Research On Creditor’s Interest Peotection In Enterprise Bankruptcy Reorganization

With the continuous development of the market economy in our country,the number of corporate legal persons who are an important part of the market economy also grows up.Establishing a good market entry and exit system is the key to maintaining order.For businesses that can not pay off their debts and are insolvent or clearly unable to pay their debts,the law provides that they can go bankrupt.However,the reorganization procedure also faces many problems,among which the protection of creditors is more and more serious.This article will be divided into four chapters to discuss the research on the protection of creditors’ interests during bankruptcy reorganization.The significance of the existence of the bankruptcy reorganization system is to enable enterprises on the verge of bankruptcy or the existence of bankruptcy to regain their vitality through the process of reorganization and to revive themselves.From the perspective of the value of the insolvency law,the protection of the interests of creditors is its initial legislative goal.With the development of society,public interest has also become the focus of the protection of bankruptcy law.The emergence of a reorganization system is exactly the embodiment of this trend.The recovery of enterprises and the interests of creditors are not zero-sum game but the pursuit of the interests of consistency,protection of the interests of creditors is the law of bankruptcy should be.From a realistic point of view,creditors have taken a huge risk in the restructuring process and deserve perfect protection.The problem of bankruptcy reorganization in China is against the interests of creditors.Creditors’ participation in the entire restructuring is relatively low.They can only apply for liquidation and bankruptcy proceedings and can not participate in the formulation of the reorganization plan,and lack of effective supervision channels,making it difficult for creditors to proactively safeguard their own rights and interests.Passively accept the reorganization results.The obstruction of the senior creditor’s rights of the secured creditor,the conflict between the common debt and the creditor’s original claims and the possibility of the debtor using the reorganization proceedings to escape the debts made the creditors even worse off.In addition,the court has a central position in the bankruptcy proceedings of enterprises and plays an important role and function.However,in practice,the court has abused the power of examination and approval and forced the right of approval,which directly infringes on the rights and interests of creditors.At the same time,creditors’ rights in the process of reorganization received various restrictions but lacked corresponding channels and means of relief,which were at a disadvantageous passive position in the entire restructuring process.Modern enterprise bankruptcy system originated in Europe,after hundreds of years of wind and rain,continuous modification and improvement to make it have formed a complete and rich system,the system is relatively complete.However,the late bankruptcy legislation of our country is relatively late,the system of enterprise reorganization was introduced in 2006 and the practice experience is seriously insufficient.Therefore,drawing on the mature legislation in other countries is of great significance to perfecting our law.The extraterritorial legal system in the United Kingdom,such as the autonomic arrangements and takeover procedures,the liberal start-up procedures and the independent bankruptcy courts in the United States,the review of the value of corporate restructuring in the Japanese rehabilitation regime and the full rights of creditors granted by the German bankruptcy law deserve careful study.According to the practice of our country and referring to the advanced experience of foreign reorganization system,this paper from the point of view of safeguarding the rights of creditors participating in bankruptcy and reorganization process,rebuilding the hope of rebuilding enterprises clearly,setting up perfect information disclosure system and The court-related system is expounded in four aspects,and discusses some practical countermeasures in the hope of improving the protection of the creditors in the bankruptcy reorganization system of our country.