Thinking on the bankruptcy law of activating the production factors of the old i

At present and in the future, it is a key period to promote the comprehensive revitalization of the old industrial base in Northeast China. A series of major strategic arrangements and major policy measures of the Party Central Committee and the State Council are being implemented.   On December 25, 2017, the Supreme People's court held a national court bankruptcy trial work conference in Shenzhen. President Zhou Qiang attended the conference and delivered a speech, pointing out that strengthening the bankruptcy trial work and cleaning up "zombie enterprises" are of great significance to promoting high-quality development, deepening supply side structural reform, and preventing and resolving major risks.
Properly handling "zombie enterprises" is one of the important tasks of supply side structural reform. The bankruptcy law is the key point of the whole supply side structural reform. The legalization means with the bankruptcy law as the core is an important way to deal with "zombie enterprises", and the activation of production factors is realized through the bankruptcy means. On July 16, 2019, the national development and Reform Commission, the Supreme People's court and other 13 departments jointly issued the reform plan for accelerating the improvement of the withdrawal system of market entities, which also proposed that "promote the flow of production factors and resources from ineffective and inefficient market entities to efficient market entities, and maximize the potential of various factors and resources." Accelerating the market clearing of "zombie enterprises", actively cultivating and expanding diversified and multi-level market subjects, and enhancing the endogenous development power of the Northeast are important legal ways to realize the old industrial base in the northeast. 1、 The negative effect of "zombie enterprises" on the revitalization of the old industrial base "zombie enterprises" refer to those enterprises that have lost the ability of sustainable operation, can not pay off the debts due, have met the conditions for applying for bankruptcy as stipulated in the bankruptcy law, mainly rely on a small amount of cash flow such as loans, subsidies and rents to survive, and fail to exit the market smoothly. [[] Feng Fei, Vice Minister of the Ministry of industry and information technology, defines "zombie enterprise" as: the so-called "zombie enterprise" refers to an enterprise that has stopped production, half stopped production, suffered losses for consecutive years, is insolvent, and mainly relies on government subsidies and bank loans to maintain its business. []. In the economic structure of Northeast China, traditional products account for the majority, and the products of "original" and "initial" are in the majority, while the resource-based industries such as coal, steel and oil and the real estate industry are more; From the perspective of enterprises, the proportion of state-owned enterprises in Northeast China is relatively high, and most of them are in the upper or middle and lower end of the industrial chain, and the industrial chain is short [[]]. See Zhang Wanqiang and Wen Xiaoli: building a road to revitalize the old industrial base with endogenous growth power, China Economic Publishing House, 2014 edition, pp. 48-53.], The upstream and downstream industries are incomplete, the added value is low, and the economic decline in recent years is obvious. The problem of "zombie enterprises" is very prominent.
"Zombie enterprises" occupy valuable resources such as land, capital, credit, energy and talents, increase the leverage ratio of enterprises, aggravate overcapacity, limit the role of the market in the survival of the fittest, and at the same time infringe on the rights and interests of creditors, shareholders, employees and other parties, damage social integrity, distort market price signals, and limit the role of human resources. They are "malignant tumors" that hinder economic development, transformation and upgrading.
（1） The limited resources of the old industrial base are used and consumed inefficiently
"Zombie enterprises" occupy a large amount of land, capital, credit, labor and other resources. Industrial land has no output rate or the output rate is extremely low. The allocation of production factor resources is distorted, and the overall utilization efficiency of social resources is reduced. Some enterprises, especially state-owned enterprises, need continuous blood transfusion from banks and government finance. Enterprises are the cells of economy. Their production and operation determine the vitality and vigor of social and economic activities in China. Wasting limited industrial and financial resources on maintaining the survival of "zombie enterprises" is a great internal consumption, which is not conducive to the establishment and growth of micro market entities in the revitalization of Northeast China.
