The Research On Creditor’s Interest Protection In China’s Bankruptcy Reform Procedure

The bankruptcy reorganization system is an important channel to rescue debtor enterprises.In the practice of reorganization,the pattern of interests is complicated,and how to protect the interests of creditors has always been an important topic for the eternal exploration of the bankruptcy law.To this end,on March 28,2019,the Supreme People’s Court released the "Judicial Interpretation of Bankruptcy Law 3",focusing on strengthening creditors’ participation in bankruptcy proceedings and protection of interests.However,I found that the protection of creditors’ interests at the institutional level was still not enough.To this end,this article will base on the theory of bankruptcy law,combined with the experience of bankruptcy reorganization projects and some typical reorganization cases,analyze the inadequacies of the protection of creditors ’interests at the institutional level in China’s Enterprise Bankruptcy Law In comparison with the legislation of some typical countries in the civil law system and the Anglo-American law system,they propose legislative proposals.The main body of this article is divided into four parts.The first part mainly expounds the value of the bankruptcy reorganization system and the particularity of the protection of creditors ’interests,analyzes the pattern of conflicts of interest in the reorganization process,and demonstrates the basic principles of protecting creditors in the bankruptcy reorganization process.The second part mainly analyzes the current status of creditor protection in China’s reorganization process,and points out the inadequacies of China’s bankruptcy law at the institutional level,such as the absence of reorganization capacity rules,the removal of preservation,the absence of suspension of execution deadline rules,and the guarantee of creditor rights and interests This is related to the problem of rebalancing value imbalances and the lagging of small claims.The third part mainly analyzes the creditor protection system in the extra-territorial reorganization legislation,combined with the relevant regulations of the reorganization system in Japan and the United States,and makes comparative analysis and demonstration as a reference for the reorganization system in China.For example,Japan’s restrictive regulations on reorganization capacity and special regulations on small creditors,the automatic suspension and relief system in the United States provide a reference for the improvement of creditor’s interest protection in China’s reorganization system.The fourth part mainly analyzes and summarizes the legal system of bankruptcy reorganization in the United States and Japan,and proposes how.to perfect the protection mechanism of creditor interests in the bankruptcy reorganization process in China.For example,to fill in the rules of reorganization capacity,adjust the order of compensation of small creditors,refine the protection mechanism of secured creditors,and establish the time limit rules for the release of the preservation and suspension of execution.