Research On The Protection Of The Corporate Creditorsin Corporate Law

Building a healthy market economic society is of equal importance in maintaining the legal interest of company creditors and corporate and shareholders. One of basic values of modern corporate law is to protect the interest of company creditors. Although the corporate law has been revised several times, the aim of protecting the company creditors has never changed. Based on this rule, the corporate law designs protection systems which strive for offering protection through company’s setting, operating, liquidating and so on. The protection systems include corporate capital system, corporate governance structure, the system of disregard of corporate personality and corporate liquidation system. Judicial practice proves that the above systems play active role in protecting creditors, but these systems have problems either. They seem quite simple and lack manipulable terms. Further improvements are needed in order to offer better protection towards company creditors. This paper aims to put forward suggestions to improve these systems.The newly revised corporate law has been carried out since March lth,2014. It mostly concerns corporate capital system and weaken the impact of the corporate capital system. What we have to do is to adapt to this trend and improve and adjust the protection mechanism, boosting the interests of all parties.To analyse theoretically, any single system is not perfect, it can not protect corporate creditors completely. Only by combining a variety of systems can it achieves the purpose of protecting corporate creditors. The registered capital system laid the foundation of the credit system at the beginning of the company set up. The system of disregard of corporate personality is to punish the behavior that damage company credit. The liquidation system maintains the company credit before the company legal personality disappeared. Several systems cooperate with each other, effectively promote the healthy operation and development of company system.This paper is divided into four parts. The first part is the legal basis of company creditor protection, mainly related to the theory of corporate social responsibility and stakeholder theory. The second part is the institutional framework of company creditor protection, the author carries on the elaboration from the registered capital system, corporate governance structure, the corporate personality denial system and the company liquidation system, pointing out the advantages of these four systems. The third part points out the deficiency existing on the various systems on the protection of creditors. And the fourth part is to put forward rationalization proposals to perfect each system, in order to achieve the best balance point to promote the development of company and the protection of creditors’ rights.