On Bankruptcy Creditor's Rights

Bankruptcy creditor's right plays a very important role in the theory of bankruptcy laws. Bankruptcy Creditor's Rights refers to the property requiring rights that the person who goes bankrupt enjoys. Established before bankruptcy is declared, it is confirmed through legal declaration. The person in question enjoys reparations through legal procedures. The essence of Bankruptcy Creditor's Rights is still creditor's rights arising from cases of breach of contracts, violation of property rights, illegal profits in civil law. It is called Bankruptcy Creditor's Rights because the reparations of creditor's rights are limited within the bankruptcy property and the enactment of creditor's rights must be realized through bankruptcy procedures. Bankruptcy Creditor's Rights, therefore, have both the basic characteristics of Creditor's Rights theory of civil law and the distinctive characteristics of bankruptcy law. In terms of its components, therefore, Bankruptcy Creditor's Rights can be understood as property requiring rights, the requiring rights to a person. It must be enforced into enactment through legal procedures.Bankruptcy Creditor's Rights consist of actual Bankruptcy Creditor's Rights and formal Bankruptcy Creditor's Rights. Bankruptcy creditor's rights consist of essential Bankruptcy creditor's rights and formal Bankruptcy creditor's rights. Essential Bankruptcy creditor's rights are the requiring rights to all property of the bankrupt, and formal Bankruptcy creditor's rights are the rights enjoyed by creditors to claim compensation in accordance with bankruptcy procedures legal application. Essential Bankruptcy creditor's rights can enjoy bankruptcy distribution on the condition that they are changed to formal Bankruptcy creditor's rights legally. The process of change is the application and confirmation of creditor's rights. The application of creditor's rights refer to creditors' handing in creditor's rights to the court or organizations designated by it within the legal validity after the bankruptcy procedures begin if as an intention of participating in the bankruptcy procedures . The application of creditor's rights, an important regulation in bankruptcy procedures, is the precondition of the creditor's participation in the bankruptcy procedure and the fulfillment of his rights. Most scholars hold that creditors who haven't applied for creditor's rights can't be regarded as Bankruptcy creditor's, even though they are essential Bankruptcy creditor's. Therefore, those creditors who haven't applied for creditor's rights within the period prescribed by law can't enjoy any rights endowed by bankruptcy procedures. The application of creditor's rights covers such items as the validity of application, the organization that accepts the application, the way and contents of application, the effect of application, the withdrawal and modification of application, the consequence of non-applying creditor's rights and creditor's rights that don't have to be applied.However, are the creditor's rights applied by creditors necessarily bankruptcy creditor's rights? What are their nature and amount? Neither are subject to application. They can have the bankruptcy creditor's status only after they have been investigated and confirmed by organizations designated by law. The basic procedures of the investigation of creditor's rights are as follows: on the day of the investigation of creditor's rights, hosted by the court, creditors, the bankrupt, the party managing the bankrupt state their opinions respectively. If there is no disagreement regarding the applied creditor's rights, the contents applied will be confirmed; if, however, disagreement exists, the creditor's rights will have to be submitted to the court for its decision. The confirmation and negation of creditor's rights are the recognition or the refusal of the rights ofcreditors, which have direct impact upon the applicants and great impact on other creditors as well. Therefore, bankruptcy laws worldwide all allow the applicants and other creditors as well app...