Study On The Order Of Stock Investor’s Damage Claim

The order of claims in bankruptcy proceeding is an important theoretical issue in bankruptcy law. Nevertheless, the order of stock investor’s damage claim, in fact, remains largely underexplored in the legal circle. In fact, when certain stock investor’s damage claim exists as a claim in bankruptcy proceeding, it must involve in the order of claims, and the research of it will extend to the conflicts between bankruptcy law and securities law. Many countries subordinate the stock inventor’s claim to general creditor’s claim. Domestic stock investor’s damage claim is in the same order as the general creditor’s claim, and this arrangement has some problems. We can solve the problems by subordinating the stock investor’s claim in our country.This thesis starts from the nature of the stock investor’s claim and the order of the claim, and then points out the legislative advices of structuring the subordination of stock investor’s claim by referring to foreign institutions.Including the introduction, this article consists of six parts:The introduction introduces the key issue, purpose and method of this article. It also introduces the relevant research and the innovation point of this article.The first chapter analyzes the nature of stock investor’s claim and the levels of claims. The subject of the claim is that is the shareholder of the company and the claim is a debt of tort in nature. And in our country, stock holder’s damage claim belongs to the general claims as provided in the bankruptcy law.The second chapter introduces the order of stock investor’s claim in America, Canada and Australia, based on the legislation, cases and relevant theories in these countries. These countries’institutions can help us better understand the order of stock investor’s damage claim and provide route guidance for our country.The third chapter analyzes the problems of current stock investor’s claim. First part counts the quantities of the misrepresented listed companies and reorganized listed companies from2007to2013and then analyzes the details of the18listed companies which involve in both misrepresentation and reorganization. Second part analyzes the typical case of*ST Jiufa.The fourth chapter gives some legislative advices about the order of stock investor’s claim. It includes the necessity of subordination; some relevant institutions which need to improve and design of the rules.The conclusion makes an overall summary.