Research On Protection Of Financial Creditor Rights Withdrawal From Bankruptcy Of "Zombie Enterprises"

With the continuous optimization of the business environment,China has intensified efforts to dispose of "zombie enterprises".Bankruptcy procedure is the best choice to dispose of "zombie enterprises".Because the causes and current situations of "zombie enterprises" are different,it is necessary to dispose of them by classification,or liquidation or restructuring."Zombie enterprises" are highly dependent on financial institutions,when the financial claims can not be effectively paid off,it will have a huge impact on the entire financial order.Therefore,special attention should be paid to the protection of financial creditor’s rights when dealing with "zombie enterprises" through bankruptcy procedures.However,based on the practical research,the financial creditor’s rights in China are not well treated in the bankruptcy procedure,which is not only related to the imperfect credit management of financial institutions,but also from the reasons of judicial practice: the difficulties in the bankruptcy procedure and the excessive intervention of the government have reduced the repayment rate of the financial creditor’s rights.In this regard,the author starts from the financial claims of "zombie enterprises",combines relevant literature,analyzes the particularity of financial claims,and analyzes the difficulties encountered in the protection of financial claims in the bankruptcy process of "zombie enterprises" from different perspectives,and puts forward some suggestions on the protection of financial claims in the bankruptcy procedure of "zombie enterprises" in China.Except the introduction and epilogue,the text has three parts.The first part is overview."Zombie enterprises" have a strong dependence on financial institutions,leading to the financial claims become the most important claims in the bankruptcy of "zombie enterprises".The position of financial creditor in market economy is very special.As an important financing institution,its role is irreplaceable.In the process of bankruptcy disposal of "zombie enterprises",if the financial creditor’s rights are not properly protected,it is easy to destroy the financial order and cause adverse effects on the financial order and social and economic development.In the process of dealing with "zombie enterprises",it is necessary to attach great importance to financial creditor’s rights.The second part is the plight of "zombie enterprises" bankruptcy and withdrawal from financial claims protection,including four aspects.The first is the plight of the protection of financial creditor’s rights in the bankruptcy procedure,which mainly includes the limitation of the case acceptance procedure,the imperfect information disclosure and the time-consuming procedure.Second,the problems in the restructuring system,including the limitation of secured creditor’s rights and the imbalance of relief,and the unreasonable impact of forced arbitration on the compensation rate of financial institutions;Third,too much government intervention;Fourth,the credit management of financial institutions is not perfect.The third part is the suggestions on the protection of financial creditor’s rights in the bankruptcy procedure of "zombie enterprises".In view of the dilemma of the second part,it starts from the construction of legal system and judicial practice,and also creates the pre reforming system and liquidation restructuring system to achieve the win-win situation of efficiency and fairness.