Study On The Establishment And Improvement Of The Insolvency Practitioner System In China

Enterprise bankruptcy is the necessary result from the competition of market. Meanwhile, it's also an important means of perfecting and making best use of the resources in the market, an efficient boost to improve the competitiveness of the society. During the bankrupt procedure, the insolvency practitioner will participate in the acceptance, management, disposal and distribution of the bankrupt properties, thus he or she is playing a very important and irreplaceable role in the bankrupt procedure. The improvement of the insolvency practitioner system is closely related to the execution of a fair, organized and efficient bankrupt procedure as well as the realization of the purpose of the bankrupt system. Due to the specific historical and social background of China, the Chinese Bankrupt Law is obviously insufficient in terms of the insolvency practitioner system. Based on the discussion of the legal value and legal concept of the insolvency practitioner system and through the comparison with the similar systems of other countries and the present situation in China, this essay aims to put forward some constructive suggestions regarding the legalization of the insolvency practitioner system in China. The structure of this essay is as follows: -Preface: Generalize the theoretical and practical significance of this essay; set out the purpose and method of this essay and briefly analyze the drawbacks of the present insolvency practitioner system in China. -Part One Summarization of the Insolvency Practitioner System This part is a general introduction to the insolvency practitioner system. Firstly, it introduces the concept, origin and development of the insolvency practitioner system. Secondly, it analyzes the legal value and the significance of the insolvency practitioner system from a legal economic perspective. Thirdly, based on the analysis of different theories of this system in other countries as well as in China, part one states out some viewpoints of the writer regarding the insolvency practitioner system. Part Two : Appointing the Insolvency Practitioner The key to the insolvency practitioner system lies in that whether a qualified insolvency practitioner is to be appointed at appropriate time. This fact will directly affect the full realization of the value of the bankrupt system. A well-organized appointing procedure will guarantee that all the interest parties be fairly treated during the bankrupt procedure. Centering on three core aspects-the qualification of the insolvency practitioner; the appointing authority and the appointing procedure, part two mainly discusses the insufficiency of the present Chinese insolvency practitioner system in terms of qualification, timing, and etc. Moreover, by learning the experience from those countries where the bankrupt law has been sophisticated and mature, the writer suggests that we should improve the qualification of the insolvency practitioner in a new framework of the bankrupt law. It's also suggested that we should establish the temporary insolvency practitioner system should we adopt the principle that the acceptance of the lawsuit by the court is the prerequisite to the commencement of the bankrupt procedure. -Part Three:Rights and Responsibilities of the Insolvency Practitioner Part three is divided into two parts. The first part, based on various aspects such as the occupation, management and disposal of the bankrupt properties, the operational management of the debtor and the sale of the bankrupt properties, probes in the responsibilities of the insolvency practitioner. Meanwhile, combining the present situation in China with reference to the similar systems existing in other countries, the writer puts forward some suggestions with respect to the improvement to the specific rights and responsibilities of the insolvency practitioner and the execution of such rights and responsibilities. By making a comparison to the insolvency practitioner systems in other countries, the second part suggests that we should emulate such legal system as in German in that the insolvency practitioner should shoulder the responsibility of an administrator acting in good faith. -Part Four: Supervision Mechanism of the Insolvency Practitioner Absolute rights result in absolute corruptions. If there is insufficient supervision during the execution of the responsibilities of the insolvency practitioner, the bankrupt procedure is very likely to be disrupted, causing serious effects to therealization of the targeted value of the bankrupt procedure. Therefore, providing appropriate supervision to the insolvency practitioner is the key to ensure the success of the bankrupt procedure. This part of the essay circles around the mechanisms of the supervision to the insolvency practitioner. Combining different legalization in different countries, part four discusses the mechanisms of supervision from the court, creditor committee and the industry and also suggests that we should establish a multi supervision mechanism to the insolvency practitioner in China. -Part Five: Conclusion-Suggestions to the Improvement of the Insolvency Practitioner System in China. In connection with the previous comparisons and analysis, the writer puts forward his suggestions of improvement to the present insolvency practitioner system in China in terms of the qualifications, appointing procedure, rights and responsibilities and supervision of the insolvency practitioner as well as the professionalizing process of the insolvency practitioner in China. The features of this dissertation are as follows: 1. Through detailed comparisons of the bankrupt laws in different countries, the essay systematically expounds the concept of the insolvency practitioner system. 2. This essay first attempts to explain the legal value of the insolvency practitioner system from a legal economic perspective. 3. This essay first compares, introduces and discusses the administration and management of the insolvency practitioner system in different countries and the relevant managing organizations. 4. This essay first attempts to put forward the idea of professionalizing the insolvency practitioner in China.