内容参考复习-insolvency law1by

12ThetothePart1:terminologyPart2:thehistoryandthevaryinginsolvencyphilosophiesPart3:thetypologyandalternativesofinsolvencyproceedingsPart4:bankruptcycrimesPart1:terminology:UNITEDENGLISH-BroadermeaningthaninUKor-Narrowermeaningthaninthe triggeredbyinsolvency-Aprocedureapplicableonlyto-Broader-NarrowermeaningthaninUKor-Typeofproceedingagainstcompanies+-“Only”theForms:liquidation(windingup),receivership,administrationandcompanyvoluntarySothesameterm,differentmeaning,moreofinUS,thebroadermeaningbankruptcy,inEnglanditisanarrowermeaning.WhatCanEtymologyRevealtousabouttheNatureofInsolvency/Bankruptcy““Theword‘bankruptcy’derivesfromtheItalianwordbancarotta(=brokenbench)thatduringtheMiddleAgeswasusedtoindicatethetypicalsanctionappliedtoabankrupttradesmenorbankers–thebenchbreaking,i.e.,thebreakingofthetradesman/banker’smoneytable.Atitsorigin,thus,thewordbankruptcyhadapunitivemeaningthathasbeen inEuropeBankruptcyCodeoftheUnitedStates【法介绍ThereasontotakealookatUSlawisitwasverysimple,notbecauseofthefancyofAmerican,butbecausetheyhavethewildestrangeofbankruptcyproceedingsteps.TheStructureoftheU.S.BankruptcyChapterChapter –Liquidation(companies&individuals–freshChapter9 –AdjustmentofDebtsofaMunicipalityChapter11–Reorganization (theU.S.successstory)Chapter12–AdjustmentofDebtsofaFamilyFarmerwithRegulareChapter13–AdjustmentofDebtsofanIndividualwithe(onlyrichcountriesmayafford/GermanyintroduceditafewyearsChapter15–AncillaryandotherCross-Border(addedinChapter7isabouttheliquidation.Liquidationtobothcompaniesandindividuals.Butdon'trealizeitmeaningasbehaviorindividuals,justindividualscsobebankruptcyandbankruptcyproceedingisadoptedandthenyouarereleasesomepartsofyourdebts.Butcompany'sbusinessisprindverysystemwhichhasbankruptcylaw,definiyhasliquidationproceedings.InmostEuropean,liquidationisalsomostimportantstepofbankruptcyproceedings.(第七章是关于，包括个人和公司清Chapter9,adjustmentofdebtsofamunicipality.MunicipalityislocaladministrationbodySoinanotherwords,citiescangobankruptcyandyouhaveproceedings.Nowthecaseinmostcountries,it'sthatwedon'treallyhavebankruptcyproceedingformunicipality.WhatistheresolutioninChina?--Centralbudgetwillfillit.InUS,it'snotsoTheyhavemunicipalityadoptbankruptcyproceedingsimilartobusinessThismeansthatthecityhastositdownandbargainwiththecreditors.(第九章为市政负债措施。一USnormally,thefederalorthestateernment,theydon’tgivemoney.Sothemunicipalityhavetositdownandtonegotiate.Therearemanycases.At1977,NewYorkcitizenallmovesbankrupt,buttheyare,thatwasasuccessfulproceedings.AndyoumayhaveheardalsoaboutthecaseofDetroit(底特律)andthatisakindofbadexampleUS的模式有很多case，NewYorkcase是成功的，Detroitcase是失败的)Eachofthesystemhasitsownadvantagesanddisadvantages.IfyouhaveasystemlikeitinChina,thatbasicallythemunicipalitygoesbankruptandcentralernmentstepsinbasedonthebudget.That’sfine.ButyougottheproblemofMoralHazard.MoralHazardjustlikespoiledchild.