Study On Protection Of Creditors’ Interests In Bankruptcy Reorganization Of The Enterprises In China

In a long period of time,people’s knowledge on bankruptcy system only stayed on the level of bankruptcy liquidation system.As long as an enterprise encountered difficulties such as insolvency,the first idea was to pronounce sentence of death on the enterprise.But,with discovery of the obvious drawbacks of the liquidation system,people began to focus on solving the enterprises’ difficulties,instead of killing them at a time.The bankruptcy reorganization system also developed accordingly step by step.The bankruptcy reorganization system mainly aims to save the enterprises in trouble,solve the problems therein and give the enterprise hope of revival.However,the reorganization system is designed to further protect the creditors’ interests on the basis of reviving the corporate creditors,and the creditors also aim to achieve their own larger liquidation rate.The creditors’ interests are easy to be infringed in bankruptcy reorganization process and are in a relatively weak position,therefore,the protection of creditors’ interests is also urgent.The overall goal of bankruptcy law is take into account the interests of creditors and other stakeholders while protecting social interests.Although the reorganization system aims to help the debtors revive,which requires the creditors to make concessions to a certain extent,but it cannot be at the cost of completely sacrificing the creditors’ interests because this is contrary to the legislative purpose of China’s bankruptcy law as a whole.The creditors’ interests shall be protected more perfectly.Only by protecting their interests and enhancing their confidence in reorganization can it be more conducive to smooth achievement of the purpose of reorganization and then to the steady and orderly development of the whole society and economy.Since implementation of the bankruptcy reorganization system in China,many excellent achievements have been made in general,and many enterprises on the verge of bankruptcy have come out of difficulties and begun to revive through reorganization.However,it is undeniable that there are still many problems in China’s bankruptcy reorganization system,especially severe infringement of the obliges’ interests.The protection of creditors’ interests is important because this can ensure smooth completion of reorganization.There are many links in the whole bankruptcy reorganization process,and each link is likely to cause irreversible damage to the creditors,therefore it is necessary to make a detailed analysis and discussion on protection of the creditors’ interests in each link in order to be further aware of the deficiencies.Introduction of reorganization system into China was later than many other countries in the world.Bankruptcy legislation in those countries initiated in hundreds of years ago and their bankruptcy laws have experienced a hundred years’ baptism,thus having a more systematic and impeccable legislation system,so it is indispensable to learn their experiences in bankruptcy legislation.Given the weak legislative and practical experiences of bankruptcy reorganization in China,we should not only analyze loopholes and deficiencies in the articles of the bankruptcy law,but also take the initiative to learn from the mature experiences overseas in order to better protect the creditors’ interests during reorganization.On the basis of the provisions of Reorganization in China’s Enterprise bankruptcy Law,this paper focuses on analyzing and discussing the problems in protection of creditors’ interests during bankruptcy reorganization.Combining specific national conditions and using the excellent legislative examples overseas for reference,this paper puts forward appropriate suggestions for improving protection of creditors’ interests during reorganization in China.Moreover,hopefully writing of this paper can make some contributions to protection of the creditors’ interests when establishing the reorganization system.