（2） The channel of market mechanism intervening in the allocation of factor resources in the old industrial base is blocked
Many "zombie enterprises" have problems left over by history, especially the heavy debt burden, and are struggling in the low-end industries with excess capacity. At this time, the market mechanism of "survival of the fittest" should play a role. However, due to the low degree of marketization in the northeast region, the local government often makes great efforts to maintain the survival of long-term loss making enterprises, especially state-owned enterprises, The negative treatment of private enterprises in trouble is to keep away from them. The market awareness is weak but bureaucratic thinking is prevalent. The government functions also have problems such as offside, vacancy and dislocation [[]] see Liu Huang et al.: "a large number of zombie enterprises can not live" and "die" -- it is difficult to promote the "mixed reform" of state-owned enterprises in Northeast China, and local officials are "afraid of losing power" and cling to the incomplete, published in economic reference daily on January 15, 2016, http://www.jjckb.cn/2016-01/25/c_135041219.htm , accessed on July 25, 2019.], The flow direction and allocation of resources deviate from the value law of the market economy. The market mechanism cannot play a decisive role in the allocation of resources, and its channel of intervention in the allocation of production factors is blocked.
（3） Increase the financial risk of the old industrial base
"Zombie enterprises" often involve financial debts such as bank loans, guarantee chains and counter guarantees. Blindly maintaining their external "stability" will cover up the bad debt rate of banks and other financial institutions, delay the full outbreak of the "zombie enterprises" problem, and adversely affect the financial stability of the old industrial base. Finance is the blood of economy. It permeates every cell and pore in the market economy and is directly related to economic development. In order to revive the economy of the old industrial base, we must get strong financial support. The existence of "zombie enterprises" and their long-term failure to effectively eliminate these financial "risk points" have become the focus of attention of banks and other financial institutions, so that they are unable to study financial innovation and support the development of small and medium-sized enterprises, which further frustrates the economic development of Northeast China.
（4） Hindering the transformation and upgrading of the industrial structure of the old industrial base
The economic structure of the old industrial base has long been characterized by "two highs" of "high proportion of state-owned economy" and "high proportion of heavy industry". In recent years, the largest drop in China's economy has been in the heavy industries such as oil, coal and steel, which has caused the Northeast to encounter great pressure in this round of economic structure adjustment. The extensive development mode of relying on factor input and scale expansion is difficult to sustain, and the transformation and development of the traditional economy is urgent. The "zombie enterprises", especially the state-owned "zombie enterprises", control a large number of idle and ineffective resources. Under the inertia of history and thinking, they cling to the old industry and cannot withdraw and transfer the resource elements to the emerging industry. The main role of enterprises as the micro economy cannot be played, which seriously hinders the revitalization of the old industrial base.
（5） Restricting the exertion of comparative advantages of old industrial bases in the new round of regional development competition
Taking Liaoning Province as an example, it has a solid technical foundation, complete industrial categories, high supporting capacity, rich industrial teams and perfect vocational training in the field of equipment manufacturing, which is the largest comparative advantage of Liaoning Province in the new round of regional development competition in the country [[]], cited ④, PP. 192-204.], It is a situation formed by long-term accumulation and careful cultivation. The "zombie enterprise" is a virus injected into this advantage system, reducing the enterprises that should compete and develop in the market and create incremental wealth for the society to the main body that consumes human and financial resources and is full of unstable factors. Based on the nature of seeking benefits and avoiding disadvantages, capital will choose to wait and see and refuse to enter, which greatly limits the development of comparative advantages of Liaoning Province.
