On The Improvement Of Company Law Legislation Regarding Creditors' Protection In Related Transaction

The value orientation of the market economic is transaction security,transaction efficiency and transaction fair.However,we always face to how to balance the relation among the fairness,security and efficiency in the specific market economic transaction and it is significant to comprehensively considerate them and choose a best equilibrium point,especially when related transaction occurred.With the acceleration of the pace of economy,the further development of the market,related transactions has become a common social phenomenon,it is conducive to optimize allocation of resources and saving cost of transaction and simplifying the process of transaction.It is promote the trade to continue,Improve the efficiency,reduce transaction risk,moderate internal competition,expand the scale of the company,and is good for both of them.However,to regulate the related transaction by the system of personality denial,the system of disclosure of transaction information,the limitation of the self dealing of directors and the regulation of the voting power challenge system in the Company law in our country,but the system of related transaction are still imperfect,and the result always below the expectation to limit the relation by both the regulation in advance and relief after the transaction.For example,the limitation of the resolution review system,the defect of voting power challenge system,the drawback of unfair related transaction regulation and the limitations of personality denial system.Besides,the limitation of the one-sided regulation of bankruptcy procedure and it's difficult to apply the burden of proof.Therefore,we should complete the definition of relation transaction in the Company law at first,then,complete the system of personality denial,base on it,expand the scope of application of the resolution review system and voting power challenge system and complete the information disclosure system.Meanwhile,introduce the principle of equitable and substantive consolidation when make a law.The inversion of burden of proof,and then strengthen the regulation effect of Company law on related transactions when justice.And the creditors' interests will be protected;the market order will be maintained;our country's economy will get greatly development and prosperity.