China's Bankruptcy Administrator System

The bankruptcy administrators system is the important part of the bankruptcy law system in every country. The purpose of this system is to let the professional who is familiar to the bankruptcy business, take over the bankrupt property and its interrelated business in the bankruptcy progress.The bankruptcy administrator is a specialized organs which declared bankruptcy after the legal establishment, and fully take over the bankrupt property and custody of their responsibility to clear, valuation, processing and distribution liquidation affairs. The bankruptcy administrator has three main characteristics of the law: relative independence, professionalism and neutrality. China enacted "the enterprise bankruptcy law (trial)" in 1986 which applies only to state-owned enterprises, when the new law on enterprise bankruptcy in June 1, 2007 abrogated. Based on the old law caused Court accepted the case to a bankruptcy declared bankrupt before the time of the debtor's property under the management of unmanned, the new law created a system of the bankruptcy administrator, completed the construction of the legal framework of this system, including: the selection of managers, supervision, and working conditions; administrator's responsibilities; the rights and diligence of administrator, and faithfully carry out their duties and must not resign unjustified obligations administrator of remuneration. Increasing complexity of the market and international affairs of the bankruptcy, birthed of the specialization, standardization, and international of the bankruptcy administrator system. This article discussed the legal status of the bankruptcy administrator to start of the reasonableness of the various theories, but also pointed out its shortcomings, legislation aimed at foreign inspection of China' s new law on other countries to learn from the advanced experience of the Legislative Council, as well as the old and the new law on bankruptcy the system provides managers comparison by comparing how to correctly understand and comprehensive understanding of the old and new insolvency law in the bankruptcy administrator of the system breakthroughs and innovations reach the author' s some humble opinion.