（不同体系都有优点和缺点，中国这样的体系可能发生MoralHazard问题，MoralHazard类似于被惯坏的孩子理论）Chapter11,reorganization.Thissupplyharmonytobusiness.ThisisanAmericasuccessstory,soeverybodywanttocopythereorganizationincludingChina.Chapter12,adjustmentofdebtsofafamilyfarmerwithregularannual e.Sotheyhavesomedifferentproceedingstoprotectfarmers.Theyprotectfarmersbecausetheyhavehugeestate,biglands.Whythereisaspecialprotectionoffarmers’AndwhatisthedifferencesbetweenfarmersandproducingFirstofall,itisimportanttobesurethatfoodwillbeproducedSecondlyistheagriculturalproductionismuchdependonweathercondition,itisdifferent.Anyway,thisisalsointeresting,inothercountries,theydonothavespecialproceedingforthat.Chapter13,thisisforindividuals.Wedonothaveindividualbankruptcy,Ijustmentionithere.Chapter7canbeusedbyindividualstypicallyyouareveryverypoor.Sobluecolorworkermeaningyouareonlyearningwagesthatismoreaboutchapter7,andifarekindofricher,likelawyerattorney,peoplewhoareprofessional,andthenyoualsohavethisone,chapter13.Sotherearetwoproceduresavailableforindividual’sChapter15isaboutcross-borderbankruptcy.EuropealsofollowedthissowealsohavethisinEurope.①Firstofall,youhavetohavetrigger,meaningwhycansomebodyturntocourttoconductinsolvencyprocedure.Typicallyyouhavetwocomplaints:someonecannotpaytheneg.debt-assetratio,thatmeaningthedebtsis ebiggerthanassetsofthe②Thensomeonefirethepetition,voluntaryorinvoluntary.InEuropenormallyisinvoluntary,sothecreditorfire.InUS,thenormalthingisvoluntary,sothedebtorsfireagainstthemselves.③ThenthecourtstartthebankruptcyproceedingsandyouhaveanumberofwilltalkaboutUSconceptofautomaticstay(自动冻结Automaticstaymeansthatallkindsofactionsmustbestop,theopeningofinsolvencyproceedings,everythingmustbestop.④Thenthetrusteeappointment.TrusteesisthetermusedintheUSandEurope,appointmentinsteadtorunthebusiness,basicallytodowhatthemanagementngtheliquidationproceeding.⑤Theninvitationtocreditorshavetofiretheirplansaccordingtocertain⑥Thenthetrusteewillmakethefinallistofrecognizedclaims,andthenthetrusteewillselltheassetsasmuchaspossible⑦ThenSecuredUnsecured FinallytheygivethecompanyfromtheAndthecreditorscommitteeimposesyoumustappointbankruptcycompany①Notrusteeappointed：Reorganizationisalmostthesamething.ItcomesfromAmerica.AsthenamesuggestthenameisnotliquidateitreorganizeisrestructureitYoudonotappointofthetrusteebutyouallowthemanagementtodothebusiness.（重组前面的程序和程序差不②REORGANIZATIONPLAN：Thecentrallinkisconfrontedwiththereorganizationplan.Asreorganizationplan,forthatyouhavetositdownandyouhavetonegotiatewithcreditors.Reorganizationplanconsistsofpostponingpaymentsandmainlywritingoff勾销)someproportionofdebtsSothisisthepricehowyoucansavethecompanies.（关键的环节是重组计③Planacceptedbycreditorsor‘cramdown’：Iftherequirementthememberofcreditorswassaidyesthenthereorganizationplanisacceptedandsafe.“Cramedown”simplymeanswhethertheplancanbeimposedonthecreditorsandifthecourtsaythatthereorganizationplanisgood,evenifyoudonotagree,ithasbeenaccepted.(如果债权人同意，这个重组计划就被接受了。Cramedown意思是无论这个计划是否被债权人接受，如果说重组计划好，④Continuedoperation&implementationofthereorganizationplan：thenifitisacceptedorcramdown,thencontinuedoperationandimplementationtheplan.ReorganizationIfyousaveacompany,itmeansyousaveanemployer,givinghimajob.Yousaveonetaxpayer.AndbasicallyeventuallyitisfriendlyalsototheeconomygrowthandtheGDPisplished.