The Relationship Of Bankruptcy Administrators & Meeting Of Creditors In The New Enterprise Bankruptcy Law

The new People's Republic of China enterprise bankruptcy law had been passed on August 27, 2006, and will be executed on June 1, 2007. How to dealing with the relationship of the meeting of creditors and the bankruptcy administrators, it is the key of executing the new bankruptcy law. The bankruptcy procedure is making the bankruptcy administrators carry on the management, the disposal, the selling off and the assignment of the bankrupt property defers to the legal order which assign fairly to each creditors. So bankruptcy administrators play an indispensable role in the bankruptcy procedure, and the creditor is undertaking direct consequence in the bankruptcy procedure. Clearing the relationship of bankruptcy administrators and the meeting of creditors, directly affect the displaying and realizing of the function of bankruptcy administrators, simultaneously it also has the important influence to the realizing all creditors'benefit greatest.At first, this article briefly introduced the meeting of creditor and the bankruptcy administrators. It enabled the readers of this article to have the preliminary understanding these two important organizations in bankrupt procedure. Then the article carried on the analysis to the legal status of the meeting of creditors and the bankruptcy administrators and the discussion the legal relationship between them. The article pointed out the meeting of creditors is the highest authority organization, is bankruptcy property's trustor in the bankruptcy procedure. And the article pointed out the bankruptcy administrators is the trustee of the meeting of creditors who manages the bankruptcy business for creditors'benefit and exercises the authority, and its authority passes throughout. After confirming the legal relationship of the meeting of creditors and the bankruptcy administrators to be the trust relations, the author analyzed the rationality of the trust relations of the meeting of creditors and the bankruptcy administrators. And then this article elaborated the trust duty which the bankruptcy administrators undertake to the meeting creditor. Simultaneously this article used the model trust legal relationship to prove that the trustee's duty to the bankruptcy administrators should include: The faith duty, the faithful duty, the attention duty. And then this article enumerated the instance of each kind of nonperformance of these duties. The article elaborated the legal liability of nonperformance which should include: Civil liability, administrative responsibility, legal responsibility. Finally, this article compared the relationship of the meeting of creditors and the bankruptcy administrators with the company normal operation two pairs, which are the relationship of the board of directors and the meeting of shareholders and the relationship of the manager and the meeting of shareholders. By this way this article pointed out the characteristic of the relationship of the meeting creditors and the bankruptcy administrators.On the time when the new "People's Republic of China Enterprise Bankruptcy law" will be executed soon, if this article's discussion of the relationship of the meeting of creditors and the bankruptcy administrators is able to give a useful advice for the new enterprise bankruptcy law execution, the goal of this article will be achieved.