China Insolvency Administrator Selection System, A Number Of Issues

Bankruptcy is an inevitable product of market-oriented economy, and it is the inherent need of market for achieving the optimization distribution and use of the resources, and also an effective way to help improve economical competitive efficiency. The bankruptcy administrator plays a very important role in the whole bankruptcy procedure. Whether or not the bankruptcy administrator is fair, professional, hard-working enough for this position is directly related to the selection system of the bankruptcy administrator. And the selection system also has a strong influence on the smooth operation of the bankruptcy procedure and the protection of the legitimate rights and interests of all stakeholders.Therefore, this paper mainly focuses on some issues about the selection system of the bankruptcy administrator, such as the qualifications for this position, the subject for the selection and the relief for the selection. This paper starts with the basic theory of the selection system, discussing the conflicts in the selection system and how to achieve the balance of interests. Subsequently, this paper analyzes the progress and the deficiency in the selection system of the bankruptcy administrator in our country. Based on the study of the legislation of many other countries and"Draft legislative Guide on Insolvency Law"of the United Nations, in light of China's actual conditions, this paper puts forward some proposals to improve our selection system of the bankruptcy administrator.This paper comprises three parts, introduction,conclusion and text. The text consists of four chapters.The introduction expands the reality and deep value, the apparent angle and the central idea.The first chapter of the paper introduces the basic theory of the selection system of the bankruptcy administrator. Firstly, this chapter briefly introduces the definition, the history, the function and the legal status of the bankruptcy administrator. Secondly, this chapter discusses the specific meaning, the significance and some theoretical issues of the selection system of the bankruptcy administrator. There are a variety of conflicts of interests in the selection system of the bankruptcy administrator, so how to keep the balance of interests is an important issue. In order to achieve the balance of interests, the clear qualification for this position should be the basis, the selection model which controlled by the meeting of creditors should be the primary means and the supervision and relief by the court should be the protection.The second chapter mainly discusses the history and current situation of the selection system of the bankruptcy administrator in China. China used to implement the liquidation group system which reflected strong color of administrative intervention. The selection system of the members of the liquidation group also has substantial drawbacks. Now China's new bankruptcy law establishes the bankruptcy administrator system, and makes comprehensive provisions about the selection system. Among the great progress, there are still some aspects less than perfect. This chapter makes detailed analysis on some major issues in the selection system, such as the qualification for the bankruptcy administrator, the subject and methods of the selection and the relief of the selection.The third chapter analyzes and summarizes the legislation of the selection system of the bankruptcy administrator in many common law and civil law countries, hoping to draw on the useful experience and technology to promote and perfect the legislation in our country.The forth chapter does some thinking and makes some proposals on how to improve the selection system of the bankruptcy administrator in our country. In order to keep the balance of interests in the bankruptcy procedure, this paper advises that our country should define the qualification of the bankruptcy administrator in the legislation, the meeting of creditors should play a positive role in the selection, and the court should provide effective relief through its supervision and adjudication.The last part sums up the content of the whole paper and looks for the future of bankruptcy law in our country.