Legal Suggestions On Chinese Bankrupt-protection System

The bankrupt-protection system is the system in bankruptcy law which is designed to insure debtor’s asset against the out-of-order scratch of creditors when the bankruptcy procedure was beginning. The appellation of the bankrupt-protection system in some countries is diferent. But Chinese bankruptcy has no exact definition of the bankrupt-protection system. The bankrupt-protection system is absolutely necessary for not only in achieving the goal of the reorganization procedure in bankruptcy, but also achieving the goal of maximum discharge of credit of bankruptcy to the creditors. The positive functions of the bankrupt-protection system include the successful implement of the bankruptcy procedure, protecting creditors’ right, preventing bankruptcy fraudulences, and so on. The research to the bankrupt-protection system has great theoretical and practical significances.This article appraises the theories bases of the bankrupt-protection system, and refers the main distinction among the bankrupt-protection system, the right of bankruptcy rescission and the custody procedure in civil proceedings. The core function of the bankrupt-protection system is to protect the benifis of the estates. It means that the bankrupt-protection system reflect the legal objects of the bankruptcy law that achieving the goal of the reorganization procedure in bankruptcy and the goal of maximum discharge of credit of bankruptcy to the creditors.There are some characteristic bankrupt-protection systems in the world, including Automic Stay which is the most charateristic and has influenced the rests deeply, and Japan restoration-protection law system which pays attention to the bankruptcy law system. In contrast, although Chinese bankruptcy law in force has improved, it has many problems in theories and practice. The social and economic development requires the bankruptcy to update to adapt the new conditions that we have to deal with more and more foeign cases of bankruptcy under the wave of economic globalization. And the effective measure is to improve the bankrupt-protection system, but it must be a heavy responsibility. So this article attempts to give some suggestions on bankrupt-protection systems in Chinese bankruptcy which would makes up greatly the insufficiency of the existing law though learning from the success experiences from foreigh countries.