Protecting The Interests Of Creditors On The Process Of Bankruptcy Reorganization

The 1970s witnessed an unprecedented renovation campaign in the field of bankruptcy law. Following the issuance of the U.S. Federal Bankruptcy Code in 1978 as a substitution of its much-recast version of 1898, the other western countries such as France, Britain, Germany and etc, responded to the U.S. move with a Stream of new enactments of bankruptcy legislation replacing the then insolvency laws, or with fierce modification made within the then insolvency laws. The reform was targeted at the core area, i.e., setting up and improving the reorganization mechanism. The introduction of reorganization system to the insolvency law marked out a turn from individual oriented value to community based value and a transition from a winding up centered system to a reconstruction-based system in the real sense. It is by reason of its function of supplying the deficiency with the traditional bankruptcy law that the reorganization is favorably commented on.The first chapter briefly introduce the basic theoretical issues of the bankruptcy reorganization. American theorists of the reorganization is defined as:alternative procedures for liquidation, bankruptcy, is any form of commercial enterprises in the case of insolvency can apply for bankruptcy proceedings. British scholars believe that: Restructuring of the court to the interests of all creditors, but also to operate the company as a whole and to continue to maintain the company. Appointed to take over management of a directive. Explore the concept of bankruptcy reorganization. British scholars believe that:Restructuring of the court to the interests of all creditors, but also to operate the company as a whole and to continue to maintain the company appointed to take over management of a directive. Japanese scholars on bankruptcy and reorganization is defined as:office dilemma though it is a company to build hope and seek to maintain and rehabilitation of the system, is due to the repayment of the debt if the business will be to continue to bring significant obstacles to companies or occur because of the fact that a bankruptcy risk of companies, the Rehabilitation Act in accordance with the company under the supervision of the referee, seeking its re-construction of a system. Traces the historical evolution of bankruptcy reorganization. Analysis of the value of bankruptcy reorganization. The reorganization broadens the narrow room devised for the debtor by the previous bankruptcy law, pays due regard to all the parties possibly adversely affected by the passive elements contained in the former systems, and as a result provides a basis on which the bankruptcy law ultimately serves the community.The second chapter explores the theoretical basis on which the system of protecting the creditor's interests operates. The author argues that the theoretical basis for the creditor's protection should be the theory of balance of interests. The dissertation explores the necessity of balance of interests. However, it is still part of the expense of the interests of creditors, the cost. Bankruptcy and Reorganization System is the most typical for the allocation of the interests of justice for the scale to adjust the burden of distribution and system losses. Law at the expense of the minority at the expense of a small number of people, is unjust, but to protect the interests of the majority is concerned, it is fair. Therefore, in the Bankruptcy Reorganization in the design and operation. Corporate reorganization protection in the theory should be based on the principle of balance of interests. As between shareholders and debt to some extent the interests of the company and common, between the interests of workers and social performance in the same way. At the same time protect the interests of the majority, we should also take into account the interests of the minority. In order to prevent over-against the interests of creditors. Degree of interest and common, so, corporate restructuring, protection in the main task is how to balance the creditor and the debtor, creditors and the conflict of interest between the interests of society. Corporate restructuring in the interests of creditors to protect the main task is how to balance the creditor and the debtor, creditors and the conflict of interest between the interests of society.The third chapter demonstrats procedural mechanisms to protect the interests of creditors. This is one of the focuses of this study. This recognition. For, re-engineering program is regarded as a limit order to save the debtors creditors and the creditor to safeguard their own interests. Anti-restrictive process, limits the relationship between the unity of opposites and anti-restriction has been deeply integrated into the whole system of re-engineering process-based. Into account. From the company's reorganization process until the end of corporate restructuring program, in which the issues involved despite the complicated, strange things, but since the creditor protection of view, the main issues to be addressed are three:First, Cheng Sequence start mechanism; the second is a procedural oversight mechanism:The third is the development and implementation of the restructuring plan. Kai in the program moving mechanism, the paper on the reorganization of the applicant, re-engineering reasons, the court's review and how to prevent the protective measures a more comprehensive and systematic abuse were discussed.In Chapter four, the author offers some suggestions in order to make our law better. First, we should pay more attention to the regulatory of the bankruptcy reorganization. Second, we should make some rules to reduce the cost of the bankruptcy reorganization. Mainly in the Bankruptcy Law of China:the Supervision of the main national is unclear. The main responsibilities of the various oversight provisions is not detailed enough. Another current bankruptcy law inadequacies exist in the lack of cost control provisions of bankruptcy reorganization. This makes the high costs of bankruptcy reorganization, the high cost of most of the people who passed on to the property. This is clearly not conducive to the protection of the interests of creditors, and this also does not conform to the requirements of the principle of fairness and justice. Based on the above issues, the author offers some suggestions about of Improving legislation. First, we should improve supervision over the implementation of the restructuring. and strengthen oversight of the main meetings of creditors and other operational. Implementation of the statutory mandate. And efforts to achieve the diversification of the supervisors, learn from Japan and the United States the main multi-monitor mode, pay attention to the restructuring cost control. Including:the process of major restructuring to make the resolution to 8take Majority rule, it would avoid each other to contain and improve efficiency. We also need to set a reasonable period of time, to reduce the time cost of consuming.