2、 Bankruptcy system is the economic structure adjustment and supply side structure of northeast old industrial base
The most important market-oriented system in the reform is the bankruptcy law, which is one of the basic laws of market economy countries. It is called the "market economy constitution" [] see Li Shuguang: Bankruptcy Law: the "constitution" of market economy, http://toutiao.com/a6272221019169374466/ , accessed on July 25, 2019.], It is a civilized and orderly ultimate judicial arrangement for the creditor's rights and debts [[]]. See Xu Yangguang: justification of the establishment of the bankruptcy case trial court, published in the people's court news, edition 7, May 25, 2016. The market allocation of resources, fair competition among subjects and the survival of the fittest are all centered on the bankruptcy system. Some scholars pointed out that the core of supply side reform is to reduce production capacity, the core of which is to dispose zombie enterprises, and the key point of disposing zombie enterprises is bankruptcy. In fact, bankruptcy law is the key point of the whole supply side structural reform. [[] see Li Shuguang: bankruptcy law is the key point of the whole supply side structural reform, http://www.sohu.com/a/198662569_550962 , accessed August 14, 2019.]
The northeast is the pioneer of the bankruptcy cause in New China. However, compared with Jiangsu, Zhejiang, Shenzhen and other provinces and cities, the judicial practice of the old industrial base is less this year. The public, government officials and entrepreneurs have insufficient understanding of the functions of the bankruptcy system, and the court trial team is not sound, which makes the enterprise bankruptcy law not widely applicable. The northeast region is carrying out economic structural adjustment and supply side structural reform, and the supply of market-oriented institutions must keep up. In the market-oriented system, the bankruptcy system is the most important, and it is also a cure for the chronic problem of overcapacity in low-end industries. For example, in Zhejiang Province, where the degree of marketization is relatively developed, Wenzhou municipal courts alone accepted 673 bankruptcy cases and concluded 536 cases in 2018. Through bankruptcy reorganization, the assets were more than 1.6 billion yuan, the land was 306.156 mu, the plant area was 289800 square meters, and the non-performing loans were 8.966 billion yuan.
（1） New ideas of bankruptcy system in China
China's enterprise bankruptcy law follows the concept of balance of interests in the legislative concept, protects the interests of creditors and debtors, and makes overall scheduling and comprehensive balance of cooperation order, transaction security and public interests. It systematically stipulates the scope of application of bankruptcy, bankruptcy reasons, bankruptcy administrator, bankruptcy reorganization, protection of employees' rights and interests, creditor autonomy, bankruptcy liability of directors, supervisors and senior executives, and cross-border bankruptcy. The bankruptcy law makes the ultimate and orderly arrangement of the conflicting rights and is the "last guardian of rights". Looking at the bankruptcy law from the perspective of social development, the enterprise bankruptcy law is a very advanced commercial law, which integrates the sustainable development of economy, the pursuit of social efficiency, the change of legal culture, the evolution of commercial spirit, the accountability of illegal acts, the stability of people's livelihood, and the progress of judicial civilization.
（2） The value of bankruptcy system
The bankruptcy system is the product of the highly developed commercial civilization. It is a system that matches the early commercial subjects when the debtor's property liability and personal liability are separated. The pursuit of making all creditors obtain fair repayment and separating the bankruptcy law from the traditional debt law is the value pursued by the bankruptcy system in the early stage. With the change of the spirit of the times and the change of the concept of fairness, the fairness of the bankruptcy system has developed from the fairness of creditors only to the fairness of creditors and debtors, from the creditor or debtor standard to the social standard, thus entering the stage of modern commercial civilization.
China's enterprise bankruptcy law has a strong social standard value orientation: it establishes an independent administrator system; The reorganization system was established; The full involvement of judicial power in bankruptcy; The court is allowed to make a compulsory decision to approve the reorganization plan, and the value objectives of the bankruptcy law tend to be diversified, while paying attention to the interests of creditors, debtors and society.
