A Study On The Protection Of Creditor 's Interests In Bankruptcy And Reorganization

From traditional perspective, companies’bankruptcy only appears as insolvency that ends up with liquidation, which may be the single way to satisfy the creditors. However, as the economy developed and markets changed continuously, the bankruptcy law legislation mode is also approaching its perfection, showing signs that when companies meet causes of bankruptcy, attempt to save companies against dilemma come to thrive. This is where the Bankruptcy Reorganization aims at, to help refresh the company so as to keep its value, to assist the creditors to gain better liquidation, by means of adjusting relations between creditors and debtors, companies’asset construction, and management mode.Considering the reorganization system is built for debtors’rebirth, discrepancies are outwardly inevitable in reorganization negotiation due to the competitive economic interest of both parties, which may put creditors in the dry tree. However, the current Enterprise Bankruptcy Law only has brief regulations (One chapter & 25 articles) on reorganization, which neither refers little on protection of creditors, nor embodies corresponding operation system. Thus, the author thinks the protection of creditors of great significance.The paper contains two parts. The first part is introduction, where the author systematically explicates the intention and meaning of this thesis, explaining the current reorganization process mainly focuses on protecting the debtors rather than creditors, the latter part is of positive value to both the enterprises and single party. Then the author summarizes legislations from other countries and discussions of inside scholars, underlying foundations for further discussions.The second part which includes three chapters is the main body, which analyses creditors’benefit protection under bankruptcy reorganization from three perspectives.The second and the third chapter separately conclude and explain the deficiency of creditors’protection and its underlying reasons according to following two angles:the general debtors’behaviors that may jeopardize creditors and the various creditors in special condition may meet the potential benefit conflicts. Then focus on explaining the reasons from two parts:legal system, the role that court and administrative authorities play as third parties.The fourth chapter consists of the core point by proposing detail improvement on current deficiency of creditors’ protection and relevant solutions aiming at some special enterprises and specific kinds of creditors. Meanwhile, through reference on advanced Bankruptcy Reorganization systems and legal practice of US, Japan and Taiwan Area, combined with national conditions, the rationality and operability of creditors’protection could be lifted, and the author sincerely wishes this thesis might offer theoretical knowledge and advice to legislative authorities.