The Legal Consideration Of The Creditors’ Canceling Right

With the worsening deteriorating economic situation in current society, Creditors’ Right of Revocation is essential to assert his lawful rights and interests, and played an important role in the market economy legal system. It’s a part of preservation of debt, which means that the creditor may petition the court if the debtor’s action harms the creditor’s interests. Currently, there only have legislations e in the Article 74 of Contract Law of the People’s Republic of China and Interpretation I, II of the Supreme People’s Court of Several Issues concerning the Application of the Contract Law of the People’s Republic of China. However, it lacks specific operation system, which leads to problems in judicial application. The phenomenon of fund chain breaking and capital transfer is serious, so the using of creditor’s right of revocation is important.In this passage, first introduce the historical evolution of right of rescission and its system in other countries; then bringing out existing problems in juridical practice through actual cases.In addition, introduce the objective essentials of right of rescission, which including the creditor’s effective claim of the debtor, debtor’s disposal action and debtor’s action harms the claim; and then clarificate the subjective essentials of the right of rescission, divide the good faith acquisition into revenue and action, just as the basic of whether can repeal or not.At last, introduce the effectiveness of right of rescission, which centre on debtor, beneficiary or assignee, creditor, and make a comparison between “Egalitarianism” and “Prioritarianism” among different countries. Furtherly, from the perspective of juridical practice, I put forward this essay’s point: creditor enjoys partial priority to receive compensation on the premise of egalitarianism. Finally introduce the cost and period of exercising the right of rescission.