On Fraudulent Transfer Of Bankruptcy Law

The law of bankruptcy plays an important role on the establishment of market economy system. In addition, it always acts as an essential symbol of the maturity level of a nation's market economy. The cornerstone of bankruptcy law is: when an enterprise runs bankrupt, the debtor owes to the creditor the liability to repay his debts out of his current existing assets, and he is exempt from refunding the residual debts that he can't pay off. The original intention of bankruptcy law is to optimize the market, balance the interests between creditor and debtor and provide the debtor with an opportunity to revive himself in the future. Nevertheless, when the law takes side with one interest group to the detriment of the other, the law may be unfairly utilized by this group for self-interests. Nowadays, in our society, there are many debtors who make use of this provision and scheme out various means to remove the efficient business assets and bear all the debts of the old enterprise only with a shell. When the enterprise has nothing to discharge the creditor, the debtor subsequently applies to go bankrupt for the purpose of avoiding paying off debts. Because the overall credit consciousness of our society is very weak, it's one of the tough tasks for the civil and commercial laws to give the creditors sufficient legal protection for a long period of time. The law of bankruptcy, as a commercial law governing the exit system of a market body, shall definitely undertake the mission to safeguard the creditors' interests.However, compared with the high demand from the market, the stipulations regarding the bankruptcy fraud made by the debtors in our current laws are too rough and simple. This situation goes against the protection of creditors' interest. If these fraudulent activities should not be provided for specifically in laws, or prohibited immediately and forcefully, the implementation of the bankruptcy law would go the wrong way. This thesis, based on the current provisions of our bankruptcy law, making a comparison with and a reference to the laws of the advanced countries of the world, from the perspective of fraudulent transfer system of bankruptcy law, dissertates the fraudulent transfer system in respect of its definition, effectiveness and relevant parties' liabilities and finally puts forward the proposals as to how to construct the legal system of fraudulent transfer of our country.