The Protection Of The Secured Creditors' Rights In Reorganization Proceeding

Following the development trend of the world Bankruptcy Law,The Enterprise Bankruptcy Law implemented in China since 2007.the reorganization proceeding was introduced for the first time.The reorganization proceeding is different from the bankruptcy liquidation system in that the debtor's existing property is fairly paid off to the creditor,for the purpose that the debtor can peacefully withdraw from the market and it is also different from the reconciliation system' goals relying on the compromises of creditors and passively avoiding bankruptcies.The reorganization proceeding is devoted to improving the business conditions of enterprises,restoring the vitality of enterprises by adjusting the creditor-debtor relations of bankrupt companies and safeguarding market economic order.The collateral as a carrier for the secured creditor's rights often contains huge economic value.It lays a material foundation for the successful implementation of the reorganization proceeding and is crucial to the success of the reorganization.Therefore,It is reasonable that the security rights of creditors are restricted in the reorganization proceeding,which can also meet the real needs of bankrupt companies restructure.However,such restrictions must be justified,and the interests of secured creditors cannot be excessively damaged.Otherwise,the core of the security interest system,that is,its implied credit value,will be greatly damaged.The Enterprise Bankruptcy Law establishes a reorganization proceeding.At the same time,the legislation enacts relevant measures to protect the rights of secured creditors.However,due to inadequate research on the theory of the reorganization proceeding in China,there are still unrestricted legislative issues.In particular,It is a common phenomenon that the practice of debtors using assets to ensure that the limited exercise of the creditor's rights to damage the creditor's interests in practice.For the insufficiency of the relevant legislation concerning secured creditors,how to effectively protect the secured creditor's assets? The issue has aroused extensive considerations in domestic theoretical and practical circles.The article is based on the existing research and intends to further discuss the issue of the protection of secured creditor's rights.About the writing structure of this article,roughly as follows:The introductory of the article mainly introduces the purpose of protecting the rights of secured creditors in reorganization proceeding,expounds the theoretical and practical significance of the thesis,and simply sorts out the relevant research results of domesticscholars on the topic,and then introduces The researcher of the article,hoping to clearly demonstrate the writing ideas.In the first part,the theoretic summary of the secured creditors in reorganization proceeding.The part Mainly introduces the concept of reorganization proceeding,as well as the definition of secured creditors in reorganization proceeding,and further analyzes the significance of restricting the rights of secured creditors and the need for protecting the rights of secured creditors.In the second part,the status and problems of protection of secured creditors in the current legislation.By mainly introducing the current Enterprise Bankruptcy Law and relevant judicial interpretations,the part analyzes the problems in protecting the interests of secured creditors in our country's legislation: the problem mainly includes the imperfection of the automatic stay and the unclear conditions for the compulsory approval of the reorganization plan.The third part is about the status of the protection of secured creditor's rights in foreign legislation.This section mainly introduces the legislation of some representative countries in foreign countries concerning the protection of secured creditors' interests by analyzing the automatic stay in the reorganization proceeding of the United States,the compulsory approval of the reorganization plan,and the payment hesitation system and the management order in the UK bankruptcy reformation.The system provides reference for improving the protection of secured creditors' rights in reorganization proceeding in China.The fourth part is to improve the protection of secured creditors in reorganization proceeding in China.Firstly,establishing the principle of protecting secured creditors' rights,that is,the principle of full protection,.secondly,improving the specific measures for the protection of secured creditors.First,improving the automatic stay in China's Enterprise Bankruptcy Law;second.Limiting the compulsory approval of the reorganization plan by the court.;Third,it is necessary to distinguish whether the security is in reorganization procedure.In order to reasonably protect the interests of secured creditors in reorganization proceeding,the value of the reorganization proceeding and the security property right system will be better played.