Protecting The Interests Of Creditors On The Process Of Bankruptcy Reorganization

Highly developed economic life of modern society, enterprises as the cell of the economic development is the focal point of a variety of interests. As the social and economic pillars of the business, it will be a huge impact on the society once the enterprises bankrupt. How to effectively reduce the incidence of bankruptcy and thus reduce the impact on society is the most important thing about legislation on insolvency law. The "PRC Enterprise Bankruptcy Law" which carries out on June 1, 2007 (hereinafter referred to as the new bankruptcy law) brings the gospel to the troubled businesses. New bankruptcy law introduces bankruptcy reorganization, it is a highlight that the introduction of reorganization system to the insolvency law. Practice has proved that the system since the implementation of bankruptcy and reorganization, the bankruptcy system has played a significant role in the prevention, maintenance of social and economic stability.Bankruptcy reorganization involves a myriad of interests, there must be some inevitable conflicts among all the interests.And the reorganization system makes social benefits as a priority, so the other interests have been inevitably neglected. Among all the interests who need to be protected, this article aims to research how to protect the interests of creditors during the process of bankruptcy and reorganization. Comparative Analysis of the legislation at home and abroad, legislation and practice described is the main method of this article, to demonstrate the importance of protecting the interests of creditors in bankruptcy and reorganization, and to complete the measures of protecting the creditors'interests.This article is divided into six parts. The first part is the introduction of the article. It mainly introduces the background of this article. It includes the background and meaning of this paper, the research status at home and abroad, and the research method.The second part briefly demonstrates the basic theoretical issues of the bankruptcy reorganization, and the reorganization creditors'status in our country. First of all introduce types of creditors in bankruptcy and reorganization. In accordance with the provisions of bankruptcy law, creditors of reorganization can be divided into four groups:secured creditors, employees of creditors, tax creditors and general creditors. Followed by the need to protect the interests of creditors. First, as the creditors have the different nature of different types, creditors will be different status, and then parse the inadequacies about the insolvency law protecting the interests of the creditors. Second, in practice, creditors suffer more risk than others, only the creditors themselves bear the risk of reorganization failure.All the creditors in the reorganization in a weak position are calling for a detailed overview of the law to protect their legitimate rights and interests.The protection of creditors' interests in the start-up phase of reorganization will be discussed in the third section. It mainly includes the requirements for the reorganization ability of debtor. The condition of star-up for reorganization proceedings,the court examination for star-up of reorganization proceedings and guarantee system,and the temporary security measures in the star-up phase of reorganization proceedings.The protection of creditors' interests during the process of establishment and approval of reorganization will be discussed in the fourth section. Reorganization plan as a revival leader is a programmatic document, so the reorganization plan in the entire reorganization process is a particularly important position. It mainly includes the establisher of the plan of reorganization, vote groupings and vote rules, creditors' autonomy in the vote process and the approval criteria and rules on reorganization plan by the court.The protection of creditor's interests in supervision mechanism over reorganization proceedings will be discussed in the fifth section. It mainly refers to the improvements of reorganization executor system. The improvements of administrator system and creditors committee supervision system. And information disclosure is the important part of the supervision mechanism.The last part is the conclusion of this article. It mainly concludes the contents of each part, then introduce the view of the author.