The Constitutive Elements Of Bankruptcy Revocation Rights

Law of People's Republic of China on Enterprise Bankruptcy established the Bankruptcy Revocation Rights System, entrusted the bankruptcy administrator with the operational rights and regulated the legal obligation if the bankruptcy administrator failed to take his/her full responsibility. Several Issues on Trial of Enterprise Bankruptcy Cases Provisions and regulations on the Payments to Bankruptcy Administrator was implemented by the Supreme People's Court in later and it regulated that the calculation of the payments to the Bankruptcy Administrator is based on the aggregate amount of properties liquidated by the debtor. This policy greatly encouraged the Bankruptcy Administrator to implement the Bankruptcy Revocation Rights. The number of cases on Bankruptcy Revocation Rights is growing in every each year, however, the inconformity still exist in legal practice on the judgment for the cancellation or retaining of some behavioral effects due to the over simplicity and the defect of the legislation procedure and has caused difference in verdict for the same cases. This paper discusses the issues on the Bankruptcy Revocation Rights through three real cases in the legal practice and proposes the methods to construct and perfect the Constitutive Elements of Bankruptcy Revocation Rights by the examples of foreign legislation and the study of others'research. The Constitutive Elements of Bankruptcy Revocation Rights must prevent the debtors'misbehavior and maximize the bankruptcy property value to guarantee the equal rights of all the creditors. And meanwhile, they should develop with the progress of Bankruptcy Law and represent the dynamic safety of dealing and the rights of all trade parties, which expedite the economic development in a healthy and regular manner.