Research On Bankruptcy Exemption Right

Exemption Right initially arose in Germany, which is the creditors right to guarantee in their claims and enjoy the right of priority for the bankrupt’s specific property. Exemption Right has the features of independence and priority which is great for protecting the security of transactions and promoting fair. The establishment of Exemption Right is a breakthrough to principles of equality, so the priority feature has catch to much attention. How to deal with the relationship between the ordinary creditor and the Exemption Rights is important to promote the proceedings of bankruptcy liquidation, especially for China a nation which developing economy rapidly but without sound legal system. So study bankruptcy Exemption Right deeply has considerable theoretical and practical significance. Due to the lack of legal concepts, there were great of false bankruptcy phenomenon in the SOE Reform in our country. The interests of creditors always been infracted. It brings bad influence to our society. After that, people begin to set more study in this field for finding the legislation value of such Right. Actually developing Exemption Rights theory can promote our own bankruptcy law’s advancement. Also be helpful to found modern systems of property rights and ensure modern market economy’s security and stability. Meanwhile it has an important role in maintaining market order and social stability too.It should be noted that although the rapid development of the theory of bankruptcy and Exemption Right’s legislation has made great progress, however, current ex-right regulations also contains a lot of flaws and shortcomings. The first, current bankruptcy law does not formally introduced systematic theoretical of Exemption Right and the concept of the use is too narrow. The second, position of Exemption Right also unclear which with wavering legislative model. The third, the scope of the basic rights is not clear, leading the protection of the rights has loopholes. The fourth, rule of exercise of ex-right still rough and brief, needing improvement. Fifth dislocation exists in liquidation order, which contraries to fairness and justice and affects the smooth liquidation seriously. For the existing problems in our law, the paper will be concentrated on researching and solving it on the basis of combining foreign advanced legislation provides to the reality of our country with comprehensive use of various research methods. Firstly, we should formally accept the standard theoretical system of Exemption Right. Introducing international legislative model and the concept of bankruptcy prevention to consolidate the legislation mode of combine limit to protection. Secondly, expanding the scope of existing based-rights so that make it include of atypical guarantees and statutory precedence. Thirdly, perfect rules of exercise and let the rights holder have institution to follow. In addition, to determine a reasonable Bankruptcy liquidation order and balance the interests of other creditors with Exemption Rights holders. Finally, based on personal research, I wish to make some practical recommendations to improve the system of Exemption Rights for the future development of our bankruptcy law.