Bankruptcy Capacity Certification and Institutional Structure of Rural Collective Economic Organizations---Centered on Article 6,Paragraph 2 of the Draft Rural Collective Economic Organization Law
Does the legal person of rural collective economic organizations really have the ability to go bankrupt?The two drafts of the Rural Collective Economic Organization Law(Draft)provide different legislative expressions,making"whether bankruptcy is possible"and"how bankruptcy occurs"urgent questions to be addressed.The peculiarity of the property and comprehensive functions of rural collective economic organizations cannot serve as strong grounds to prevent bankruptcy.On the contrary,only with bankruptcy capability can the objective needs of escaping debt crises,fairly settling debts,and protecting the public-owned economy from infringement be realized.The special bankruptcy system for legal persons of rural collective economic organizations consists of a dual-tier structure,including firewall establishment and bankruptcy exemption provisions as two fundamental operations.The dual-layer setting of the firewall includes formally establishing subsidiary legal persons such as companies and farmer cooperatives,and categorically limiting the scope of bankrupt assets.Bankruptcy exemption is carried out through two levels of"procedural-substantive":the former adopts a permission exemption model and establishes a flexible inspection period system,while the latter defines the circumstances of debtors not eligible for exemption and the types of debts not eligible for exemption.
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