Abstract: In the risk disposal of securities companies, due to the differences between administrative disposition and bankruptcy procedure in the aspect of value orientation, leading organs, participants and law application, it is liable to cause conflict and barrier in the transition and connection of the program. At present, lacking coordination rules to solve the conflict in China's legislation may lead to chaos in practice and harm the effect of the program. In view of this, it is necessary to research on some prominent problems from the legal and practical perspective of the issue, which includes how to draw a line between administrative disposition and bankruptcy procedure, whether the current legislation system is appropriate, whether to allow the adjustment of the bankruptcy application corpus, whether some administrative disposition acts can be revoked in the bankruptcy proceeding, how to coordinate the relationship between the group of administrative liquidation and bankruptcy administrator, how to avoid the repeated declaration of creditor's rights and whether the protection range of individual claims is too broad. Some suggestions are proposed on the basis of the above.