Research On Exercise Of Chinese Bankruptcy Revocation Rights

The right of bankruptcy revocation refers to the right enjoyed by the bankruptcy administrator to apply to the court for cancellation of acts that infringe the interests of creditors committed by the debtor during the legal period before the commencement of bankruptcy proceedings.Compared with the legal characteristics of the creditor's revocation right in civil law,it has the particularity on subject,scope,constitutive elements and so on.The effective exercise of the right of bankruptcy revocation not only embodies the fair value of law,but also contributes to the development of market economy.This paper analyses the subjects,the objects and the period of the bankruptcy revocation right,and puts forward feasible suggestions for the existing problems.As for the subjects,there are three problems: the single standard of the administrator's remuneration,the lack of guarantee of the remuneration and the unreasonable proportion of the remuneration for the management of collateral.We should improve the system of the administrator's remuneration by combining the length of time and the amount of the subject matter,establishing the special bankruptcy fund and constructing the system of the administrator's remuneration for the management of collateral.As for the objects,the first is that the scope of revocable acts is too narrow,the second is that the subjective elements are not taken into account in the determination of revocable acts,and the third is that the exceptional circumstances of revocable acts lack practical criteria.To solve these three problems,firstly,we should expand the scope of revocable acts;secondly,we should establish the status of subjective elements in preferential liquidation;thirdly,we should increase the exceptions of revocable acts.Regarding the period,the problems are as below: unlimited period for the administrator to exercise the right of revocation,uniform critical period for the indiscriminate acts and unclear starting point for the critical period.It is suggested to limit the period during which the administrator exercises the right of revocation,optimize the critical period according to the harmfulness of acts,and take the completion of acts as the starting point for the critical period.