（3） Effect on economic transformation and upgrading of old industrial bases
The development of the northeast old industrial base is affected by the deep-seated structural, institutional and institutional contradictions accumulated over the years, And "three phase superposition" [[] "three phase superposition" It refers to that the shift period of economic growth, the painful period of structural adjustment and the digestion period of the previous stimulus policies coincide at the same time, resulting in a superimposed effect. The so-called shift period of growth speed means that China's economy has been in the development period from high-speed shift to medium high-speed; The so-called painful period of structural adjustment means that structural adjustment brooks no delay, and no further development can be achieved without adjustment; The so-called digestion period of early stimulus policies mainly refers to the period when China implemented a package of economic stimulus plans at the beginning of the outbreak of the international financial crisis. Now these policies are still in the digestion period.] The impact of the role is characterized by insufficient scientific and technological innovation capacity, short industrial chain, poor supporting capacity, low added value of products, weak market competitiveness, slow development of strategic emerging industries, and prominent overcapacity in some industries. Accelerating the application of the enterprise bankruptcy law, taking the bankruptcy system as the main legal basis for the supply side structural reform, and creating a development atmosphere of eliminating the disadvantages and reforming the old and establishing the new will play a major positive role in the economic transformation and upgrading of the northeast.
1. It is conducive to cutting off the debt chain, dispelling public grievances and boosting development confidence
"Debt chain" refers to a linear debt network formed by mutual default between enterprises. In reality, the micro entities in the debt chain generally have both external creditor's rights and some debts, The debt chain at the macro level of the whole society revolves around "Central Bank - professional banks - various micro entities" [] the central bank is the highest monetary and financial management organization in the country. It occupies a leading position in the financial system. It has the power to formulate and implement monetary policies, issue currency, conduct macro-control over the economy, and supervise other financial institutions. The most basic function of commercial banks is credit intermediary. Through the bank's liability business, idle funds in the society are concentrated in commercial banks, and then invested in the society through financial products The subject of observation is the enterprises that accept financial products in the market, and they pay interest and other consideration to commercial banks.] This main debt chain is unfolded. After the debt enters the litigation, the "debt chain" becomes the "enforcement chain". The difficulty of enforcement is a long-standing problem that restricts the people's courts, seriously impairs the legitimate rights and interests of the winning parties, seriously affects the judicial credibility, and enhances the people's distrust of the judiciary. Many "zombie enterprises" have a large number of pending litigation (enforcement) cases. Even if the enforcement system is implemented through the Internet, there is no result in searching for people and things. As a result, the sense of unfairness of dispersed individual creditors will be strengthened within a certain social scope, and the understanding that "it is useless to file a lawsuit" will be reached. Once the creditors lose their expectation of the effect of litigation relief, the total amount of social transactions will fall sharply, thus driving the economy down.
The bankruptcy system is not perfect and the operation is not smooth. The debtors who fail in the market competition cannot withdraw from the market or get relief, resulting in a large number of execution backlog cases staying in the court. If the northeast region can speed up the application of the enterprise bankruptcy law, learn from the experience of Zhejiang Province and other places, and expand the supply of the bankruptcy system, it will greatly relieve the pressure of the court's execution, and restore the risks that the market should bear to the market, instead of letting the people's court take the loss of judicial credibility as a substitute. However, Only in this way can the legal lock of the "debt chain" on the element resources be cut [[]] the maxim "debt is a legal lock" comes out of the ladder of law, which vividly and vividly shows the meaning of debt. The rights and obligations of the creditor and the debtor due to the law are like a lock, which closely links the two parties together. It is called "legal lock" to earn but not get rid of it. In particular, the debtor must perform the debt and cannot escape. See Zhao Ke: debt is a legal lock , published in the people's Court Daily, page 7, February 18, 2011.], Give priority to the realization of employees' creditor's rights, investigate the personal legal responsibilities of the directors, supervisors and supervisors of bankrupt enterprises according to law, enhance the people's deeper understanding of the modern market economy, and improve the people's psychological quality for the revitalization of the northeast.
2. It is beneficial to train the cadre team in the actual battle and let the capable person occupy the position

The bankruptcy procedure is to thoroughly clean up all creditor's rights and debt relations related to the debtor, and the final result is the loss (bankruptcy liquidation) or regeneration (bankruptcy reorganization and bankruptcy reconciliation) of the debtor's main body, that is, the bankruptcy procedure is final and will not leave unpredictable debt burden. Therefore, the bankruptcy procedure is conducive to the ultimate resolution of the reorganization risk of "zombie enterprises" by investors, and is conducive to the summary liquidation of the problems hindering the reorganization, so as to completely remove the obstacles to mergers and acquisitions, complete the reallocation of essential resources required for economic development by market means, and promote a new round of innovation and entrepreneurship in Northeast China.
