Although investment banks oil the wheels of global trade and help multinationals to operate, the average taxpayer still wonders what they are there for.

As a kind of mandatory one between voluntary liquidation and bankruptcy liquidation, special liquidation not only reflects the state's judicial supervision over corporate liquidation procedures but also avoids wasting the judicial resources after entering into bankruptcy proceedings.

特别清算又称为强制清算，是介于自愿清算与破产清算之间的一种清算程序，它既体现了国家对公司清算程序的司法监督，又避免了进入破产程序后造成对司法资源的巨大浪费。

Reader's Digest turns to Chapter 11 Reader's Digest Association, the venerable staple of doctors' waiting rooms and middle-class bedside tables, yesterday announced plans for voluntary bankruptcy as it became the latest victim of the advertising recession.

美国《读者文摘》公司（Reader's Digest Association）昨日宣布，计划申请自愿破产，该公司成为广告业衰退的最新受害者之一。《读者文摘》曾是候诊室及中产阶级床头历史悠久的必备之选。

A debtor may file for bankruptcy, which is called "voluntary bankruptcy".

债务人可以申请破产，这叫做自愿破产。

It is necessary to the operating function and embodying the deserved punishment of the negligent bankruptcy act.

这不仅仅是满足实践操作的需要，也是破产过失行为该当刑罚性的体现。

The association said Hebei-based Sanlu Group, which filed a bankruptcy petition to a local court last week with a debt of1.1 billion yuan, was among the22 companies providing compensation.

该协会表示，负债11亿元的河北三鹿集团上周向当地法院提出破产申请。三鹿也在22家提供赔偿金的企业之列。

Interest on interest-bearing claims shall cease to accrue thereon at the time of acceptance of the bankruptcy petition.

附利息的债权自破产申请受理时起停止计息。

The violation was discovered before the bankruptcy petition was filed and continued after notification to the trustee.

在填写破产申请之前已经发现其违法了，而在通知了受托人之后其违法行为仍在继续。

However, the debtor or the debtor law because a bankruptcy petition has happened a year ago for reasons made claims except.

但是，债务人的债务人因为法律规定或者有破产申请一年前所发生的原因而取得债权的除外。

While Sweden takes civil enforcement system into act of bankruptcy.

而瑞士则是将民事执行制度编入破产法中。

Snowballing interest of usurious loans created debts which could never be repaid by even succeeding generations and debts involving a guarantor resulted in the bankruptcy of both the debtor and the guarantor.

高利贷利滚利，造成永远还不完的子孙债和以借贷人和担保人全部破产而告终的连保债。

Bankruptcy protects the debtor from debt collection by creditors.

破产程序保护债务人免受债权人的讨债。

Bankruptcy. A debtor may file for bankruptcy, which is called "voluntary bankruptcy".

破产程序保护债务人免受债权人的讨债。债务人可以申请破产，这叫做“自愿破产”。

Therefore, the bankruptcy debtor should be entitled to choose whether to convert the bankruptcy procedure or not.

因此，应当赋予破产债务人选择破产程序转换的权利。

It may also be useful to make business lines such as payment systems bankruptcy-remote, so that their insolvency would not affect the groups of which they are part.

让支付系统等业务远离破产可能也很管用，这样，即使这些机构资不抵债，也不会影响到下属的集团。

The following two parts try to seek the methods to restrain the negative externalities of bankruptcy-remote mechanism from the perspectives of economics and law.

接下来的两部分分别从经济学和法学的视角出发探求制约风险隔离机制负外部性的方法。

At present, Trust is selected to be the bankruptcy-remote vehicle of AS in China, that is called Special Purpose Trust.

目前我国已开展的资产证券化，选择了信托方式作为风险隔离载体，即为特殊目的信托。

And then, the author presents the unique value of the bankruptcy-remote mechanism by comparing with secured financing.

然后通过与担保制度的比较阐述了风险隔离机制独特的制度价值。

And also, I made a systemic discussion on the problem of how to realize SPY bankruptcy-remote.

此外，对如何实现特殊目的载体破产风险隔离这一问题也进行了深入的探讨，这是本文的又一重点。

The research scope of this paper is special purpose vehicle, the paper analyses the special purpose vehicle structure, bankruptcy-remote special purpose vehicle, special purpose vehicle tax and other issues.

本文研究范围主要限于特殊目的载体，全文围绕着特殊目的载体组织结构、特殊目的载体的破产隔离、特殊目的载体的税收等问题展开。

SPV is a new legal entity created purely for the purpose of bankruptcy-remote.

特殊目的载体是为了实现破产隔离而创设的一个新型法律实体；