The USA builds up its unique legal system on the adjustment procedure of municipal debt under the fresh start theory and borrows a lot of rules from corporation reorganization.If the municipalities cannot pay off debts,the frame of the bankruptcy law is helpful for municipalities by reaching a new debt adjustment agreement between municipalities and creditors.The substance of the bankruptcy law is the involuntary debt adjustment for creditors by judicial proceedings.As a result of the separation of powers between the federal government and state,the chapter nine of United States Bankruptcy Code could only force creditors to make concessions but do nothing to resolve the governance dilemma of local government,so the scholars are seeking the possible solution.We can conclude the function and limitation of bankruptcy reorganization from this discussion.Now the Chinese central government is making efforts to solve the debt crisis of local government through market-driven and law-based measures and has announced that it would not repay municipal debt,therefore we should think twice on constructing the legal procedure if the municipalities cannot pay off debts one day.It can be a possible plan to construct the legal adjustment procedure for municipal debt according to national conditions.
关键词
地方政府债务/地方政府债务调整程序/地方政府破产/破产重整/债务置换
Key words
municipal debt/the adjustment procedure of municipal debt/municipal bankruptcy/bankruptcy reorganization/debt replacement
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