On The Responsibility Of The Directors Of Creditors

When the company faces liquidation, the benefit of company creditors will be confront with the maximal crisis. So a lot of country legislation or equal legal precedent ratify that the directors owe duties to creditors during the period of insolvency or in the vicinity of insolvency. Then what is the basic of directors' duties, and how can it be imputed or relieved? This paper utilizes the comparison and historical methods to study the thesis. First introducing the origin and development of directors' duty to creditors and currently legislation and regulation in effect, try to analyze the system background and currently regulation in effect, and conclude the function value of directors' duties to creditors abroad. Viewing the development and system background of enterprise directors' duties in pur country, and analyze the purpose of our country's regulation and the function value of the insolvency enterprise directors' duties. Analyze current system finally, and suggest some revision; and on the basis of the outside environment, in which the system runs, try to perfect some auxiliary system, and clearing away obstacles for the responsibility. The main body of the paper is composed by parts (containing the foreword and the conclusion), as the following authors introduce it one by one briefly.The first chapters make simple introduction of the trend that director duty expands unceasingly, as the progress of company, the director undertakes responsibility only to the company no longer, and whose duty extends to the company outside already. Then pointing out that the director has motivations to encroach on creditor benefit, when a company going bankrupt. Analyze the deficiency of means in tradition law for protecting creditor of company. Finally on the basis of peculiar demand for protecting creditor in bankrupt process, discuss the possible way in which director will encroaches on creditor benefit when the company goes bankrupt.Second chapters introduce the rationale that the responsibility of director to creditor bases on then makes a comparatively macroscopic introduction about the duty of director to creditor according to different genealogy of law abroad. And analyze representative laws of each genealogy of law comparatively. Finally, comment on and analyze the duty of director to creditor in different genealogy of law, analyses the imputation principle, quality of the responsibility and duty function value etc.Shifting to clear up and analyze our country relevant system in third chapters. Our country doesn't make clear that the director owe a duty to creditor, but stipulates the similar responsibility which is named the duty of director of bankrupt enterprise in the Bankruptcy Law's at present. Author introduce the system origin background and changing first, then point out the defect of Bankruptcy Law in 86 and the insufficiency of enterprise director responsibility for creditor protection. And analyze the society background of new Bankruptcy Law in our country, and try to analyze the deep cause of the problem from consciousness, system and social environment. Provide background theory support for analysis our country insolvency enterprise director responsibility in new Bankruptcy Law.In fourth chapter authors attempt to compare and appraise director's civil liability in new bankruptcy law and the duty of director to creditor, and set forth the diversity of two kinds responsibility in function value and the rationale. Analysis the director responsibilities in our new Bankruptcy Law, and then submit the advance suggestions. Finally, combining with peculiar system running environment of our country, suggest further perfecting company government structure and outside auxiliary system, to ensure that director responsibility in Bankruptcy Law is able to bring its effect into play.In conclusion, the duty of director to creditor has three functions. One is prohibiting the director abuse his/her power; the second function is that, when the creditor does not be paid off, is able to expand the property's scope, and protect creditor's rights. The most important function is that the company who takes precautions against and relieves the danger of bankruptcy winding up finally. Relevant system of our country has the effect punishing director power-abuse only; the compensation effect to the creditor is limited.