Research On The Responsibilities Of No-bankruptcy Liquidation Committee Members' Damage Compensation

Corporations, the main and most active civil parties in economic activities, have their own natural process from birth to death, just as any other living creatures, in which sense we can call them corporation lives. Whatever the reason is, the death of a corporation is a very common phenomenon, just as the death of a natural person. The death of a corporation will produce great effects on its stakeholders, creditors, debtors as well as its employees. So before the death process completes, we must liquidate all the accounts. Because of the imperfection of corporation law, when the creditors suffer benefit loss from the liquidate process, usually there is no counterpart make-up, which clearly goes against the original purpose of liquidation.The article discusses this problem from the prospective of the liquidation committee members'damage compensation responsibilities. It gives a brief description of the legal effectiveness of the liquidation committee, the legal position of the liquidation committee in our country and relative concepts concerning liquidation committee. In sectionâ… we analyzed the liquidation committee membership mechanism and liquidation committee members'responsibilities, the qualification and disqualification of the liquidation committee membership. It also gives a clear analysis on the responsibilities of the liquidation committee based on relative rules in the"corporation law."In sectionâ…¡we discuss the relationship between the responsibilities of the liquidation committee, the responsibilities of the liquidation committee members and the responsibilities of the liquidation committee damage compensation. In sectionâ…¢we discuss what kind of institution we should build and how to build it, in order to protect the benefit of corporations and creditors, based on the situation of our country. We give some suggestions on how to perfect the corporation liquidation law, such as give authority to the court or other supervision body, set up professional liquidation mechanism and so on in order to reduce the damage of liquidation committee members.