies to reconstruct their businesses in a simple and prompt manner, it has also become available for individuals and large-sized companies by positioning itself as reconstruction-oriented basic procedures. On the other hand, the Corporate Reorganization Act, which was enacted under the strong influence of the USA in 1952, stipulates specialized procedures for the reconstruction of large-sized companies. After Japan recognized the limitation of civil reorganization procedures in reconstructing large-sized companies, the Corporate Reorganization Act was revised and enforced in April, 2002 to rehabilitate the Japanize economy. Coupled with these legal procedures, private reorganization-based alternative dispute resolution is also attracting public attention in handling bankruptcy. In particular, rule-based private reorganization, which refers to private reorganization-based business rehabilitation that proceeds through more relaxed structures instead of court procedures, has recently emerged as a more promising solution. At present, these systems are actively used as business rehabilitation tools after undergoing legal modifications.

Der Beitrag befasst sich im Schwerpunkt mit dem Insolvenzanfechtungsrecht, der Konzerninsolvenzen und der Anforderungen an die Erstellung von Sanierungskonzepten nach dem neuen IDW(Institut der Wirtschaftsprüfer) Standard 6 in Deutschland. Der Verfasser erläutert zunächst hierzu die seit 5. 4. 2017 bestehenden Veränderungen des Insolvenzanfechtungsrechts. Vor allem berücksichtigt der Verfasser die Änderung betreffend die Vorsatzanfechtung gemäß § 133 InsO, bei der der Anfechtungszeitraum verkürzt und die Kenntnisvermutung des Benachteiligungsvorsatzes abgeschwächt worden sind. Darüber hinaus werden die Änderungen betreffend das Bargeschäftsprivileg sowie betreffend die Geltendmachung von Prozesszinsen und Nutzungsherausgabe veranschaulicht. Nunmehr werden die Regelungen der §§ 3a bis 3e InsO den Begriff der Unternehmensgruppe sowie die Regelungen zum Gruppen-Gerichtsstand enthalten und die §§ 269a bis 269i InsO werden Neuerungen zum Koordinationsverfahren bestimmt. Nach dem Begriff der Unternehmensgruppe besteht eine solche aus rechtlich selbstständigen Unternehmen, die den Mittelpunkt ihrer Interessen hauptsächlich im Inland haben und zudem miteinander verbunden sind. Im Anschluss werden die Regelungen der §§ 269a ff. InsO zur Interaktion der Verfahrensbeteiligten behandelt. Zum Schluss erläutert der Autor die Anforderungen an Sanierungskonzepte nach IDW Standard 6, der umfangreiche Ausführungen zu sanierungsrelevanten Themen für die Erstellung eines Sanierungskonzepts umfasst.

Since 2013, the number of bankruptcy and reorganization cases in China has been running at a high level, and more than half of the companies have been restructured in DIP mode. Butbankruptcy law only use article seventy-three to regulate DIP mode, which it is difficult to meet the demand for DIP mode of practice in our country. The in stinct position and responsibilities of manager in DIP mode between the obligor and the administrator lowers the success rate of the reorganization and increases the system operation cost. To the identity the administrator from trusts perspective is conducive to clear the rights and obligations. The closed bankruptcy property in essence is the trust property. In administrator mode, the administrator is the trustee in the trust legal relationship, and creditors is trust beneficiary who enjoys the rights and interests of the trust. However, in the DIP mode, the obligor manages the trust property by himself. Of course, the obligor is the trustee of the bankruptcy property trust and performs the fiduciary duty. When the obligor performs as the trustee, the administrator unloads the administrator to supervision at the same time. The trustee supervisor shall have the right to know the management and disposition of the bankruptcy property, the right to authorize the debtor´s investment plan and the large amount of expenditure outside the predetermined scope, and the right related to litigation. At the same time, the trust supervisor still needs to fulfill the obligations of supervising the trustee according to the trust documents, duty of care, duty of loyalty and obligation of equity. In this way, the manager as the trustee supervisor can help the company to restructure successfully.

