Bankruptcy law provides local government in fiscal crisis with a full range of debt-solving system.The main objective of municipal fiscal reorganization is to ensure that local governments can consistently fulfill their public functions.Chapter nine of the U.S.Code offers municipalities opportunities for fiscal recovery,while implementing over-protection on local governments may hinder prompt start of reorganization procedures as well as fully bargain on debt adjustment plans.Compulsory sanction in Chapter 11 can hardly be applied in municipal bankruptcy for its ambiguity,leading to few dissenting creditors'delaying clampdown.When establishing the local government fiscal reorganization system in China,certain bankruptcy rules should be adopted or adjusted,correspondingly reforming the power allocation.
关键词
重整不清算/财政困境/公共职能/制度成本/权力配置
Key words
reorganization without liquidation/fiscal distress/public functions/institutional cost/power allocation
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