Studies On Legal Protection Of The Bankruptcy Creditors' Interests Of Subsidiary Company In Corporate Groups

In the light of the objective situation that the corporate groups in our country use bankruptcy as a fraud to infringe the bankruptcy creditors' interests,this article which regards the principle of equity as the primary value,mainly discusses the problems about legal protection of the bankruptcy creditors of subsidiary company in corporate groups.And it starts from an overview of corporate groups.The traditional commercial law only regulates single and independent entities.With the corporate groups becoming economic and social mainstream,its pillar systems that are"the company's independent personality"and"limited liability of shareholders"have become the bottleneck of legal protection of the bankruptcy creditors in corporate groups.So it's necessary to review the systems.At present,the bankruptcy creditors can not obtain a fair compensation as a result of China's lack of legal regulation of the bankruptcy of corporate groups,which causes serious destruction to the market economy.This article attempts to seek paths to protect the bankruptcy creditors of subsidiary company in corporate groups through the improvement of the system of"Piercing the Corporate Veil"and with the reference of"the Principles of Equitable Subordination"from western countries,hoping that it can carry out some useful legislation suggestions on the protection of the bankruptcy creditors of subsidiary company in corporate groups.This article consists of four chapters:The first chapter is the outline on the protection of the bankruptcy creditors of subsidiary company in corporate groups.At first the relevant concepts of corporate groups are defined and the relations between dominating and subsidiary companies are analyzed.Then the necessity of protection of the bankruptcy creditors of subsidiary company is discussed to lay a foundation for below. The second chapter analyzes the status quo and deficiency of China's Legislation of protection of the bankruptcy creditors of subsidiary company in corporate groups.The third chapter explores two paths to protect the bankruptcy creditors of subsidiary company profited from the legislation and practice of protection of the bankruptcy creditors of subsidiary company in corporate groups that come from Taiwan region and abroad,which are realized through the systems of"Piercing the Corporate Veil"and"the Principles of Equitable Subordination".The last chapter carries out some legislation suggestions on protection of the bankruptcy creditors of subsidiary company in corporate groups on the foundation of the reference of oversea legislative experience.