There are great differences between enterprise reorganization and merger and acquisition, and their motivations, implementation subjects and methods are essentially different. Enterprise reorganization is the transformation of the enterprise itself, merger and acquisition is the integration of the enterprise and other enterprises, and bankruptcy is due to insolvency, and the debt is repaid with the assets of the enterprise through legal procedures.
legal ground
Article 172 of the Company Law
Company merger can adopt absorption merger or new merger. A company absorbs other companies for merger, and the absorbed company is dissolved. The merger of two or more companies to form a new company is a new merger, and the parties to the merger are dissolved.