Study On The System Of Trustee In Bankruptcy

The system of trustee in bankruptcy,an ancient legal system,has been customary in lawsuit of bankruptcy cases in most countries.However,before Enterprise Bankruptcy Law of the People's Republic of China was issued and implemented,the system of liquidation group had been adopted in China.With the continuing development of China manet economy the traditional enterprises owned by the whole people had been substantially transformed into limited liability companies and stock companies which have developed into the main body of the market.Compared with the system of trustee in bankruptcy,the system of liquidation group in which government officials assumed the main function played an active role in dealing with the bankruptcy of enterprises owned by the whole people in a certain period of time.But the establishment and organization of system of liquidation group attached too heavy administrative color which seriously deviated from the independence,neutrality, specialty and full participation of trustees of bankruptcy and resulted in many problems and disadvantages.The new Enterprise Bankruptcy Law has benefited from the foreign advanced legislative experience and has introduced the system of trustee in bankruptcy after having abandoned the system of liquidation group.The system of trustee in bankruptcy,as a brand new legal system,has a broad research and development space in legal theories and practice in China.As a judiciary engaging in cases of enterprise bankruptcy I try to probe into the system of trustee in bankruptcy by taking advantage of large legal resources.Starting from the request of bankruptcy procedures this paper addresses the need to set up the system of trustee in bankruptcy besides debtor,debtee and the People's Court.The concept of trustee in bankruptcy is defined by comparison.The author has summarized his viewpoints on legal status of trustees in bankruptcy through the discussion on foreign representative theories and three Chinese viewpoints on legal status of liquidation group as well as the function and legal value of trustee in bankruptcy.In accordance with the specialty of a trustee in bankruptcy in process of bankruptcy the paper expounds three legal characteristic of a trustee in bankruptcy, i.e.specialty,neutrality and full participation.The paper puts forward substantial measures to elect and appoint trustees in bankruptcy by integrating the legislative practice in China with the analysis on the organs of election and appointment of trustees in bankruptcy,scope and means of election and appointment,conditions of being a trustee in bankruptcy,reasons and procedures of changing trustees in bankruptcy,dismissal and appointment of a trustee in bankruptcy.A trustee in bankruptcy,whose key responsibility is bankruptcy liquidation,takes corresponding legal actions like receiving,liquidating,keeping debtor's property,managing the debtor's internal affairs and operations,attending lawsuit,arbitration and other legal procedures on debtor' s behalf,appraise and allot debtor's property and perform the programming rights like proposing on convening debtees' meeting.This paper addresses itself in detail to the important role in which a frustee in bankruptcy plays in bankruptcy procedures and,based on legislative practice,has proposed concrete practical measures.A trustee in bankruptcy,as a social medium or individual,is entitled to get paid and hire workers in conformity with legal provisions by fulfilling bankruptcy affairs.Atrustee in bankruptcy must be diligent and faithful in fulfilling bankruptcy affairs and accept the supervision by the People's Court,debtees' meeting and Debtee Committee.Any violation of duties will burden relevant civil or criminal responsibility.Compared with developed countries the system of trustee in bankruptcy needs to be improved in China so as to accord with the social function and values of bankruptcy law.