The Protection Of Creditor’s Right To Know At The Fundamental Purpose Of The Bankruptcy Reorganization System

Report of the 19 th National Congress of the Party pointed out that optimizing the economic structure and changing the mode of development are still the focus of China’s economic development at this stage,the 2018 Central Economic Work Conference also took deepening the supply-side reform as its first task,proposed to optimize the resources allocation and resolve excess capacity.Bankruptcy reorganization system has been paid more and more attention to its goals of clearing debts,saving enterprises and promoting social stability and balance.The essential value of bankruptcy reorganization system is to save enterprises and maintain the overall social interests.The legal protection of creditors’ interests has become the top priority in the implementation of the contemporary bankruptcy law,which should be reflected and go through the whole bankruptcy reorganization system.While the right to know as the basis for creditors to use all their other powers should absolutely be fully guaranteed,so that creditors can fully use their rights on major issues such as whether to pass the reorganization plan and whether to continue business operation,and ensure the substantive justice of bankruptcy reorganization through due procedure to promote the smooth going of bankruptcy reorganization.In March 2019,"Judicial Interpretation III of Bankruptcy Law" proposed new measures to protect individual creditors’ right to know,further promoting the protection of creditors’ right to know in China’s bankruptcy proceedings from the legislative level.However,the problems in reality that cannot be ignored are that too much emphasis has been placed on restructuring social benefits so that creditors’ right to know has been restricted,and there are still some obstacles for creditors to use their right to know in practice.The paper is based on the creditor’s right to know protection system in China’s bankruptcy reorganization system,and drawing lessons from other departments’ laws,foreign legislation and practical experience in our country,enriches China’s bankruptcy law theory and practice from the perspectives of balancing interests and value conflicts,improving information disclosure system,standardizing and restricting the exercise of rights of other participants,and proposes suggestions on creditor’s right to know protection,hoping to be beneficial to the continuous progress and perfection of the theory and practice of China’s bankruptcy law in the future.