Inspection And Improvement Of Creditor's Benefit Protection In The Restructuring Of Listed Companies

The reorganization system is a legal system for enterprises that have already gone bankrupt but still have hope of salvation.Through debt and business restructuring,they can resume normal operation and get regeneration.As a good medicine for the recovery and rebirth of enterprises in distress,it has played an important role in rescuing enterprises in distress,especially listed companies,after its introduction into China.There are many stakeholders involved in the reorganization of listed companies,and their demands are different.How to protect multi-stakeholders in a reasonable and balanced way is a problem that our country has been exploring in the practice of reorganization.However,in the process of restructuring the multi-party game in our country,the creditor's interests can not be effectively guaranteed has always been a persistent problem.Starting from the practice of reorganization of listed companies,this paper tries to expound and analyze the protection of creditors' interests.The paper is launched from four aspects,the main contents are as follows:Firstly,it mainly introduces the necessity of protecting creditors' interests in the reorganization of listed companies.The value pursuit of bankruptcy system has experienced the evolution from absolute protection of creditors to balanced protection of diversified interests,but this does not mean that the interests of creditors are notworth protecting.On the premise of balanced protection of interests,the protection of creditors' interests should still be emphasized.After that,the protection of creditor's interests is discussed from two aspects.On the one hand,the protection of creditor's interests conforms to the provisions of relevant bankruptcy laws in our country.At the same time,the protection of creditor's interests is the proper meaning of the theory of camera governance,which is the important embodiment of the principle of autonomy of will and the principle of fairness in the bankruptcy law.On the other hand,the protection of creditor is also called for in It calls for the widespread involvement of administrative organs in restructuring and the lack of prudence of judicial power in restructuring are the problems we need to face and solve at present.Secondly,the relationship between information disclosure and the protection of creditors' interests is analyzed.Based on the unbalanced distribution of information resources,creditors need to vote on important matters in reorganization,but their information control is often in an inadequate state,which is obviously inferior to the investors.Therefore,the information disclosure system is of great significance.In this part,it combs the provisions of bankruptcy law and securities law on information disclosure of listed companies,and the current situation and problems of reorganization information disclosure of Listed Companies in China.After that,two suggestions are put forward to improve the information disclosure system,that is,to correctly deal with the abuse of information disclosure system and improve the sanctions and remedies for illegal information disclosure.Thirdly,this paper analyses the impact of the compulsory approval system of the court on the protection of creditors' interests,collects and analyses the provisions of the compulsory approval system in China and the cases in practice,and points out that there are three major problems in the application of the compulsory approval system by the court: too low application standards,inadequate protection of creditors' interests caused by liquidation value standards,and lack of procedural norms for judicial intervention,and puts forward details.There are three suggestions: the systemof consultation,the principle of minimum acceptance and the establishment of procedure norms.Finally,the paper analyses the balanced protection of creditors' internal interests,reorganizes the present situation of creditors' repayment,and expounds four pairs of contradictions among creditors,namely,the contradiction between converted creditors and non-converted creditors,the contradiction between large and small creditors,bond creditors and non-bond creditors,key supplier creditors and non-key supplier creditors.Through strengthening the role of creditors' meeting,perfecting the relevant supporting measures of equity conversion,breaking the rigid payment of bonds and introducing the necessary liquidation rules in time,we can find a solution.Bankruptcy jurisdiction is a vast new continent,and reorganization system is one of the lofty peaks.The author tries to explore the beauty of the protection of creditors' interests,and leave some experience for future researchers for reference.