(保留一个公司意味着保留一个雇员，提供一个工作，提供一份，同时也Theproblemisinothercountriesitisnoteasyyouknowtointroducethisthinernight.Letmerepeatitonceagain.TheAmericansystemworksbecausethecreditorsarewillingtocooperate.Theyknowthereorganizationcanworkandhavelotsofcasesandexperiencewithit.（关键是这个机制在有些国家很难之间成立系统运行的很好是因为债权人愿意合Part2:thehistoryandthevaryinginsolvencyWhatCantheHistoryofBankruptcyLawRevealtous?——FromthecrimeofbankruptcytoreliefofhonestdebtorsMedievalItaliancities:MedievalItaliancitiesinthosedaysbasicallywhensomebodywentbankrupt,itwasreasoningheisacriminal.HenryVIII–firstEnglishBYlaw:EnglishlawisveryfirstinEUatleaststatuawofbankruptcy.Thatthesamething.Bankruptcyisexistingasasystemcrime.StatuteofAnne:Takelookat18centuryStatueofAnne.Eventhatdeathpenaltystillhaveformostserious.Discharge（免除）introducedfor‘honestyetunfortunatedebtors(诚实但不幸的人)’.Theideathatbankruptcyisnotnecessaryleadingtoasituationofcrime.Butyouhavetohonestyetunfortunatedebtors.‘Honestyetunfortunatedebtors’meansnotfraudulent.Theproblemwasitishardtodifferentiatethehonestbutunfortunategoodfaithfromthefraudulentthatiswhohavebeen inginsolvent.Thatisaproblemeventoday.(如果你是诚实的不幸人，不一定会导致。但问题是分清诚实U.S.-AnActfortheReliefofDebtors：Itisnotaboutjailtheinsolvent,butreliefthedebtorsmeaningletusgivethemafreshstart.Letusgivethemthechanceofrestartingthelivesindividuals’business.Criminalsanctionsonlyforfraudulentbankrupts.(的法案规【课程中间加一个知识点】whatisthefunctionsofbankruptcyFirst,tosecureanequitabledivisionoftheinsolventdebtor’spropertyamongallhisThesecondthing,topreventonthepartoftheinsolventdebtorconductdetrimentaltotheinterestsofhiscreditors.（防止人的行为损害债权人利益）Thirdobjective,protectionofthehonestdebtorfromhiscreditors,bymeansofthe21stCentury:WhataretheDrivingForcesbehindRapprochementofBankruptcy21stCentury:Trendsand1.1.GrowthofcrossborderU.S.addedChapter15on‘AncillaryandotherCross-BorderCases’in2005Aviancacase(2003):U.S.courtretainjurisdictionYukosOilCo.case(2005):theU.S.courtdismissedthe ernmentsgo-e.g.,Argentinain2004/Hungary2009/10?/-GreeceHarmonizationofbankruptcyGermanyandFrancetransplantedmuchofU.S.ChapterIndividualbankruptcy:HungarianSwiss-FrancdenominatedhousingOrganizationsDealingwithBankruptcy:INSOL(EUROPE&TheMissionistotaketheleadingroleinEuropeanissuesofinsolvencyandalsoofbusinessrecoveryTheMissionistotaketheleadingroleinEuropeanissuesofinsolvencyandalsoofbusinessrecoveryandturnaroundsituationsofbusinessorganisations.TheOrganisationwillgreaterco-operationandcommunicationwithinEurope,andalsowiththerestofthe21STCENTURY:AWAYOFTHINKINGOFINSOLVENCY?Therelationshipinsolvency,risktakingandentrepreneurship(、风险和企业家精神Whatisentrepreneurship?Itmeanswillingnesstodobusiness,wanttoexpandorstartanewInsolvencyLawv.Risk-Whatdoyouthinkaboutthefollowingfigures?Andwhetherthequality,nature,country’sinsolvencylawmattersornot.