Research On The Right Of Bankruptcy Application Of Creditors

As an important right, the bankruptcy application of creditors plays an important role in balancing the interests of creditors and debtors. When debtor can not repay debts in due, creditors apply to the court for starting the insolvency proceedings to let all the creditors get equal opportunities for repayment through exercising the right to bankruptcy. In order to preventing abuse of the creditors, right, Bankruptcy Law should stipulate the liability for damage that creditors should undertake when they abuse the right of bankruptcy application of creditors. Meanwhile, by means of constructing simple review procedures and hearing procedure, Bankruptcy Law should prevent violations to the right of bankruptcy application of creditors in judicial procedure.China, s current bankruptcy law explicitly stipulate in the right of bankruptcy application of creditors. Because of the principles provisions of the law on the issue, there are some problems in practice. This paper gives systematic elaboration starting from the concept, with the hope of giving reasonable recommendation.