Research On The Legal Issues Of Bankruptcy Reforming Financing Creditor Priority Protection

The bankruptcy reorganization system is the special legal system for the goal of rescue the dangerous business,and its corporate debt adjustment and resource optimization configuration is achieved through the reorganization procedure to help them get rid of the dilemma,and the operational capabilities are retreated.During the reorganization process,fund support is required for debt,maintenance,optimized asset structure and technology upgrade,so that reforming financing is the key to determining reforming success or failure.However,due to the importance of enterprises in the bankruptcy,the credit foundation disappears,it is impossible to obtain traditional commercial credit,and the difficult financing is difficult,which in turn leads to low application rates in practice,and it is difficult to play.The reason is that my country’s reforming financing legal system is not perfect,and the lack of effective incentives for the protection of the rights and interests of financing creditors encourages investors to invest in business.Given the financing creditor,strengthen the guarantee of financing creditors,is the key to solve the problem of reforming financing.Therefore,this paper is based on the priority protection of bankruptcy reforming financing as a research object,using literature analysis,case analysis,etc.,multi-dimensional analysis,demonstration of my country’s reforming financing creditor protection and its applicable obstacles,and combines the benefits in judicial practice Exploration,from the perspective of financing credit priority protection,improve the countermeasures of my country ’s reforming financing legal system.This article is divided into four parts except for the introduction and conclusion.The first part of this article describes the general issues of the priority protection of bankruptcy reforming finance credit.First,the historical transformation of financing claim priority is expounded,understanding its development history and law,which is easy to analyze the problem with historical development.Then analyze the necessity of financing debt priority protection,reorganizing success has multiple values such as maintenance value of the debtor,protects the interests of the creditors and maintaining social stability,and the financing is the premise of reorganization,so it is critical to the importance of financing creditor priority.Finally,the legal foundation for the priority protection of financing credit is analyzed.It is an inevitable requirement for the balance of financing creditor.It is an embodiment of fair principles and efficiency principles in reorganization procedures.The second part analyzes the current status of bankruptcy reforming financing credit priority protection.First,the relevant legal system involving reforming finance claims,although the borrowing reforming financing model is specified in the "Enterprise Bankruptcy Law",the provision is too principled,leading to it in judicial practice,and the relevant judicial interpretation of bankruptcy law Refining it,it is clearly approved by the borrowing financing,and the level of compensation is improved.However,in the practice of restructuring,the application rate of borrowing and financing is low,and there are many phenomena deviating from the legal provisions,and a variety of new debt financing methods such as "investment in usufruct products,special fund for common good debt investment,and recruitment of common good debt investors" have been developed.However,these financing methods cannot be simply identified as loan financing because the third party financial institutions are introduced into the transaction structure and the financing funds are designed as financial derivatives.In the domain country,in order to solve the reforming financing problem,the bankruptcy laws of all countries have confirmed the priority of financing credit in legislation,and there are currently two mature financing priority models,hierarchical priority models,and Co-beneficial debt priority models.The third part introduces the system problems and the causes of the priority protection of creditor’s rights in bankruptcy reorganization financing in China.First,in the scope of application of financing priority,only "borrowing" financing is applicable,and the use of financing is limited to "continuing business for the debtor",which is not conducive to the market-oriented development of restructuring financing and to solve the practical needs of the debtor financing.Second,in terms of the time requirements of the application of financing priority,it is only applicable to the financing creditor’s right after the acceptance of the bankruptcy application,which is separated from the practice of pre-reorganization.Third,the exit mechanism of financing creditor’s rights is unclear and the priority protection of financing creditor’s rights is insufficient in the process of process conversion.Finally,the inferiority of the financing creditor is followed by the absolutist of the secured creditor,which is not conducive to the success of the financing restructuring and even damages the interests of the security creditor under certain circumstances.On the one hand,the root cause of the above problems is that China’s bankruptcy reorganization system itself is not perfect,on the other hand,the related supporting system is not perfect.The fourth part aims at the problems existing in China’s bankruptcy reorganization system and practice,and puts forward some suggestions to improve the system of priority protection of financing creditor’s rights.First,expand the scope of application of the priority of financing creditor’s rights,modify "loan" to "debt financing",and not limited to the purpose of "continuing business for the debtor",at the same time,extend the time requirements to the pre-reorganization stage,so that it is connected with the pre-reorganization system,to provide guarantee for the financing during the pre-reorganization.The second is to improve the withdrawal mechanism of financing claims,make it clear that the financing claims in the process of conversion continue to enjoy priority,in addition,the construction of bankruptcy claims trading market can increase the liquidity of bad claims,so as to provide channels for the withdrawal of financing claims.The third is to optimize the order of repayment of financing claims.To some extent,financing claims are allowed to take precedence over secured claims,but the consent of creditors and the approval of the court should be obtained.