Research On The Legal Issues Of The Protection Of The Creditors Of The Single-ship Company

The single-ship company plays a crucial role in the development of world shipping industry. However the protection of creditor's legitimate rights and interests is confronted with many difficulties because the assets of the single-ship company are restricted with its unicity, and ever since its establishment the single-ship company is meant for evading legal responsibilities. Though in judicial practices there exist various legal institutions protecting creditor's legitimate rights and interests, these are not enough to provide a comprehensive legal protection. In the corporate personality denial system, the asset of the single-ship company is of unicity and some companies among them are of comparatively low credit worthiness, these lead to an unsatisfactory creditor protection. In bankruptcy debt service system, when a.single-ship company, goes broke, it is under double.adjustments of both. Enterprise Bankruptcy Law and Maritime Law, and during its operation there generates substantive maritime liens, all these contribute to a situation that the creditor who ranks the end of the sinking sequence can not get satisfaction. In bankruptcy payback programs, single-ship companies proposing claims in bankruptcy which appears to have the same properties can't get equal compensations due to the adjustments of different laws. Consequently we should establish real shareholders publicity system aiming at single-ship companies and credit evaluation system to enhance the protection for creditors'legitimate rights and interests. We should also intensify the property system to promote its capital accumulation and thus to effectively maintain their legitimate rights and interests.