On The Protection Of Creditors' Interests In Enterprise Reorganization

The bankruptcy law of the People's Republic of China,which was implemented on June 1,2007,introduced the bankruptcy reorganization system to China and opened up a new path for solving the problem of bankruptcy.The establishment of the reorganization system embodies the development and progress of the law.From the previous individual to the current social standard,the reorganization system also emphasizes the protection of social interests while protecting the legitimate rights and interests of the parties.In the reorganization system,the reorganization procedure involves multiple stakeholders.In order to ensure the priority of the social interests,other stakeholders are needed,especially the creditors must sacrifice part of their rights and interests.However,in practice,other rights owners will use this principle to implement behaviors such as evading debts and transferring assets that infringe on the interests of creditors,and cause creditors to suffer irreparable huge losses.Therefore,it is of great theoretical and practical significance to strengthen the research on the protection of the interests of creditors in the reorganization process.The purpose of this paper is to analyze the shortcomings and problems in the protection of creditor rights and interests in China's corporate reorganization system,and to propose appropriate suggestions for the protection of creditors' interests in China's reorganization proceedings in conjunction with the law of bankruptcy and reorganization in other countries and regions.In addition to the introduction and conclusion,this article is divided into four parts:The first part elaborates the concept and characteristics of the reorganization system,and conducts a legal analysis on the necessity of protecting the interests of creditors in bankruptcy and reorganization.In the second part,the protection of the creditor's interests in the start-up phase of the reorganization procedure is studied.The start-up stage is the beginning of the reorganization process.We should protect the creditors' interests in the start-up stage,including clearly reclaiming the application conditions,the right to apply for reorganization proceedings,and the review of the application of the reorganization by the court.The third part studies the protection of the interests of creditors during the reorganization and implementation period.The formulation of a reorganization plan and the actual implementation of the reorganization plan are the two most critical issues in bankruptcy and reorganization.How to formulate a scientific and rational reorganization plan,and the court's approval of the reorganization plan are closely related to the interests of creditors.The implementation stage,as the implementation of the reorganization plan,needs a corresponding supervision mechanism to protect the interests of creditors.Finally,the special protection of the interests of secured creditors was also discussed.In the fourth part,the perfection of the information disclosure system is of great value to the protection of the interests of creditors.The article proposes corresponding suggestions on the perfection of the information disclosure system from different angles,so as to fully protect the creditor's right to know.