Asset Restructuring And Creditor Protection

In about 30 years, China's economic system reform has gone through a course of choosing and reselecting constantly. After 1992, the goal of the State-owned enterprise (hereinafter refered as SOE ) reform was established finally: to set up modern enterprise system. "Asset Reordering" become a social trend in modern China, as well as more and more fierce phenomenon of damaging creditor's rights and interests.Directing against the serious reality of damaging creditor's rights and interests in the course of the Asset Reordering of our country, This text discusses the Asset Reordering and the question of protection to the creditors following it in the Law and economics method.The first part , General theory of Asset Reordering, is begun by such a question: What is "Asset Reordering"? In the method of analysis of history, this part finds that in our country 's Asset Reordering practices, there are two visual angles, and two main motives that are impelling Various Asset Reordering: SOE reform and growing of enterprises. Behavior of the rearrangement of assets has a basic intension, which is rearranging the property rights, so that they can acquire a more rational distribution of resources. Then, the reasons and intension are used to analyze and summarize those characteristics on more concrete level of Asset Reordering, because my intention is to describe the basic state of Asset Reordering in our country to find a prerequisite of relevant system norms, this part probes into three basic problems of Asset Reordering : Who does it , does what , and how to do . This shows that present system of Asset Reordering of our country is a part of our economic system reform 's overall system, though it has its own key goal, too.The second part , The theory and real example analysis toprotection to creditors in Asset Reordering , indicates that Asset Reordering System's goals and the Interests patterns settled to realize those goals are basic reasons to damage creditors in course of Asset Reordering. Maybe the system designer's didn't do it in purpose, but it's an inevitable outcome. Comparing with Asset Reordering behaviors damaging creditors' interests and security mechanism in market-economy , in China creditors will face more serious commercial risks and morals risks, but they are more difficult to obtain guarantees. In a word , consequences of the system's inclination must make a change .As this essay's the last part, the third part, Set up the legal system to the protection to the creditors in the Asset Reordering, argues that the question of protecting the creditors in the Asset Reordering just is the question of redesigning our Asset Reordering system. SOE reform will be one of the important goals of our Asset Reordering System until be completed. Because of this goal , the Interests patterns settled may cause creditors to face serious morals risks; in the same time, it weakens the creditor's ability of resisting. This part try to find what requests has Asset Reordering proposes to the laws, and, to pursuing an "idea" Asset Reordering, what kind of position should laws arrange the creditors of the interests pattern of Asset Reordering. At last, on his basis, I analyzed our present legal norms protecting the creditors in the Asset Reordering Assets, asked and answered to make our legal system of protecting the creditors in the Asset Reordering more perfect, what is our legal system should be devoted to, and proposed some suggestion.