分析：Sowecansaylogically,youpursuenewproductorarea,thechanceyoumay bankruptincreased.AndbasicallytheUSsystemsayyoujusttaketherisk,youdon’thavetoworryextremelyifyoufail,youcansavebyreorganization.AndthesupportofGermanysystemiswhat?DoesitreallytakestheGermantorisk?NO.ifyouarethemanageinthatcompany,youwouldpossibletosayjustkeepstay,don’texpand,orelseitmaycausesproblem.AccordingtoGermanylaw,ifyoudon’tfilebankruptcyifyourcompanyis,youmayhavecrimeeventoday.(逻生问题,根据德国法，直到现在都可能构成。)问题：Thenthequestionistodaywhenyouhaveaglobalizedworld,whereeverybodycompetingwitheverybody,notjustChineseenterprisewithChinese,buteverybodywitheverybody,whichsolutionisthebest?Everyinsolvencysystemisbasedonthelocaleconomicconditions.Youcannotchangeitovernight.Eventuallyeverybodyrecognizesthatitmakesensetogiveasecondchancetoenterprises,exactlytogiveincentivetotakenewriskstogoon,notrestrainyourselfbecausethisishowyoucanbesuccessfultothemodernworld.（在全球化的情况下，哪种解决方式是最好的？-每一种系统都是基于当地的经济状况，不能之间FrenchIntentionsv.Itseemsthatonecommonaimforboth[FranceandUK]istodevelopinsolvencylawmoretowardsa‘restructuringlaw’Itseemsthatonecommonaimforboth[FranceandUK]istodevelopinsolvencylawmoretowardsa‘restructuringlaw’.Inrecentyears,Frenchinsolvencylawhasbeenconstantlyamendedbysuccessivelaws,eachofthememphasisingthepromotionofrescueandrecoveryofcompaniesindistress.Furthermore,theCourdecommerceinParishasrepeatedlypromotedthetreatingofthefinancialdifficultiesofcompaniesatanearlystage.Yetalmost90%ofthe45,000FrenchinsolvencycasesdecidedeachyearendinHencethesteadycallfornewreformsinTheDifferingBankruptcyWhyreorganizationdoesnotreallyworkinFrenchandmanyothercountries?Thatiscentrallyaboutthebankruptcystigma.Stigmatizationmeansshaming.Ifa ormanageroradirectorofacompanywentbankrupt,thesocietyorotherbusinessmanwouldthinkthatyouareabadguy,youhave ebankrupt,Idon’twanttodobusinesswithyouanymore.(在法国，重组机制不能真正运行的原因是羞耻观念。如果一个人了，别人就会说他是一个，““InEurope,bankruptcycarriesalifelongstigma.Whateveryoudo,donotdeclarebankruptcyinGermany:you,yourchildrenandyourchildren’schildrenwillcarryalastingmarkofCainintheeyesofGermansociety.IfyoumustdeclarebankruptcyinGermany,youarebetteroffleavingthecountry.(Andyou’ll edwithopenarmsinPaloTheLeniencySpectrum（宽大处理程度It’sclearlyundoubtedthatUSisatoneextreme,meaningthathereisnobankruptcystigma.Thisphilosophymentalitythattakingrisksisfinething.Theypunishonlyfraud.GermanistypicalcontrasttotheUSbecauseinGermanythebankruptstigmaisextremelyhigh.InmuchofcontinentalEuropeisalsoextremelyhigh.ThecommonlawsystemarealsoradicallydifferentfromUS.CanadaandUKhaveahigherlevelofstigmathanintheUS.Howcouldwelessenperhapsthebankruptcystigma（如何减少悲观情绪Ittakestime,effortstomakethechange.It’snotthelaw.Youcannotchangebymakinganewlaw,andsomesupportingevidences.