Study On Fiduciary Duties Of Directors To Creditors

In the modern social economic background, with the change of corporategovernance and corporate structure, and with the increasing of external strength, theimportance of the benefit stakeholders make attention. Among them the creditor asimportant stakeholders, the operation of the company and operational situationdirectly related to the realization of the creditors’ rights. As the internal managementstructure changes, director of corporate affairs as the executor of the faith to thecompany responsible for the relationship based on faith obligations, and when theinterest of creditor inroad by director misconduct, the relief of rights are not promptly,which threaten interest of director Our country’s existing law does not address thedirector for creditors of the obligations in content, the lack of regulations affect thecompany’s development and social economy.This article take the properties of the board member’s fiduciary to the director asthe starting point of the article, take our company development situation and problemsas the basis, compare the foreign laws and regulations of the board member’sfiduciary duties to obliges, from which make a description in the board member’sfiduciary duties to director The article is divided into four parts, the first part statesproduction and the development of director’s obligations for director. In basic of thedevelopment and change of the internal structure, theory of external stakeholder, andforeign legal regulations in director’s fiduciary duty to the creditors, making theevolution of protection in creditors’ benefit necessary. The second part intend todescribe Chinese existing law and the lack of methods in protecting the benefit of thecompany’s creditors, give opinion on the content that the directors should have thefiduciary duties to creditors. Through the analyzing in the conflict interests of allparties describe the particularity of the fiduciary duties. The third part intends toexpound the directors’ obligations responsibility in the condition of breaking duties.Director’s duties determine the responsibility for creditors, the article express theproperty, the constitutive requirements and way to bear of the responsibility bycombining foreign discusses and analyses, take a definition of the Chinese existing legal characteristics in responsibility of duties of director to creditors. The fourth partgive the suggestions through the obligations and reality demand on director’sfiduciary duties to creditors, which make the legislation and judicial operationfeasibility to perfect our country’s legal system in corporation law. In the meantimethe content can promote protection of interests of the creditor and improve thedevelopment of the company.