The Reform in Application for Bankruptcy

In China, Only Creditor and debtor have right to apply for bankruptcy.In spite of the retionalization of this system, It leads to much defect, such as the enterprise which should bankrupt don't bankrupt, The right of creditors was hurt and state-owned capital diminished. Therefore, the writer advise to set up the system of compulsory bankruptcy and applying obligation of debtor to perfect the law of Bankruptcy.