①SpecialGermanhasalsorecognizedthatitwillbenicetosavemorecompany,andnotliquidate99%ofthem.Soinrecentyears,theypassedspecialactsexactlytointroducethisreorganizationculture:2009:TheDebtSecurities2010:TheFinancialInstitutionsRestructuring2011:ActforthefurtherSimplicationofCompany②OthertechnicalButtheintentionofthelegislativeisverygood,theresultsaredifferent.Theydon’treallywork.Andtheyhaveintroducesomecountrytechnicalmeasures：Insteadofanoptionalcreditors’committee–mandatoryinbig-ticketAppointmentofinsolvencyadministratorproposedbycreditors:courtmustappointitbutonlyifcreditorsareunanimous(etc.)Easierdebt-equityFacilitationofdebtor-in-Debtor-in-possessionbasicallymeanthatyoudon’tappointanexternaltrusteeorprofessional.Butyouleavethemanagementtodothethings.Debt-equityswap(债转股):Insteadofpayingcredits,thedebtorwillgivecreditorsUnited①HeadingtotheAmericachapter11reorganizationEnglandhasalsorecognizethatitwillbeveryimportanttohavenicerestructurereorganizationinsteadofliquidations.TheEnterpriseAct2002formstheprowofarescueculture:areformedEnglishlawfeaturing,unlikeGermanlawandverymuchlikeAmericanbankruptcylawanumberoflegally-regulatedrestructuringproceduresofbothcompanyand②HavenoprivateInUK,youhavesometypesofreorganization.ThemostfrequentavenueisadministrationwhichisverysimilartoactuallychapterUntilUntil2003:holdersoffloatingchargescouldappointa(private)receivertakeoverthemanagementofthebusinessliquidate(sellortransfer)sufficientassetstopaythesecuredhavingtheinterestesofthefloatingchargeeasthefirstAfter2003:forenforcementoffloatingchargescreatedafter14Sept.2003cannotbeappointedanymorebasedontheEnterpriseActBeforetheEnterpriseAct2002,privatetakemoreconsiderationofthelargebanksinterestthanothers.Becausebigbankappointthereceiverandpayhim,itwaspreviouslylogicalandisobviouslythathefollowedthebank’sinstruction.Bigbankwillgetmoremoneyifthereceiversaletheassetofthebusiness.Soitwillbeliquidated.AndthatwasthecontracttotheinterestofthecompanytosurviveandrestructureThatiswhytheyhavetrytoalmostabolishtheprivatereceivershipsystem,totakethecontroloutofthehandsoffloatingleaninthebigbanks.(2002年之前，私人受托人地考虑大银行的利益，因为大SoaftertheEnterpriseAct2002,thesystemissimilartoAmericathatinmostcasesthefloatingchargewillnothavetherighttoappointprivatetrusteebuttheyhavetogothroughcourts.Wehaveaalmostcompleyabolishreceivershipbutevenifyougothroughthecourts,itstillhavethesameproblemstheystillliveon: Whilerescuingthebusinessofthecompanyasagoingconcerncomesatthetopofthestatutorylist,thisobjectivecannotbepursuedifsomeotherresultislikelytoachieveabetterresultforcompanycreditors.（如果其他情况可以导致更Thewhodecideswhatislikelytoproducethebestresultforcompanycreditorsistheadministratorandtheadministrator,ifnotappointedbythemainsecuredcreditor,isgoingtobeaacceptabletothatcreditorandintunewiththecreditor’swayofthinking.（现在的administrator不是被大债WhoiscaughtbythisbankruptcyItItiswidelyknownandwidelyfeltthatinthebusinessworld,atleastinGermany,isstillviewedasafailureandthefilingofaninsolvencyapplicationasanadmissionofownownfailure–regardlessoftheactualNomanagerwantstobeconfrontedwithhisorherings.Aslongasemotionalinhibitionremainsinplace,itmayrequiresomeconvincingtopersuademanagerstoattemptrestructuringwithinaninsolvencyprocedure.Itmaybetemptingtodisregardthisfanon-serious,butanyearnestattempttoconstructanefficientrestructuringlawmusttakeitaccountuntilthereisevidenceofawide-rangingandsustainedchangeinpopularThestigmaappliesalsotochina.BothChinaandEuropewantstointroducethissecondchancepolicyreorganizations,butnomajorbreakthroughshouldbeaccepteduntilsomethingwillbedonewiththebankruptcystigma.Somebodyshouldworkonthisthing.Butnobodyhasreallydonethatasfarasiknow.