Research On Several Legal Questions About Credit Of Bankrupt

The existing bankruptcy law of China was made at earlier stage of reform and open up to the outside world in China. It was based on the strictly pained economy. Since these years economic and social factors have changed greatly. And the guide thought which was reflected and implemented in bankruptcy law, the basic principles and the procedure systems which were established in bankruptcy law already haven't suited needs of the times. The outside pressure of needs to bankruptcy law is increasing after China acceded to the WTO. With pouring in of foreign financial capital and transnational corporations, Chinese enterprises will face with serious compete. Especially, bankruptcy, re-establishment and annexation of enterprise will become hot spot in several years. The legislation and judicature systems of China must reply to these phenomenons. At the same time, bankruptcy law of China must weld with the standard of international bankruptcy law. But the existing bankruptcy law can't satisfy needs of the present and the future. Therefore, it is the inevitable outcome of China participating international economic compete and inherent actual needs of Chinese reform that make a new bankruptcy law which is based on socialist market economy system.As one of core concepts of bankruptcy law, credit of bankrupt is one of main content that revising work of bankruptcy law need inspect emphatically. One of aim of bankruptcy proceedings is to distribute bankruptcy estates and meet credit of bankrupt. Credit of bankrupt always is the core content of bankruptcy law. Because credit of bankrupt involves with some important interests, that its legislation is perfect or not will effect perfect level of the bankruptcy law system and realization of bankruptcy law function and pursue of legislative value. Though the existing bankruptcy law has stipulations about protecting legitimate rights and interests of creditor, those rights and interests haven't been thought highly either in legislation or in judicature. By comparative researching to credit of bankrupt legislation of the United States, Japan and China, author regards them as drawbacks of the existing legislation: 1.The field of credit of bankrupt is so narrow, legislation can't fit to reality and legitimate rights and interests of creditor are deprived in some degree; 2.Stipulations of report are so rigid and don't divide different situation to deal with. It isn't useful to judge of bankruptcy cases and redistribution of social resources. It violates the principle of efficiency seriously; 3. Stipulations of affirmation exist contradictory. It confuses powers of People's Court with powers of bankruptcy creditor's meeting and leads to judicial powers' disposition unsuitable. It violates legal principle; 4.Stipulations of calculation are so poor that it is difficult to put to use and it is so easy to cause difference of distinct regions and corruption; 5..Distributive sequence of credit of bankrupt is extensive. It only makes principled stipulations and hasn't particular stipulations. Different credits haven't beendivided right so that it can't embody principle of fairness. Furthermore, rough legislation gives vacant position for administrative powers intervening judicial powers. Bankruptcy law has evolved to workers' aftercare law. At the same time, there were a lot of false bankruptcy cases. Finally, legitimate rights and interests of creditors can hardly gain enough protection from judicature.Bankruptcy law is accompaniment of commodity economy and an important constituent part of the market economy legislation. It has very close relations with other law. Therefore, revision of bankruptcy law must pay close attention to coordination with other law. Nowadays, there are having mass works about making and revising civil and commercial law in China. Among them the work of making Civil Code is paid a good deal of attention to and the work of making law of sachenrecht(a German term) is most important of it. We must show solicitude to these situations when we revise bankruptcy...