（4） Expand and innovate the applicable scope of bankruptcy reorganization
The enterprise bankruptcy law defines the bankruptcy reorganization procedure. Bankruptcy reorganization refers to the business reorganization and debt adjustment of enterprises that may or already have bankruptcy reasons but have maintenance value and hope of regeneration, through the application of all interested parties, under the auspices of the court and the participation of interested parties, to help the debtor get out of financial difficulties, restore business ability See Wang Xinxin: Principles and cases of bankruptcy law, China Renmin University Press, 2010 edition, P. 202. Xu Defeng: Theory of bankruptcy law: A Perspective of interpretation and functional comparison, Peking University Press, 2015 edition, pp. 472-479. The purpose of the reorganization system is to pursue and maintain the sustainable operation value of the debtor enterprise [[]], see Qi Ming: Bankruptcy Law: basic principles and legislative norms, Huazhong University of science and Technology Press, 2013, P. 179.], At present, it has been recognized by the world as the most effective legal system to prevent bankruptcy liquidation and save enterprises.
1. Bankruptcy reorganization protects creditors' interests more comprehensively
The purpose of bankruptcy reorganization system is to restore the operation of enterprises on the verge of bankruptcy and balance the interests of debtors and society. As there are many types of creditor's rights in modern society, and the priority and inferiority of creditor's rights are involved, the bankruptcy reorganization system provides more comprehensive protection for creditors as a whole. Under the support of the theory that the operating value of the debtor's assets is higher than the liquidation value, the bankruptcy law introduces the "principle of the creditor's maximum interests". The creditors' interests in the reorganization plan are higher than those in the bankruptcy liquidation, that is, the liquidation rate of the reorganization is higher than that of the bankruptcy liquidation.
2. Bankruptcy reorganization can save social resources
Once the enterprise goes bankrupt and is liquidated, various intangible values attached to the main body will also be lost. For example, some necessary market access and industry access qualifications, the historical inheritance of the enterprise, human resources system, new projects under construction, shell resources, environmental impact assessment procedures and environmental protection facilities, supply system, sales system, R & D system, etc. will be greatly depreciated or completely lost in value. During the liquidation, various assets of the enterprise will be decomposed and sold, If the overall operating value is lost, some assets may be significantly depreciated due to their strong specificity. For example, some special equipment can only be treated as scrap iron during liquidation, which will cause secondary damage to the interests of all parties. All these will destroy social wealth and productivity, and bankruptcy reorganization can avoid these problems.
3. Bankruptcy reorganization is more efficient
The bankruptcy liquidation procedure is time-consuming, uncertain, costly and costly. Some bankruptcy liquidation cases even last for several years, and the priority cannot be realized. The creditors need to invest various expenses (mainly lawyer fees, travel expenses, etc.), but the final distribution income is often small. The bankruptcy reorganization focuses on the efficiency before, during and after the reorganization, and can complete the legal procedures according to law, efficiently and quickly. There are relatively clear legal provisions on the progress of the reorganization, the formulation and voting of the reorganization plan, the limitation of the rights of undeclared creditors, the period of the reorganization, and the period of the implementation of the reorganization plan. The reorganization period refers to the period from the date when the people's court makes a ruling on the debtor's reorganization to the termination of the reorganization procedure. The execution period of the reorganization plan refers to the period from the completion of the reorganization procedure to the completion of the execution of the reorganization plan by the court. Articles 79, 90 and 92 of China's enterprise bankruptcy law all reflect the pursuit of efficiency and give play to the role of bankruptcy reorganization system in rescuing failed market subjects.