(中国和欧洲都有的心理，中国和欧洲都希望引进重组程WHYARECONTEMPORARYBANKRUPTCYSYSTEMSDIFFERENT?BankruptcyPhilosophies&PolicyTheDifferingPhilosophies&themainBusiness在失败是正常在德国失败不受欢低 尽可能快人在之前谈判和差不多，只一个不同就是银行应该尽可能地产，如果能够如果不能在庭外解决只能在解决银行，有选择益才可以发起要有担保英国法几乎和2007CommissionCommunication(excerpts):WhyandHow e‘EuropeanItisnotjustanationalstate,butalsotheEuropeanUnionwhichrecognizetheEuropeanUnionwillloseifwewillnotchangethewaywelookatbankruptcylaw,thewayweapproachrisktakingentrepreneurship:(不仅是国家，整个欧盟都应该改变对法和企业的看法)Entrepreneurshipisinherentlyriskyanditrequiresself-confidenceandautonomyasEntrepreneurshipisinherentlyriskyanditrequiresself-confidenceandautonomyaswellasacertainreadinessforrisk-taking,asbusinesscreation,businesssuccessandbusinessfailureareinherenttotherealityofthemarketeconomy.However,aspartofthegenerallackofsocietalappreciationandunderstandingofentrepreneurship,businessdistressorevenbusinessfailureisnotyetsufficientlyunderstoodasanormaleconomicdevelopmentandanopportunityforanewTheEuropeancommissionconsidersthatamoresupportiveenvironmentforbusinessatriskmaypreventfailure.Solawshouldchange,theenvironmentshouldchange.Theproblemisthatnobodyknowshowtochangementality.（欧洲认为，对企业的SomeComparative-the2007CommissionCommunication5050%ofenterprisesdonotsurvivetheirfirst5yearsofThough,outofallbusinessfailures,bankruptcyaccountonlyforaboutTheyearlyaveragedeathrateofenterprisesinEUisInEUonly4–6%ofbankruptciesarefraudulentEUcitizens’a/47%wouldbereluctanttoorderfromapreviouslyfailedbusinessb/51%wouldneverinvestinbusinessesinfinancialOnlyOnlyafractionoffailedentrepreneursmakesasecondThenegativeconsequences(stigma)reachesfamilymembersin25%ofcases/in15%ofcasesleadstorelationshipbreakdowns41Itmeansthatinsolvencyincapabletopayactuallyisonlyasmall2Sotherestofthemarehonestbut3Thisisthebankruptcystigmaalreadyatwork.47%ofpeoplesaidthatifyouhave bankrupt,endthestory.Iwillnotpurchaseeverfromyouanymore,anything.4Sothewifesaidtohusbandthatbecause einsolvent,Idon’tloveyouThatisalsothebankruptcyPart3:thetypologyandalternativesofinsolvency——Hereinofexemptionlaws,bailoutsandcreditorbail-SystemicSystemicriskmeanstheriskthatcannotbeavoided.Itmeansthatbasicallyabankruptcymaybasicallyruintheentireindustryifnottheentireeconomy.Sothesystemisatriskbecauseofthebankruptcyofbanks.Mostofthebanksorabignumberofbankswerebailedout.Someofthemwerenotbailedout.Liquidationendthestory.(会导致系统，不是影响整个经Bailoutmeansusingoftaxpaidmoneytosaveabusiness.Bailoutisthesolutionaftersomedebtreachunnormallevelobvioushavenotenoughmoney.（负债到一定程度了才可以用Solutionwheresystemicriskisi.e.,theriskofasinglefirm’sfailurehavingsubstantialnegativeeffectsonthebroaderNosystemicriskinvolvedAidtofinanciallydistressedbanksorcorporationsnotfromtaxpayers(i.e.,ernmentintervention)butfromcreditors’moneys.Ifbailoutdoesnotwork,theernmentisnotwillingtodothisthing,thealternativeisbail-in.