Study Of The Protection Of Creditors’ Interests In The Corporate Reorganization

With the rapid development of the era of knowledge economy, the quantity of companiesincreases sharply under the market background.Complex debts relations are formed inbusiness between the independence of commercial subjects and other commercial subject inthe market. When the poor management or sustained losses caused by the company with otherreasons, the interests of creditors will be threatened greatly."Bankruptcy Law" can greatlyresolve the loss problems caused by the company to continue operating,providing anopportunity to save the interests of creditors. However, in the applicable of "BankruptcyLaw", the creditor’s rights is not expected to realize easily. Because the company inbankruptcy reorganization involves various benefits and the bankruptcy reorganization systemgive priority to social benefits, the interests of creditors cannot be gotten due protection. Inthe company’s bankruptcy reorganization, first of all, the interest of creditors and creditorswill also meet to conflict；secondly, the dispute between the interests of creditors and debtorsexists inevitability; at the same time, the system of bankruptcy reorganization procedure inthe "bankruptcy law" also has some defects. Eventually,the fair compensation of theinterests of the creditors could not be gotten,making the market economic equality.But thefairness principle all gone.If things go on like this, the market economy of our country will bequestioned and will have a grim future. Therefore,the perspective protecting the creditors onthe bankruptcy reorganization procedure is very important.This paper is composed of three parts, which are introduction, text and conclusion.Thetext includes the following five aspects:Firstly, the basic theory of the protection of the interests of creditors in bankruptcyreorganization is discussed. To be discussed from two aspects:(1)Public opinions onbankruptcy reorganization are divergent. The meaning are not a debate. With the comparisonand analysis of the many meanings, the common attributes are defined again.(2)Thetheoretical analysis of the protection of the interests of creditors is valued in bankruptcyreorganization.Secondly, Japan, France, USA, researching on bankruptcy reorganization in the interestsof protection of creditors, has certain representativeness, summarizing some worthy of ourstudy and reference through rational analysis of related legislation of the countries and regions.Thirdly, study the protection of the interests of creditors from the starting stage of thebankruptcy reorganization procedure, since the parties to start the process of reorganizationof its application to the court for a ruling period. First, determine the corresponding categoryand conditions of the company’s bankruptcy reorganization, which are eligible to apply forbankruptcy reorganization of the company and the application conditions; second, differentapplicants subjecting to the interests of creditors influence is also different; third, clear thecondition of the bankruptcy reorganization; fourth, the court plays an important role in thebankruptcy reorganization application review，including the form of review and substantivereview.Fourth, study the protection of the interests of creditors from the company’s bankruptcyreorganization procedure planning, voting, approval and execution stage. First of all, in theprocedure of bankruptcy reorganization of the company, make the bankruptcy reorganizationplan is the first problem to be solved, having a vital role.The scientific plan is directly relatedto the vital interests of the rationality of creditors.Secondly, the vote democratic and standardsof the bankruptcy reorganization plan is related to the effectiveness of corporatebankruptcy.Third, it is an instructive principle in the court bankruptcy reorganization planapproval stage for the company,and ultimately to the creditor has a security role. Finally, thebankruptcy reorganization plan approved by the court, will enter the implementation stage.First order phase is to pave the way for the bankruptcy reorganization plan.Wether theinterests of creditors can be protected depends seeing the bankruptcy reorganization procedureat the end of a ring, namely the implementation phase.Fifth, Montesquieu said,“all right without supervision, will corrupt”. Perfect corporatebankruptcy reorganization supervision mechanism to protect the interest of the creditor hasimportant value. This part is mainly around the expansion of the Committee on the rights ofcreditors,and the perfect of the information disclosure system in two individual perspective.