| dc.description.abstract | The company reorganization system in Taiwan is stipulated under article 282 of the Company Act. According to article 287 of the Company Act, the disposals of reorganization is mainly to restrict the company property and performance of debts, as well as restrain transfer of shares and relevant enforcement procedures, etc. There are two purposes of the disposals. First, during the period between the debtor company submits a reorganization application and the court allows the disposal, the creditors will individually exercise their claims against the company. As a result, the value of the company′s total property will decrease, not until the court makes decisions, the company may lose the value of the reorganization due to the passage of time and circumstances. Second, before the court approves the reorganization, the person in charge of the company may conceal evidence and transfer property. These are the reasons why we need the disposals to prevent such situations.
However, after reviewing the cases in Taiwan in recent years, we found that the claims, the extensions and the practice of current disposals of the company reorganization are full of uncertainty. Under such disposal system, many companies could not reborn successfully, like the reorganization case of Chunghwa Picture Tubes in 2018.
Therefore, this thesis refers to the ＂Stay＂ of UNCITRAL Legislative Guide on Insolvency Law, and the ＂Automatic Stay＂ in the United States Bankruptcy Code, and also provides reasons for adopting the “Automatic Stay” from the perspective of the position of the debtor company, the interests of creditors, the nature of the disposal, and the legislative aspects of the company reorganization to resolve disputes arising from the current operation in Taiwan. | en_US |