The Deficiency And Improvement Of Bankruptcy Administrator System In China

Bankruptcy law is a very important part of China’s socialist market economiclegal system.“The Enterprise Bankruptcy Law of the People’s Republic of China”was passed by the23rd conference of the tenth national people’s congress of thePeople’s Republic of China on August27,2006and came into effect on June1,2007.Bankruptcy administrator system is an innovation system of new bankrupt law.Bankruptcy administrator plays an important role in bankruptcy procedure and it ison the focus of the conflicts of interests. It how to take the civil obligations andresponsibilities is the important safeguards for bankrupt creditors and interestedparties. Study whether bankruptcy administrator system is reasonable and how toimprove are the needs of the judicial practice of bankruptcy law and the system itself.Therefore, study the deficiency and improvement of bankruptcy administratorsystem in China not only contribute to regulate bankruptcy administratorprofessional development, but also help to protect bankruptcy procedure goingsmoothly. All in all, bankruptcy administrator system has a great significance formaintain the order of China’s socialist market economic legal system.First of all, the origin, development and current situation of bankruptcylegislation system is the basis for studying the deficiency and improvement ofbankruptcy administrator system in China. By tracing the origins of bankruptcyadministrator system on a world scale, it leads to the origin of our bankruptcyadministrator system. After understanding the origin of our bankruptcy administratorsystem, take a further step to analyze the liquidation group system that perform partfunctions of bankruptcy administrator when we did not have the bankruptcyadministrator system. The author sums up all of the existing legal provisions andjudicial interpretations on the bankruptcy administrator system. For the later analysis,the author summarized all details on the legislative status of the status of thebankruptcy administrator, the selecting mechanism and supervision mechanism.Next, in the view of the bankruptcy administrator of the system implementation time is short, there are still many problems in judicial practice. Our bankruptcy lawdoes not stipulate the legal status of bankruptcy administrator. On the legislativelevel, through the study of the world’s advanced countries bankruptcy law legalsystem, the author found out that in most countries the legal status of the bankruptcyadministrator more or less had been made some regulations on the theoretical level.There are various theories points of view in continental law system and ourbankruptcy law academia. Therefore, there is still not a determined perspective ofour legal status for bankruptcy administrator. Anglo-American legal system who hadthe advanced experience of the bankruptcy law legislation had adopted trustee todefine the status of bankruptcy administrator in order to solve the bad effects due tothe undefined status of the bankruptcy administrator in judicial practice. Therefore,the study shows that we need to clearly define the status of bankruptcy administrator,otherwise it will lead to a very bad situation. Secondly, the deficiencies about ourselecting mechanism are court selecting bankruptcy administrator lacking ofeffective supervision, and the time that court designate administrator is too rigid,also bankruptcy administrator qualification requirement is not detailed enough.Thirdly, in order to ensure the smooth performance of duties and bankruptcyprocedure, an effective bankruptcy administrator supervision mechanism isextremely essential. Our current supervision mechanism is mainly the courtsupervision, creditors meeting, creditors’ committee and creditors. They play anauxiliary supervisory role. But these supervision mechanisms can not meet therequirements of bankruptcy law which ensure bankruptcy procedure process fairlyand justly, and prevent bankruptcy crime. Therefore, the supervision mechanism ofbankruptcy administrator still needs to improve.Once more, for the legal status of the bankruptcy administrator, the selectingmechanism and supervision mechanism, we can take the following methods toimprove. First, learn from the successful experience of Anglo-American law, definethe legal status of our bankruptcy administrator as trustee. Second, establish aunified market access for bankruptcy administrator. Third, use three methods whichare increasing supervision subjects, establishing administrative institutions andindustry self-discipline organization and perfecting the bankruptcy administrator responsibilities in order to strengthen the supervision of the bankruptcyadministrator.Last but not least, through using document study and comparative analysis ofresearch methods, the author deeply analyzes the deficiencies on the legal status ofbankruptcy administrator, selecting mechanism and supervision mechanism andmake some suggestions to improve the bankruptcy administrator system. The authorhopes it will contribute to the improvement of bankruptcy administrator system.