The Interests Of Creditors In Bankruptcy And Reorganization Protection Of Research

The reorganization is good for bankruptcy prevention and corporation reconstruction as an active law system. After approval of the application of stakeholders by the court, for the debtors with the possibilities of bankruptcy, the adjustment of the relations between the credits and debts and the enterprise management will be made to maintain and develop business under the participation of the stakeholders and court in order for the rehabilitation of the enterprise. As the legal person system appeared and expanded, the big companies have more important roles in the social and economic life. Therefore, to avoid the social turbulences arisen from failures of big companies, a lot of countries begin to establish the reorganization system. Both theory and practice realms have focused on how to execute the effective reorganization and make sure its success since the reorganization system being established, meanwhile, this is also the best hope for the creditors. The purposes of the reorganization system are to make the debtors rehabilitate and safeguard the social interests, which is one kind of the embodiments of the public power intervention in the economy. However, this kind of intervention must be confined in special areas and mustn't cause the loss of the creditors' interests. Without the creditors' help the reorganization can never be achieved, therefore the protection of their interests is the key point during the process of reorganization; in the meantime, the interests of the creditors will be protected fully only after the reorganization finished. So the reorganization system cannot be developed well without the consideration of the protection of the creditors' interests. With the references of the legislations on reorganization system of the U.S.A and other western countries, in this dissertation we will analyze the relevant contents in Enterprise Bankruptcy Law of the People's Republic of China and discuss some issues about corporate reorganization system and the protection of creditors' interests during the process of reorganization.The necessity of protecting the creditors' interests in reorganization system will be discussed in the first section, including two parts: One is to analyze the unity of the reorganization system multi-value aims and the creditors' interests' protection. When many bodies are involved in the protection scope of the reorganization system, protection for benefits of the creditors is as important as balancing the relations of all the bodies.and the other is to review the creditors' interests status in reorganization system. In the procedure of reorganization ,the creditors are in the vulnerable condition, so to protect the creditors will ensure that the reorganization procedure goes on wheels.The protection of creditors' interests in the start-up phase of reorganization will be discussed in the second section. It mainly includes the requirements for the reorganization ability of debtor,the condition of star-up for reorganization proceedings,the court examination for star-up of reorganization proceedings and guarantee system ,and the temporary security measures in the star-up phase of reorganization proceedings.The protection of creditor's interests in supervision mechanism over reorganization proceedings will be discussed in the third section. It mainly refers to the improvements of reorganization executor system,the improvements of administrator system and creditors committee supervision system.The protection of creditors' interests during the process of establishment and approval of reorganization will be discussed in the fourth section. It mainly includes the establisher of the plan of reorganization, vote groupings and vote rules, creditors' autonomy in the vote process and the approval criteria and rules on reorganization plan by the court.In conclusion, only if the creditors' interests being adequately protected, the reorganization system can play a role in rescuing the enterprise from bankruptcy, and achieve its legislative aims.