4. Bankruptcy reorganization is more conducive to docking with the capital market
Bankruptcy reorganization is to compromise the interests of interested parties under the auspices of the court to help the debtor get rid of financial difficulties and restore business ability. In the bankruptcy reorganization procedure, the debtor can directly contact the capital market. The "debt to equity" of non-performing assets of banks, the acquisition of financial claims by local asset management companies (AMCs), the government's guidance of market-oriented funds to participate in mergers and acquisitions, the issuance of shares by listed companies to purchase assets, the merger and acquisition of creditors by leading enterprises in the industry as strategic investors through bankruptcy restructuring, and the integration between upstream and downstream enterprises. We should make good use of the capital market, achieve the survival of the fittest through mergers and acquisitions, and give play to its internal function in resolving overcapacity and eliminating "zombie enterprises". We should open up channels for capital withdrawal, support asset securitization at the same time, and build developed channels for asset circulation.
5. Bankruptcy reorganization is more suitable for large-scale entity enterprises in the old industrial base
The real economy takes the production and operation of material materials as its content, avoids the foam of economy and the hollowing out of industry, and provides a basic guarantee for the stable operation of the market. To realize the revitalization of the old industrial base in Northeast China, we should give full play to the existing comparative advantages, take the real economy as the fulcrum, and accelerate the promotion of new industrialization. Bankruptcy reorganization can help the real economy to regain its strength in the old industrial base by introducing external resources to orderly integrate internal factor resources, combining scientific and technological innovation and industrialization capabilities, and by means of financial support and securitization of the virtual economy.
With reference to the international experience in judicial rescue of entity enterprises, in the United States with developed market economy, the fourth largest bankruptcy case in its history - the bankruptcy case of general motors [[]], see he Dan: analysis of the bankruptcy law of the reorganization mode of general motors, published in Volume 2 of the legal review of corporate reorganization edited by Li Shuguang and Zheng Zhibin, Law Press, 2012 edition, pp. 22-41.], The adoption of the sale type bankruptcy reorganization method was successful and became a typical case to support the real economy. In this case, the US government established a new general motors company. The old general motors company sold all its operating assets to the new general motors company, and the assets were transferred to repay the debts. The old general motors company went into bankruptcy liquidation, and sold Hummer, Saab, Saturn and other brands. After the establishment of the new general motors company, it achieved the objectives of optimizing the structure, reducing costs, compressing production capacity and improving efficiency. It took less than 18 months from accepting bankruptcy to reissuing shares and becoming a listed company. It could raise up to $23.1 billion, becoming the largest IPO in the world at that time.
3、 It is a very systematic project to strengthen the application of the enterprise bankruptcy law in the northeast, take the bankruptcy system as the main legal basis for the supply side structural reform, accelerate the liquidation of "zombie enterprises", activate the stock assets, activate the market factor resources, and resolve overcapacity. Combined with the actual situation of bankruptcy work in Northeast China, this paper puts forward some concrete ideas on strengthening the application of enterprise bankruptcy law.
（1） Learning and training, comprehensive understanding
It has been more than 12 years since the implementation of the enterprise bankruptcy law, and it has not played its expected role. The society's understanding of bankruptcy is still very one-sided. In particular, the concept of bankruptcy of government officials and entrepreneurs needs to be changed. We should strengthen the positive publicity and education of the bankruptcy law, highlight the positive role of the bankruptcy system, especially the bankruptcy reorganization, and truly understand the main role of the bankruptcy law in promoting the improvement of the modern market system, ensuring the optimal allocation of social resources, building an exit mechanism for the survival of the fittest, and cleaning up social credit garbage; The real understanding of bankruptcy law is the "market economy constitution" that spans civil and commercial law, procedural law, economic law, administrative law, criminal law, finance and tax law, accounting law, international law and other departments; Truly understand the great difficulties brought by the poor implementation of the bankruptcy law and the large number of "zombie enterprises" to the economic transformation, and may even cause systemic risks.
