China should learn from the World Bank's business environment maturity evaluation system to construct a special bankruptcy procedure for small,medium and micro enterprises.The procedure shall include medium-sized enterprises,partnership enterprises,sole proprietorship enterprises and individual industrial and commercial households in the scope of adjustment.The procedure should also fully consider the reduction of the bankruptcy cost and save the bankruptcy time.So,such rules should be stipulated as the participation and the retention of the debtor,the reservation of the rights and interests of the investor,the public employment manager and deemed consent mechanism on the draft reorganization plan voting and the court compulsory approval mechanism for the draft reorganization plan,procedure conversion mechanism,and limitation on the implementation period of the draft reorganization plan.
small,medium and micro enterprisesspecial bankruptcy procedureconstruction
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