Creditor Protection System In Bankruptcy Reorganization In American Law And Its Reference To China

Bankruptcy reorganization is a system that is gradually developed during the development of bankruptcy law.This system aims to revitalize enterprises through the coordination of stakeholders through bankruptcy reasons but with the hope of reviving and saving hope.The operation of the bankruptcy reorganization procedure is closely related to the stakeholders.The relevant entities of bankruptcy reorganization are diversified,and the interests of all parties are far from each other.Therefore,the bankruptcy reorganization system itself is a tool to achieve multiple goals by reconciling the interests of all parties and balancing the subject relationship.Bankruptcy reorganization is different from bankruptcy liquidation procedures.Bankruptcy liquidation is based on the protection of creditors’ interests,while bankruptcy reorganization system is based on the company’s operational value.Therefore,under the bankruptcy reorganization system,the interests of creditors are often overlooked.If the system design is not perfect,the creditors should be harmed.The bankruptcy reorganization system in the United States was born early and has rich experience in judicial practice.The previous revisions have made its bankruptcy reorganization system more reasonable overall,and it has increasingly become the legislative blueprint for bankruptcy reorganization systems in various countries.In the US bankruptcy reorganization system,during the reorganization start-up phase,creditors can apply for conversion between bankruptcy liquidation and bankruptcy reorganization,and the review criteria for bankruptcy reorganization applications are very strict.During the reorganization period,the creditor has the right to propose the second-order reorganization plan,the voting mechanism of the reorganization plan is standardized,the use criteria for compulsory approval are clear and comprehensive,and the reorganization information disclosure system is also very detailed.The implementation supervision phase of the reorganization has flexible reorganization plan change principles,and the supervision mechanism is also very strict.These have played a beneficial role in the maintenance of creditor interests in the process of corporate bankruptcy reorganization.China’s bankruptcy reorganization system has a late start and less experience,and it still needs to be improved in the protection of creditors’ interests.This paper takes the protection of creditors’ interests as the research direction,tries to explore the inadequacies of China’s bankruptcy reorganization system in the protection of creditors’ interests and the merits of American law,and puts forward their own opinions andsuggestions.Strive to absorb the effective experience of the US bankruptcy reorganization system in the protection of creditors’ interests,in order to make a modest contribution to the improvement of China’s bankruptcy reorganization system.The author believes that the legislation of China’s reorganization system can fully draw on the legislative technology of the United States,and the method of comparative research will help the legislative improvement.It is a common practice in all countries to review the stage of acceptance,limit the application of bankruptcy reorganization procedures,and exclude small enterprises from the reorganization process,and it is necessary to practice the reform concept and ensure the success rate of reorganization;The reason for reorganization,the reorganization of hope or reorganization ability as the cause of reorganization,can make the court review whether the admissibility is more rigorous and prudent,avoiding the malicious reorganization of the escape debt;during the reorganization,the different stakeholders are reorganized The plan proposes the right to adhere to the diversification path,which can make the reorganization plan better pass;avoid the situation that the reorganization plan stipulated in the current legislation stipulates that the main body of the right is not exercising or abusing the right.Regarding the voting mechanism of the reorganization plan,it can adhere to the legal group system as the leading factor and the free group system as a supplement,giving the court the power to adjust the group and guarantee the flexibility of the group.In the approval stage of the reorganization plan,the approval conditions under the normal approval mode are established,the discretionary power is regulated,and the interests of stakeholders are protected;under the compulsory approval mode,the standards of the best interests principle and the absolute priority principle are improved in the legislation.Technically,it should be more rigorous.After the reorganization process enters the implementation phase,creditors can be allowed to establish the creditor committee more freely and give them supervision over the implementation of the reorganization plan to compensate for the lack of supervision under the existing administrator system.