The northeast region has relatively little experience in dealing with bankruptcy cases, especially bankruptcy reorganization cases and the bankruptcy of private enterprises. The government, the courts and the local intermediary agencies lack front-line practical experience on the whole. It is suggested that the government departments, judges and intermediary agencies should receive systematic bankruptcy law training, learn from the experience and practices of the developed market economy regions, and quickly shorten the knowledge gap of bankruptcy law between the northeast region and these regions, Train talents to provide the first resource for the revitalization of the old industrial base and the promotion of the use of the bankruptcy law.
1. Full program learning. Systematically study and train the enterprise bankruptcy law and its judicial interpretation, the basic process of bankruptcy liquidation (reorganization), the basic theory of bankruptcy law, the frontier issues of bankruptcy legislation and justice, classic cases, the local experience in the implementation of the enterprise bankruptcy law, the experience of zombie enterprise disposal, the connection between the bankruptcy law and the procedural law and other laws, and systematically master the basic legal knowledge.
2. Cross discipline learning. Learning and training on finance, accounting, taxation, capital, management, industry, media communication, land policy, finance, intellectual property and other aspects that may be involved in bankruptcy, so as to master the bankruptcy system at a higher level is the docking of law and other disciplines. Relying on the education resources of law, finance, accounting, management and finance of Jilin University, Heilongjiang University, Liaoning University and Northeast University of Finance and economics, with the help of well-known scholars, judges, lawyers and government officials from other places, a 3-5-day closed training course is systematically established.
3. Full coverage learning. It is suggested that the three northeast provinces jointly establish the "northeast bankruptcy higher research institute" as a permanent training institution and talent training base for judges, administrators, lawyers, accountants, financial institutions, enterprises and government personnel.
4. Scenario based learning. Refer to the typical bankruptcy cases published by the Supreme People's court or the influential bankruptcy cases in China, conduct field investigation and research, understand the whole process of case trial, deeply experience the judicial innovation and management innovation, enter the real scene of these cases, immerse in the case and experience the case handling process.
5. Double disk learning. "Double play" is a term in Weiqi. It refers to walking on the board again after playing chess to check the advantages and disadvantages of moves in the game and evaluate the key to gain and loss. Repetition is a learning ability, including four steps of reviewing objectives, evaluating results, analyzing reasons and summarizing experiences. Through repetition, we can summarize experiences and lessons, especially failures, so as to constantly summarize and improve. Through the repeated learning of the bankruptcy system, strengthen the learning of successful experiences and the feedback of failed practices, introduce sand table deduction in combination with the actual situation of the northeast region, improve the work plan in the implementation, and constantly summarize and improve the level of application of the enterprise bankruptcy law.
（2） Joint case handling and team building
The administrator plays an irreplaceable important role in the bankruptcy proceedings and is the specific executor of the bankruptcy affairs. Its ability and level are crucial to the implementation of the bankruptcy law. It is suggested to vigorously cultivate the local manager team and strengthen the strength of local managers.
If a large-scale bankruptcy case requires the introduction of foreign competent intermediary institutions, the court may adopt the "1 + 1" mode in the selection of administrators, that is, "one foreign institution + one local institution" as the joint administrator, so as to improve the business ability of the local administrator. The bankruptcy cause in Northeast China must be based on the local strength, which needs to cultivate a talent team in the actual battle of bankruptcy, create a large number of judges, lawyers, accountants and government officials who are familiar with bankruptcy, and strive to realize the market clearing of "zombie enterprises", the activation of production factors and the revitalization of Northeast China.
