Secured Credit In Bankruptcy Procedure

Security refers to the right which is attached to the pFOperty of debtor and givesp侣伦rence to creditor to get payment when debtor is out of liquidity Thecreditor with secured credit(secured creditor)is the kind of creditors who holdthe agreed,statutory or judicial security Interest against the speci5c property ofthe debtorWhen the debtor can not pay the debt due and enters thebankruptcy procedure,what妨eCts will be brought upon the secured c创it?Acco」lug to Law of「e「Op0＼R即叩［of)ma on「teFprise BankmptCy(fo thai mplementatioul,in China,secured credit is not bankruptcy credits,theproperty with security Is not bankruptcy propertes and the secured credrtorhas the right to execute the secunty outside the bankruptcy pFOcedure．Theviewpoint ofthls thesis is dl而rentfrom the provisions of＊theions above mentionedlaw．The writer hokls that the secured credt is among the bankruptcy oredKand the secured creditor shall not get the security execution wlthouttheadministration and contFOI of the bankruptcy pro鹏duf6．FirstlX this thesis discusses on the supportive grounds．1．Transfer of＊theer bankruptcy legislative intentIn early time,bankruptCy law emphasized on the credtor's Interest and thestatus of the debtor is rather low and the liqudation procedure Is the onlychoice,so the secured oredKors can get the execution of security outside theprocedure．With the economic development,he bankruptcy legislation intenthas transferred to emphasize on protecting thedebtors'interestand helpingthe debtor enterprises to reo旧anlze and keep business．So the ored【tOFS'status In bankruptcy呈aw became lower and lower and the debtor get more andmore attention．Many countnes regulated resindions on the creditors in theirbankruptcy acts．2．CharaCteristic and nature of security InterestIt Is also very slgnlflcantto analyze the charaCteristic and nature ofsecurttyInterest In oderto discuss on the restrictions on the secured credit．Cabrlllac,the泊mous scholar of France,gave the definition of security Interest as fOllows:it Is a kind ofaccessoryto creditwhich authorlzethe secured credltortogetpreference ofpayment阮m value of＊theent spec肮 propertyorthe lumpproperties of the debto卜 ＊Is important to notice that the ta归功of thepreference Is the value not the property itself．Insofar as the creditor'spreference Is based upon the value but the property the creditor has no r旧hi toexecute without the partctpation of the bankruptcy］urisdlCtion court,let alonehettlnh the security propertyoutsldethe tantruptcyprocepurepireCtly lortleInterest of＊thest tebtor's reo旧anlzatlon,the bankruptcy law Is necessaryic setffiof6 f6StrlCtlODS OR SSCUfsd CF6dlt SDd th6 S6CUf6d CF6d！tOFS h8VS to tol6F8tgthe debtor reo旧anization plan and face the risk oftheir credit being impaired．In order to deal with the conflicts between the creditor and the debtor,thebankruptw law tries to伺nd an eq山Iibrium Of interest．Based on the aboVe,modern bankruptcy resoNe the problem by providingsome restrictions on the secured oredK and g＊ng remedies to the restrictionswhen the restriCtions hurt the credt．Ater the theoreticaldscussion,this thesisIntroducesthe relevantprovlslons Inforeign countries'bankruptcylaws:1．Tpe status of secuF6d oF6dit In bankruptcy pFOcedure (1)The restrictions on the secured credit and the remedies to the restriCtions ·the postponement to the execution of security and the reined！es to the postponement ·the loss of preference of the secured creutors；n getting payment ·the restriCtion on floating chaTge ·the restriction On cash security ·th6 F6StFICtiOR OD th6 Cf6dltOF'F旧hi to CORtFOI th6 pFOp6rty ·迁he effect of discharge on the secured creut (2)The sequence In the credit payment among the di他rent kinds of securedored its2．The payment of the secured oredh (1)The creditor takes back the security propert...