Study On The Priority Of Secured Creditor’s Rights In Bankruptcy Liquidation

The secured creditor’s right is an important right in the bankruptcy law.Article 109 of the Enterprise Bankruptcy Law of the People’s Republic stipulates that the oblige who has the security right for the specific property of the bankrupt has the priority right to be repaid for the specific property.There are great differences between secured claims and other types of claims in bankruptcy proceedings,and there are also essential differences in theory.The civil law basis of the secured creditor’s rights is the security interest and legal priority,that is,the security interest specified in the Civil Code of the People’s Republic of China is its civil law basis.According to the dual perspective of the security interest and the bankruptcy creditor’s rights,the secured creditor’s rights have the nature of both property rights and creditor’s rights.Because in bankruptcy proceedings,the repayment rate of creditors is low,and the order of repayment is directly related to the proportion of repayment.Therefore,the priority of repayment of secured claims is of great concern.The order of realization of secured creditor’s rights,the way of realization and the relationship with other priority creditor’s rights,as well as the repayment of other creditors related to the realization of secured creditor’s rights.The definition of secured creditor’s rights in bankruptcy liquidation is relatively general,and there are many problems in the confirmation of secured creditor’s rights in practice.The most obvious one is the conflict of priority,such as the priority of different types of secured creditor’s rights,the priority conflict between secured creditor’s rights and other creditor’s rights,and so on.In addition,there are many non-typical secured claims,such as transfer secured claims,title retention secured claims and legal priority,which are not clearly regulated by law.Therefore,this paper will focus on the disputes and conflicts in the realization of secured claims,the realization of atypical secured claims,and the priority conflicts between secured claims and other claims.Through a detailed analysis of the basic theory,legal characteristics and legal value of the exercise of secured claims in bankruptcy liquidation,this paper discusses the legislative and practical status of the exercise of secured claims,and makes further suggestions on the realization of the priority of secured claims by referring to the experience of the construction of foreign systems.Besides the introduction,this paper is divided into the following five parts.The first part clarifies the concept and legal characteristics of secured claims in bankruptcy proceedings,analyzes the scope of priority of secured claims and the value of priority of secured claims;The second part clarifies the legal status of the priority of secured claims in the existing system of our country,and expounds it from the legislative and judicial perspectives;The third part,based on the analysis of the first two chapters and combining with the specific problems in practice,analyzes the existing difficulties in realizing the priority of secured claims,specifically from three perspectives: the problems of the priority of secured claims,the conflict between the priority of secured claims and other claims,and the priority of atypical secured claims;In the fourth part,the author analyzes the system construction of the right of exclusion outside the country,expounds it from the perspectives of the countries of the continental law system and the countries of the Anglo-American law system,and considers how to use it for reference in the system construction of our country;The fifth part,combined with the problem analysis in the third part and the foreign experience is used for reference,and suggestions are put forward to improve the system construction of the priority of secured creditor’s rights in China’s existing bankruptcy liquidation procedures.