Studies On The Supervision Mechanism Of China's Insolvency Administrator

China's new bankruptcy law formally adopted on August 27, 2006, and had been implemented as of June 1, 2007. New bankruptcy law is China's first bankruptcy law in a market economy system. It will have a far-reaching impact on legal system of China's socialist market economy. One of the biggest highlights in New bankruptcy law is the introduction of the insolvency administrator which the current international legal system has adopted.Insolvency administrator plays a very important role in the insolvency proceedings.It is the conflict center of all interests. Whether bankruptcy proceedings can just, fairly and efficiently operate , insolvency administrator is the key. Insolvency administrator not only enjoy a wide range of powers, but also carry the trust of creditors and other stakeholders. Therefore, the study of how to supervise insolvency administrator and to perfect the new bankruptcy law in order to avoid its abuse of power from happening, has an important theoretical and practical value.This paper analyses the supervision mechanism of insolvency administrator from various aspects. I think that supervision mechanism should be started from election, and based on the duties, responsibilities, rights, obligations, legal liabilities, and other aspects which has a wide range of oversight. In addition to the introduction and conclusion, this paper is divided into five parts.The first part briefly introduces the definition, origin, evolution and legal status of the insolvency administrator.The second part analyses the need of establishing the supervision mechanism of the insolvency administrator. This part relates to pursuit to the value of fairness and efficiency of a market economy, bankruptcy procedure itself, insolvency administrator itself and preventing bankruptcy crime. The third part analyses the supervision mechanism of civil law and common law. A effective supervision system consists of the internal supervision and external supervision, a macro-level and micro-level supervision, the advance and after supervision.The fourth part constures the supervision mechanism of the insolvency administrator in new bankruptcy law from both macro and micro aspects. The new bankruptcy law has made a major breakthrough in the introduction of the supervision mechanism of insolvency administrator, but it still has some problems and shortcomings which have to be improved. The fifth part brings some personal advice to to perfect the supervision mechanism of insolvency administrator. It includs the five specific areas: improve the system of selecting the insolvency administrator; promote the professional building of insolvency administrator; strengthen the job security; establish self-regulation mechanism of insolvency administrator; add specialized supervision and management institution and perfect legal liability system of China's insolvency administrator.