Study On The Protection Of Creditors During Assets Reorganization Of Listed Companies

Assets reorganization has become an effective means for market entities to integrate resources and to improve their competitiveness rapid-ly. Compared with the flourishing capital market, related supporting legal system within China develops quite slowly, and defects in legislation and system provide opportunities for some listed companies to escape debt through false reorganization. Therefore, problems concerning protecting creditors gradually worsen. Most Chinese scholars emphasize more on the protection of creditors in the merger, division of companies or in the bank-ruptcy liquidation. Consequently, lack of study on the protection of credi-tors during assets reorganization is resulted.This paper discusses the structure will be commenced as follows:The first part of the reorganization of listed companies from the concept, charac-teristics and reorganization of the legal relationship between forms of classi-fication, to reorganization of listed companies through the analysis of the le-gal attributes, summarized the legal reorganization of listed companies es-sential characteristics. From the legal point of view the concept of asset re-structuring of listed companies to define and classify the form of asset re-structuring. The second part of the first reorganization of assets related to limit the scope of the creditors, and creditors through reorganization of assets to protect the theoretical basis and the existing legal systems of creditor pro-tection, asset restructuring of listed companies summarized in the interests of the creditors protection problems, analyze the causes. The third part of the existing legal system, deficiencies in the summing up, based on experience of other scholars in the field of creditor protection laws of research results and the creation of ideas and institutions of foreign legal experience, the purpose of this paper is to put forward countermeasures to solve those prob-lems by connecting foreign experience and the practical conditions of Chi-nese Stock Market, and to provide a reference for perfecting the legal system of protecting creditors.