If you have more experience in the problem domain (either business or technical), then you might actually be able to rewrite it much better. But then there are quite a few other problems: Do we have time to rewrite it? Will it integrate well? Are you actually solving the right problem? Is it so different people won't know how to use or maintain it? etc.
I think even if you're rewriting code, doing it in the framework that's already available, and making as much use of it as is reasonable, is the better option.
I don't think it really matters what the solution is, within reason, as long as everyone agrees to follow it.
I once worked a contract where it was expressly forbidden by the dev manager to refactor any code unless it was demonstrably necessary to support a new feature. Not much fun for devs at times but I respect the reasons behind the decision (esp. as it was a derivatives trading platfom and it can get pretty expensive pretty quickly when they go wrong).