The Estate Of The Distribution System In China

The market economy is a kind of the ruling-of-law economy, while the bankruptcy law is a kind of law which means somehow withdrawing form the market economy. When the enterprises withdraw from the market because of the bankruptcy, the aim of the bankruptcy law is to make the least damage to the economy. The bankruptcy distribution system is the central part of the bankruptcy system which determines what belongs to the bankruptcy property and how to distribute them. And whether the bankruptcy distribution system is designed to be just or not, it will play a crucial role in resulting in the economic damage to the bankrupted enterprise. The bankruptcy distribution system is also a collective payment system and its essential feature is the fair and just distribution. To make sure the fair equitable distribution, we must classify every distributer, analyse each kind of rights and interests, and make sure where there are equal rights and interests, there are equal treatments according to the legal aim and the balance between all the interests-parties. The paper begins with the analysis and definition of the bankrupt property, with a combination of the worldwide legislation and theory, the author makes a scope of the bankruptcy property, and analyses the legal characteristics of the bankruptcy property in our country after the expansionism of the bankruptcy property legislation. After defining the scope of the bankrupt property, it turns to the classification and the analysis of the distributor. Building upon the scope of the bankrupt property and the classification and the analysis of the distributor, according to the other countries'legislative principle and the situation of our country, the law prescribes that the legislative body should decide the distribution order of the bankruptcy property. According to our legislative purpose and principles, the paper uses the comparative method to analyse our country's Enterprises Bankruptcy Law 1986(for trial implementation) and the present law of the bankruptcy distribution system and identify the characteristics of both bankruptcy law as well as make out the distribution order. According to those analysis above, together with the practise of the bankruptcy law, the author pointed out some contradictions and problems in the bankruptcy distribution system. Especially the distribution order of bankruptcy property, such as the priority of the property guaranting against the bankruptcy expenses, the distribution of the debt based on personal rights, the priority between the tax and the debt, as well as the problem of Delayed Bankrupt Claims, after analysing the causes of all these problems, the author will proposes some solution with the specific situation in our country according to principles and values of the bankruptcy distribution, in order to make a better guidance for bankruptcy distribution, and play a constructive role in the legislation.