Protection And Restriction Of Right Of Secured Creditors In The Corporate Reorganization

With the rapid development of Chinese market economy and with the fierce market competition, the role of market regulation has also been strengthened. Based on their own or other reasons, enterprises often fall into serious debt crisis or can’t continue operations due to the economic crisis, which lead to their final bankruptcies. A series of social problems has also been triggered, which is extremely unfavorable for the enterprise and the stability of the market economy order. In order to regulate the act of bankruptcy so that enterprises could revive through self-help, in 2007 the Enterprise Bankruptcy Law of our country was formally implemented, including the bankruptcy reorganization system. The intention of reforming the legislative system is to make enterprises on the brink of bankruptcy get back to life. Of course, another important significance of this system is to regulate the debtor behavior once they enter into the restructuring program and adjust the relationship between creditor’s rights in accordance with the law, so that ensure the creditor’s secure claims from being illegally deprived of. To some extent, this system not only balances the conflict of interests of creditor’s rights between the two sides, but also maintains the order of socialist market economy. Although the reorganization system guarantees the interest of unsecured creditor, in practice the rights and interests of the creditors are hard to maintain. In some other ways, many legal problems still exists in the guaranteed creditor’s rights system. Therefore, based on the theoretical analysis of guaranteed creditor’s rights, the significance of this study is to improve the guaranteed creditor’s rights protection mechanism and build balance mechanism of restriction and protection of creditor’s rights in our country, and realize the legislative purpose of bankruptcy law in view of the present legislation present situation by drawing lessons from foreign experience.The article is divided into five parts, the first part mainly introduces the background, significance and research methods of this article; the second part interprets the nature of the reorganization process by using the method of theoretical research and the value target, and analyzes the necessity of guaranteed creditor’s rights, restriction and protection to provide theoretical basis for study of this article; the third part mainly studies the practical experience of abroad through thecomparative analysis method, which provides the important reference value for the study of the guaranteed creditor’s rights of the reorganization plan in our country; the fourth part expounds the current problem of creditor’s rights protection mechanism through practice analysis method and points out that the main research purpose of this article; finally, with the method of comprehensive analysis, the article provides the solve path of restriction and protection of creditor’s rights guarantee system problems- the benefit balance mechanism.All in all, this article studies the theory and realistic problem of restriction and protection of secured creditors’ rights, and provides a theoretical guidance for the perfection of the guaranteed creditor’s rights in our country’s reforming mechanism for the great significance of maintaining social stability and promoting economic development.