The Enterprise Bankruptcy Law of the People’s Republic of China,which came into effect on June 1,2007,has established bankruptcy reorganization procedures.Many enterprises have gained a new life and resumed operations through the bankruptcy reorganization procedures,which also has a positive impact on social employment rates and fiscal revenue.But at the same time,creditors,especially secured creditors,often face the greatest risk in the bankruptcy reorganization process.From the perspective of creditors,the law does not give them the right to make plans for reorganization,The society also lacks an information disclosure system for bankrupt companies,and there is no perfect supervision mechanism when the bankruptcy administrator or debtor performs the bankruptcy reorganization process.From the perspective of the court,the court’s compulsory approval system may damage the interests of creditors,and the court lacks professional judges to hear bankruptcy reorganization cases.All these have resulted in the lack of effective protection of creditors in the bankruptcy reorganization process.Once the creditors lack protection,they will inevitably not cooperate with the bankruptcy reorganization process,thus affecting the rebirth of the enterprise.Therefore,the key to the bankruptcy reorganization procedure lies in how to effectively protect the interests of creditors.Through the longitudinal historical inspection method,tracing the legal basis for the protection of creditors ’interests in the historical period.Then,looking at the bankruptcy reorganization legislation of the United States and Japan and summarizing the enlightenment of its legislative principles to our country.Finally,drawing up the perfect countermeasures for the protection of creditors’ interests in our country’s bankruptcy reorganization process:Improve the corresponding system at the legislative level,which mainly includes enhancing the creditor’s right to participate in the reorganization plan,improving the information disclosure system,increasing the creditor’s objection relief channel,and refining the legal protection system for the security rights;Establishing the bankruptcy management agency at the law enforcement level,including the establishment of the functional positioning,legal positioning,functional allocation and standardization of power operation of the bankruptcy management institution;At the judicial level,it is necessary to regulate the court’s compulsory approval power,including following the principle of maximizing creditors’ interests,the principle of minimum group approval,establishing a bankruptcy court and improving the professional quality of judges.Through the above countermeasures to protect the interests of creditors,so that enterprises can be effectively reorganized,and then maximize social benefits. |