CHINA'S PRE-PACKAGED REORGANIZATION SYSTEM'S JURISPRUDENTIAL CONSTRUCTION AND INSTITUTIONAL FUNCTION: A BALANCING PATH BETWEEN OUT-OF-COURT AUTONOMY AND JUDICIAL INTERVENTION

In response to the efficiency deficiency of traditional judicial-based reorganization, China's judicial practice has innovatively developed a pre-packaged reorganization system. This essay contends that the juridical kernel of this system is finding a fine balance between the doctrine of private autonomy, which gives stakeholders the power to agree on commercial solutions, and judicial intervention, which is necessary to ensure fairness and legal finality. By transforming the function of the court from being a controlling judge to a procedural monitor, the pre-packaged reorganization tool really promotes the maximizing of corporate rescue effectiveness, preserves enterprise value, and is an excellent theoretical accomplishment in China's new bankruptcy regime.