Recognizing the problems such as the current execute process makes the bankruptcy process difficult to implement the bankruptcy trial resulted in the weakening of the function of the bankruptcy system and the public´s perception of bankruptcy is backward problems that lead to the deficiency of the bankruptcy system In order to solve the problems ofdifficulty in bankruptcyanddifficulty in execution, China has established the system of execute case transfer to bankruptcy review. After the establishment of the system, the theoretical and practical circles have shown great enthusiasm for research, scholars from the theoretical field emphasize on the choice of the starting mode, the path optimization and the concept of due process. But the experts in the practical field focus on improving the operability of the system. This article focuses on optimizing the function of execute the case transfer to bankruptcy review system, on the basis of analyzing the abnormal situation of the system, it analyzes its special function orientation, transfer of an enterprise legal person who is unable to repay or comply with the bankruptcy conditions to bankruptcy proceedings to solve the problem of liquidation. And think that In order to achieve this function, when establish this system it should focuses on the convergence of executive procedures and bankruptcy procedures from all aspects in order to give full play to the bridge function of the system. However, at present, the system has entered a difficult position in judicial practice, and the expected function of the system has not been brought into full play. It is not difficult to find out the reasons for it, The system has been neglected because of the internal system construction, namely, the execution system, the bankruptcy trial system and the execute of the case transfer to bankruptcy review system it also includes the influence of external operation environment including supporting system and bankruptcy concept. Therefore, this article advocates perfecting the system from two aspects: internal system and external operation environment. On the perfection of the internal system, strictly prohibit the execution of the court use the way of end the execution of the program to business entity to solve the situation that the debtor can´t pay off. Set up independent bankruptcy court and professional bankruptcy team. Further refining the linkage mechanism between the executive system and the bankruptcy system. With the perfection of the internal system, provide a strong system guarantee for the execute the case transfer to bankruptcy review system. As far as the optimization of external operation environment is concerned, we must strengthen hard system supply and soft culture construction, create a good external environment for ensuring the operation of the system and giving full play to its functions.

Protecting the bankrupt employees´ claims of state-owned enterprises is the most important part of China´s bankruptcy law. As a common economic phenomenon in the process of enterprise development，bankruptcy is the inevitable product of the market economy model after the reform and opening up，and it is also the legal means to complete the withdrawal of the market. The enterprise bankruptcy law of the People´s Republic of China has formulated a guarantee mechanism for the combination of entities and procedures， but at the same time， the people´s court will encounter many cases in which the law is not specified in the process of hearing the bankruptcy cases and designated managers according to the enterprise bankruptcy law. This is often due to the enterprise. The bankruptcy law has caused too much marginalization of the role of the government in the process of enterprise bankruptcy. Therefore， in this paper， by presenting an example of a shipping group，that is， the municipal SASAC as a government department does not lead to the difficulty of the bankruptcy procedure of a shipping group in the city， and the manager is powerless as a private institution. It is believed that the government should first define its own social responsibility and actively establish a social security system， which can provide some convenient procedures for the bankrupt enterprise in the tax perspective， avoiding the application of the tax arrears after bankruptcy to the corporate debt， in order to guarantee the priority of the employee´s debt rights. When the manager investigates the assets of the enterprise， the registration department can give active coordination to help managers to recover the assets that the enterprises are running out of illegally. In the process of enterprise bankruptcy， the government can provide appropriate financial support to the enterprise， which can avoid the insolvency of the enterprise to lead the bankruptcy proceedings to end directly， and avoid some illegal transfer of assets can use this system to continue the vicious circle of impunity. The second part is the analysis of the current situation and existing problems of the protection of workers´ labor rights in bankrupt enterprises. First， the compensation metal stipulated in the enterprise bankruptcy law is to the employee´s creditor´s rights， but whether the compensation gold stipulated in the labor contract law belongs to the scope of the compensation in the enterprise bankruptcy law is to distinguish whether the compensation is punitive， and the punitive damages are already impossible for the enterprises that are already on the verge of bankruptcy. As a result of punishment， many parts can be recognized as ordinary creditor´s rights; government departments or other units or individuals should also have the right to compensate for the creditor´s rights， which can not only guarantee the smooth progress of the bankruptcy procedure， but also promote the stability of the society. The third part， from the angle of practice， discusses the relief mechanism of the creditor´s right of the bankrupt of the state-owned enterprises. When the relief of the workers´ creditor´s right is obstructed， the people´s court should be asked to confirm the dispute of the labor creditor´s right in accordance with the enterprise bankruptcy law， and then the rational distribution scheme is made by the administrator in accordance with the confirmation of the court. The fourth part， from the perspective of the manager itself， combined with the relevant legal provisions and practical experience， in the absence of government responsibility， through the compilation of the labor creditor´s right table as soon as possible， the active review of the employees´ creditor´s rights and the termination of the labor relations of the employees in the enterprise according to law， and to ensure the realization of the employees´ creditor´s rights to the maximum limit.

The division and confirmation of the labor claims of the senior managers of the bankrupt enterprises, the difficulty of the judicial judgment caused by the disconnection between the law and practice is one of the difficulties in dealing with the problem of the labor claims of the bankrupt enterprises. There are some special problems in the concrete judicial practice, including the calculation of the salary of senior managers, the economic compensation and so on. Therefore, the liquidation of the labor creditor´s rights of the senior management of the bankrupt enterprise should be dealt with according to its particularity and complexity.