Study On The Protection Of Creditors Interests In The Bankruptcy Reorganization Of Affiliated Enterprises

Affiliated enterprises are common phenomena in the operation mode of enterprises in our country.They have obvious advantages in effectively integrating resources,improving transaction efficiency and reducing operating costs.However,most affiliated enterprises inevitably have improper affiliated relationships.Once the affiliated enterprise enters the bankruptcy reorganization procedure,these complex and hidden improper relationships will greatly infringe the interests of creditors and affect the bankruptcy reorganization of the affiliated enterprise.Restructuring system,the first is to protect the business continuity of debtor enterprises,but in this process,we can not ignore the protection of the interests of stakeholders,the two are closely related,both conflict and interdependence.lt is almost impossible to achieve the goal of fair liquidation of creditor's rights and bankruptcy reorganization of affiliated enterprises only through the existing system of disregard of corporate personality,bankruptcy revocation right and separate reorganization in the current legislation.Therefore,this paper intends to introduce the principle of substantive merger to study the protection of creditors' interests in the bankruptcy reorganization of affiliated enterprises.This paper is divided into five parts.The first part introduces the characteristics and treatment of typical cases of merger and bankruptcy reorganization ot concave and convex related enterprises,so as to lead to the theme of this paper.The second part gives a detailed overview of the specific forms of creditors' interests damaged in the bankruptcy reorganization of affiliated enterprises.The third part combs the existing theoretical basis of creditor,s interest protection in the bankruptcy reorganization of affiliated enterprises.The fourth part analyses lany shortcomings and difficulties in the practice of protecting creditors' interests in the bankruptcy and reorganization of affiliated enterprises.On the basis of many scholars' research and practice,the fifth part puts forward reasonable suggestions to protect creditors' interests in the bankruptcy reorganization of affiliated enterprises.The merger and reorganization of affiliated enterprises in our coultry should strictly follow the applicable conditions:the highly confused personality among affiliated enterprises. the high cost of distinguishing the property of the members ot aftiliated enterprises. the serious damage to the interests of creditors in fair liquidation,the increase of the possibility of successful reorganization of enterprises,and the improvement of the overall liquidation rate of creditors.The best way for affiliated enterprises to enter the bankruptcy reorganization procedure is to reasonably introduce substantive merger rules,merge and reorganize affiliated enterprises,fully protect the interests of creditors,constantly improve the protection mechanism of creditors' interests,give creditors' committee more rights,promote the innovation of management mechanism,and strengthen and give play to the guiding role of the govenment.lt is hoped that this paper can contribute to the protection of creditors' interests in the bankruptcy reorganization of affiliated enterprises.