Research On Creditor's Right To Know Under The Bankruptcy Reorganization System

Under the current bankruptcy law in China, the protection of creditors is limited,and the legislation is not complete. The key to protect the interests of creditors in the reorganization system is to protect the right to know, the right to know is an important right of the creditors, is the basis for the exercise of all other powers of the creditors.The right to know of the creditor runs through all stages of the bankruptcy procedure,and from the beginning of the debtor to the bankruptcy procedure, the end of the whole bankruptcy procedure has been extended to the end of the whole bankruptcy procedure. In the enterprise reforming period, creditor’s right to know should be fully protected, because once the business is the court to declare reforming means already facing enterprises from the burden of debt and credit crisis will input more invest money, time, and this is at the expense of return is difficult to guarantee future earnings. If the corporate restructuring process is not able to obtain a higher than the bankruptcy liquidation of the bankruptcy liquidation rate, then the bankruptcy reorganization system legitimacy will be questioned. At present, the concept of creditor’s right to know is not introduced in the current bankruptcy legislation, of course, there is no relevant provisions on the protection of the right to know.There are three main aspects of the main content:The first part focuses on the importance of the protection of creditor’s right to know in the process of reorganization. First of all, it analyzes the status of ordinary creditors and the secured creditors, and the second is the legal theory of the protection of the creditor’s right to know and the analysis of the economic theory. At last, it summarizes the detailed provisions on the protection of creditor’s right to know in the bankruptcy law of China.The second part introduces the protection of creditor’s right to know in the process of reorganization. Focuses on the analysis of reforming system under the obligee to exercise the right to know encountered problems, the current reforming program in information disclosure there are loopholes in the system, management,creditors’ meeting and the Committee and the court in reforming the problems generated in the process.The third part is to improve the protection of the creditor’s right to know the relevant recommendations. First of all, we should pay attention to the protection of the right to know the cost control and balance of interests, reduce the information in the process of restructuring and litigation costs, and balance the interests of the parties and the conflict. Secondly, the establishment of bankruptcy information disclosure system, the main body of the information disclosure, the main content and legal liability. Again, to further improve the management of the right of investigation and information feedback channels, give full play to the role of the creditors’ meeting and the committee. Finally play the leading role of the court, complete the right to know the proceedings.