Study On The Obligation Of Bankruptcy Administrator

Bankruptcy trustee is a specialized organ in bankruptcy proceeding,responsible for managing and dealing with the debtor′s property and other bankruptcy affairs.Bankruptcy trustee plays an irreplaceable role in the bankruptcy case.Most of countries established the Bankruptcy trustee system in commercial law or bankruptcy law. But for the provisions of the Bankruptcy trustee obligation is different actually.The reason why different countries have such a big difference is the different legal status. Namely the understanding of the location of bankruptcy trustee in the legal relationship is different.According to the different legal systems, theories of the bankruptcy trustee’s legal status of continental law system mainly include: theory of agency, theory of position, theory of bankruptcy consortium representative, theory of management institution legal person. The introduction of trust system into bankruptcy law in common law countries identify bankruptcy trustee.They confirmed it in the form of legislation and make it clear about the bankruptcy trustee obligation of the trustee in trust system.By comparing different legal systems in terms of theoretical basis and practical experience,the legal status of bankruptcy trustee is identified as trustee has a great feasibility.Clarifying the duty content of bankruptcy trustee, namely the duty of care and duty of loyalty. At the same time, draw lessons of advanced legislation from common law system, the specific of the content of the duty of care for three aspects: competent, cautious and diligent. The judging standard of obligation could refer to the standard of the directors’ duty of care in company law. The content of the duty of loyalty include two aspects: the prohibition of conflicts and no extra profit from trading activity.