（不是通过去挽救困顿中的企业或者银行，而是债权人。如果前法没有奏效，不管了，那么就轮到了bailinRighttoconvertthebondsintocommonstock(youwakeupasabondholder-creditor,andyouendupthenextdaybeingashareholder-ownerlosingtherighttogetyourmoneyback)（债，Creditorshadbondsissuedbybankrupt.Butcreditorininsolvencyalwaysispaidbeforetheshareowners.SothecreditorbailinbasicallymeansthattheernmentofgivingcountrylikeIreland.Irishparliamentpassedthelaw,statuteinwhichtheyarelawfullysaidthisisgoingtohappen.Weweresavingthebank,thiswillbehappen.Thecreditorbondswillbechangedwithoutconsent.Sosimilartocramdown,butitisnotcalledcramdown.Thisisnotbankruptproceedings.Thisispassingonthelaw.(结果是债权人变成持股人，持有企业的。但是通常债权人在中是先赔付的持有人是后赔付的，因此通常债转股是国家法律强制性规定不管债权人同不同意的就像爱尔兰那样.这个有点儿像程序中的cramdown，但是不是cramdown，因为这个不是程序，而是法律的规定)，Example：AngloWearetalkingabouttheernmentfinancialrighttoassist.ItfellintheeffectoftheUScreditcrunchAndtheysaidit’snotgoingtobailoutWecannotletitgobustItcannotconductinsolvencyproceedingsbecauseitposessystemicrisk.Wehavetosaveit.Andwesaveitbyforcingthecreditorstolosesomething.（这里讨论的是的财政支持权力，在次贷危机中有所体现。次贷会导致系统，因此不能，但是不能bailout，所以只能让债权人失去点儿东西，bailin）Part4:bankruptcyBankruptcycrimesarealsolinkedtoBYstigmaandBYphilosophy.Ineverysystemitmaynotbethesamething.（和哲学相关，每个国家的体系都不同）(18U.S.C.ss.151-OTHERConcealmentofassetsbytheIndividualintentionallyfilingfalseorpleteformsIndividualfilingmultipletimesinA.FederalCrim.OffensesMailfraud(18U.S.C.s.1341)Wirefraud(~s.1343)Generalfalsestatements(~s.4．Bribingofacourt-appointedCreditcardfraud(~s.Maybecombinedwithothercrimes(e.g.,moneylaundering)Eachrequireadefendantactknowinglyandfraudulently.Taxfraud(26U.S.C.7201-Useoffalsesocialsecuritynumbers(42U.S.C.s.408)InUS,youhavesomespecificBYcrimes.Andthenyouhavegeneralcrimes.Andthegeneralcrimesarelistedherebecauseactuallyit’seasiertoprosecuteBY-relatedcrimesonthebasisofthesecrimes.（在有，也有与之相关的普通，普通在这里相特点Inmostcases,generalcrimesareusedtodealwithandimposesanctionsonBY-relatedcrimesIt’snoteasytoprovethesethingsbecausethejudgesdon’treallyunderstandwhatisexactlymeantbybankruptcycrimes.（不容易区分特殊的还是普通的）Americanspunishonlyfraudulentactions:（只惩罚行为①Concealmentofassetsbythedebtor.（人隐藏资产）Sothattheseassetscannotbesoldforthebenefitofthecreditors.②Individualintentionallyfilingfalseor pleteforms.Inthiscase,thedebtorfilespleteformsorfilesintentionallyfalseforms,sothattheRYproceedingcouldn’tconducted③Individualfilingmultipletimesinseveral④Bribingtocourt-appointedBustoutsoutofreachincontemplationofBYtaxfraud–non-paymentoftaxesuntilpossible)ItmeansthatyouhadremovedtheassetsbythetimetheBYproceedingwasopen.（在破Bleedouts:depletionofassetsbyinsidersoverarelativelylongerperiodof Ponzischemes（）:attractinginvestorsbyextraordinaryreturns+norealeconomicactivity+collapse(bankruptcy)Itmeansthatyoudon’tdoanyrealeconomicactivity.Youjustcollectinvestmentsandthenyoupaythefirstgenerationofpeoplefromthemoneyfromthesecond,thesecondfromthethird,andeventuallyitcollapsesanditendsinbankruptcy.（