The Study On The Protection Of The Secured Creditors' Interests In Reorganization Proceeding

With economy globalization, the connection among various economical entities has increasingly become intense that it displays the pattern being bound together for good or ill. To avoid the social turbulences arose from the bankruptcy of large corporations, many countries had established the reorganization system to realize the salvation. Answering the call of world's legislation trend and the requirements of national economical entities, the PRC Enterprise Bankruptcy Law (hereinafter referred to as"Bankruptcy Law") had been established a separate chapter named"Reorganization"by the Standing Committee of the National People's Congress on August 27, 2006. Under current international financial crisis, the reorganization proceeding has made enormous contribution such as saving national enterprises, promoting obtaining employment, safeguarding the socialist market economic order and it should be popularizing and promoting. Meanwhile, to make the debtor getting rid of difficulties and to retain the material foundation for realizing salvation, the reorganization proceeding will have inevitably to restrict the creditors from exercising their secured claims. However, these restraints will give some debtors chances to avoid their bankruptcy, to delay repayment of their debts, and to impair the interests of creditors as also. Therefore, to balance the various interests among the participants and to realize the multi-value objectives, great attention should be paid to protecting the interest of creditors who owned secured claims in the process developing and perfecting the reorganization system. This dissertation uses the stipulations of England, America and Japan on reorganization for reference, and analyses the relevant provisions in the Bankruptcy Law based on the view of protections of secured creditors, and then contributes some suggestion on legislation to develop and perfect the Bankruptcy Law.The first section discusses the overview of reorganization proceeding, mainly from concept, characteristic, value orientation to describe. To lay the foundation of discussion the necessity of protecting secured creditors'interests below, this section focuses on the multi-value orientation of reorganization system.The second section discusses the necessity of protecting the secured creditors'interests in reorganization proceeding, mainly referring to two aspects: one is the various restraints of secured creditors'rights in the reorganization proceeding; and the other is the review of the state of the secured creditors'interests in reorganization system. The third section discusses the stipulations and its discriminations of oversea protection of secured creditors'interests on reorganization proceeding. To provide model for Bankruptcy Law, this dissertation refers relevant legislations of England, America and Japan.The forth section comes to the suggestion which will develop and perfect the measures of protecting the secured creditors'interests in the Bankruptcy Law. Based on the reference to oversea stipulations and the analysis of nowadays provisions, the author provides some suggestion to revise or supplement the Bankruptcy Law respectively from two stages of automatic stay and vote on the reorganization plan.