Study Of Legal System Of Bankruptcy Trustee

Bankruptcy trustee, at the most important organization in the bankruptcy procedure, specifically manages various affairs during bankruptcy, while other institutions and organizations only perform the supervisory and subsidiary functions in the bankruptcy. Whether a bankrupt procedure can be smoothly carried out and completed impartially and fairly depends great on the activities of a bankruptcy trustee. In the competition of market economy, it is a tendency that more enterprises go bankruptcy as a result of failure in operation. The legal regulations of bankruptcy liquidation group in China are no longer suitable for the current reforms of economic system; the form of organization is not suitable for its function and duty either. Using the legislative conditions of bankruptcy trustee systems, both domestic and abroad, for reference, the author primarily discusses and envisages the future construction of bankruptcy trustee system in China. The thesis consists of four parts.Part one studies the legal definition and legal status of bankruptcy trustee system. In order to effectively manage the debtor's properties and prevent the debtor from maliciously disposing of his properties, his properties should be managed and disposed of by a special organization on commencement of a bankrupt procedure. This organization is called a receiver or a bankruptcy trustee by bankruptcy laws of many countries in the continental law system and is called a bailee by the bankruptcy law of the US. There is not an uniformed title for this organization in the current legal norm on bankruptcy in our country, such as called "bankruptcy liquidation group" in "Corporate Bankruptcy Law" and "liquidating organization" in "Civil Procedural Law." The detailed specifications of bankruptcy trustee are different from this bankruptcy law to anther of various countries; however they are all the same as for significance. In the countries in continental law system, in respect of the legal status of a bankruptcy trustee, there is generally the theory of agency, the theory of duty, the theory of financial group representatives and theory of regulatory agency personality. While in the bankruptcy of the US, a bailee is independent from court. In China, with regard to the legal status of a bankruptcy trustee, there is theory of special organization, theory of legal representative, theory of organ of legal person under liquidation, theory of bankrupt's estate representation and theory of quasi-judicial organization. It should be more proper to explain the legal status of liquidation group of our country with the theory of special organization, in consideration of the stipulations of the current legal norm on bankruptcy in China. Of course, the theory of special organization is defective as for the sufficient unveiling of the intrinsic characters of this organization, but is still the most reasonable one among all theories based on comprehensive analysis and evaluation. Part two studies the legal system of bankruptcy through comparison. Bankruptcy liquidation procedure is a procedure through which a court presides over the general execution of a debtor's properties when a reason causes the debtor to going bankruptcy. The bankruptcy trustee performs an important role in the bankruptcy liquidation procedure. He can not only carry out of the task of bankruptcy management but also is endowed with special skills competent for the work of bankruptcy management. In this part of the thesis, comparison and analysis is performed between selection, changes, duty and function and reward of a bankruptcy trustee as set up in bankruptcy laws of various countries. Part three analyses the legislation of bankruptcy currently implemented by our country, which is "to adapt the development of socialist planned commodity economy and to meet the requirement of reform of economic system," and is far from being suitable for the development of socialist market economy. There is a way of thought in which the economic lives are to be interfered by admi...