（3） Unified coordination and promotion of implementation
Du Wanhua, deputy director of the Advisory Committee of the Supreme People's court, once wrote in the people's court newspaper that the people's court has established a "unified coordination mechanism for the bankruptcy work of government and court enterprises" in the bankruptcy trial. The coordination mechanism is responsible for coordinating the work related to enterprise liquidation and bankruptcy, and solving the business guidance, information provision, employee placement See Du Wanhua: treating the people's court as a hospital of "sick enterprises", published in the second edition of the people's court Journal on March 25, 2016. On August 12, 2019, the general office of the State Council issued the plan for the division of key tasks of the national teleconference on deepening the reform of "decentralization, management and service" and optimizing the business environment, which proposed to "promote all localities to study and establish a unified coordination mechanism for handling bankruptcy, and comprehensively promote business coordination and information sharing in bankruptcy proceedings." Due to the insufficient supply of legislation and system, this kind of support is mainly carried out in the way of "government court linkage". [[] see Wang Xinxin: the linkage mechanism between the government and the courts and the trial of bankruptcy cases, published in the seventh edition of the people's court news on February 7, 2018.] The linkage mechanism established by the joint meeting is an effective mechanism, which organically integrates judicial power and administrative power, straightens out the operation path and eliminates the operation obstacles for the market-oriented resource allocation, and has many benefits in practice.
1. The unified coordination mechanism defines the functional positioning of the government and the court in enterprise bankruptcy cases: the judicial process is led by the court, and the government provides coordination services in stability maintenance, investment promotion, policy support, etc., and handles emergency events and possible mass petitions. In terms of coordination organizations, a unified coordination office shall be established in accordance with the requirements of the documents of the State Council, which shall be constantly improved in practice.
2. Coordinate the enterprise bankruptcy work in a unified way. While disposing of "zombie enterprises", a "package" linkage mechanism will be formed in terms of cracking down on debt evasion, punishing illegal directors, supervisors and senior executives, personnel placement, tax issues, "one enterprise, one policy" differentiation policy, criminal and civil interaction, bank non-performing assets disposal, land policy and special tax treatment.
3. Through the unified coordination mechanism, the relevant government departments can take the initiative to deal with the cases with great social impact such as historical problems and people's livelihood problems in the enterprise bankruptcy cases in advance, so as to clarify the boundary zone and the responsible subject between the departments, actively participate in solving the difficulties encountered in the court's trial work, and form a working mechanism of multi department cooperation and linkage.
（4） Supporting policies and concerted efforts
1. Implement the tax policies to encourage mergers and acquisitions according to law. In accordance with the preferential tax policies of the State Council, the Ministry of Finance and the State Administration of Taxation on promoting enterprise merger and reorganization, the transfer income or loss of relevant assets will not be recognized for the time being in the form of equity payment, and the taxable income recognized in debt restructuring will be deferred in accordance with the law. After "zombie enterprises" introduce strategic investors, the tax authorities will conduct supplementary assessment or re assessment on the tax credit. Refer to the mature operation experience of advanced regions to provide timely and sufficient tax services for bankruptcy business.
2. Speed up the docking between industry and Commerce and justice. If the rights and interests of the investors are forcibly adjusted in the bankruptcy reorganization procedure, the industry and commerce department shall handle the change registration according to the judicial documents of the people's court, cancel the shareholder qualification of the original investors, and confirm the shareholder identity of the introduced strategic investors.
3. Protect the interests of financial creditors. Encourage banks and other financial institutions to strengthen internal cooperation, strengthen communication with local governments, explore the establishment of financial creditor's Rights Committee, protect the interests of the largest creditor group according to law, and pay attention to the systemic risks that may be caused by financial creditor's rights. After the introduction of strategic investors, zombie enterprises will add information about reorganization to their enterprise credit information system to publicize the credit improvement after successful bankruptcy reorganization.
4. Improve supporting policies. For the service industries such as supporting intermediary service industry, R & D, design, creativity, incubator, warehousing and logistics, fresh agricultural products sales, etc. of the old industrial base established by "returning two to three", the industrial use can be kept unchanged to develop 2.5 industries. Explore the establishment of government investment platforms and investment promotion platforms to participate in bidding and restructuring, and provide the same preferential policies for investment promotion as new projects. Comprehensively dispatch financial means to collect and store industrial land at a low price to prepare land resources for the revitalization of old industrial bases under the new normal in the future.
5. Explore ways of financial support. Some cities have been actively exploring this aspect,