Study On Priority Protection Of Financing Creditor's Rights In Bankruptcy Reorganization Process

The bankruptcy and reorganization system is an important system for saving troubled companies from liquidation.Among them,reorganization financing is the core,and obtaining financing means that the enterprise can maintain operations during the reorganization process.However,because the companies entering the reorganization process are often insolvent and their creditworthiness disappears,they frequently encounter obstacles in financing practice,which in turn leads to the application rate of China's bankruptcy and reorganization system being far lower than that of developed countries outside the region.The bankruptcy reorganization system is difficult to implement effectively.On the one hand,some companies with reorganization value are moving toward liquidation,which objectively increases social costs and intensifies social contradictions.On the other hand,it also causes China's judicial practice to be mainly biased toward bankruptcy liquidation.Conducive to integration with the world.The root cause is mainly due to insufficient protection of financing claims,lack of effective incentives for investors to provide funds,resulting in the lack of "blood transfusion" in the absence of the company's "blood-making" ability,and ultimately it can only go to bankruptcy and liquidation.Based on the analysis of the bankruptcy and reorganization case of Jiangxi Saiwei,this paper believes that the value of the reorganization financing to the reorganized enterprise includes but is not limited to the identification of the operating value of the enterprise,maintains the normal operation of the enterprise,enhances the protection of creditors' rights and interests,and maximizes the overall social benefits.Then analyzed the reasons for the predicament of financing debt protection.First of all,the reorganization of enterprises to raise funds to continue operations,while the new borrowing will bring "blood" to the enterprise,it will inevitably increase the burden on the enterprise,and make the original assets of the enterprise.Increasing more liabilities objectively caused the original creditors' rights to be damaged.Therefore,giving priority protection to financing claims may be opposed by the original creditors.Second,China 's bankruptcy reform information disclosure system is not well designed.As a result,the creditor's right to know the relevant operating conditions of the financing creditors has not been fully protected,and it is difficult toeffectively and accurately exercise the voting right during the reorganization process.Eventually,they face the risk of infringement of the right to compensation,and the debt settlement rate cannot be guaranteed.Finally,China's "Corporate Bankruptcy Law" currently does not make clear provisions on creditor's rights transactions,making financing creditor's rights unable to be quickly realised through creditor's rights transactions and exiting the reorganization process.This has greatly impaired the desire of financing creditors to invest and also ruled out Investment path of relevant willing investors.It is not difficult to see from the above analysis that it is precisely based on the above various contradictions that the protection of financing claims is still a long way off.Based on the creation concept of the bankruptcy and reorganization system,in order to save the reorganization enterprise and encourage investors to invest,it is necessary to give full protection to financing claims.The academic discussion on whether to give priority to financing creditor's rights has never stopped.There are mainly two different theoretical views: negative and affirmative.This article agrees with the affirmative view that giving preferential protection to financing claims is not only an institutional guarantee for the successful reorganization of enterprises,but also an inevitable choice for the protection of interests at different levels.To this end,we should fully learn from the US bankruptcy and reorganization DIP financing system and the relevant provisions of the Japanese bankruptcy law,and improve our country's system of preferential protection of financing claims.The specific ideas are:first,the bankruptcy and restructuring financing claims can be considered to establish the priority of the entire process,especially the creation of super priority,confirmation of the exit priority after the conversion of procedures;second,to improve the information disclosure system,through the systematization,the system Institutionalized legislative approaches to establish a system,expand the scope of the subject of information disclosure obligations,increase the content of information disclosure,determine more stringent and more operational disclosure requirements,and further improve the legal liability system of information disclosure obligors,with a view to better safeguard the relevant rights and interests of financing creditors;finally,break the blank of the provisions of the "Bankruptcy Law of the Enterprise" onthe bankruptcy creditor's rights transaction,establish a bankruptcy creditor's rights transaction system,and confirm its legalization through legislation,allowing financing creditors to withdraw from the reorganization process by transferring bankruptcy credits to the outside world.In addition,the Supreme People's Court's Provisions on Several Issues concerning the Application of the "Enterprise Bankruptcy Law of the People's Republic of China(C)" have been officially implemented on March 28,2019,and Article 2 states that the reference to financing debts should be based on the protection of mutual benefit debts.The system protects it.With the rapid development of the market economy,the state is more inclined to encourage social resources to actively enter the bankruptcy and reorganization process to help troubled enterprises to get out of the debt crisis.However,due to the relevant provisions of legislation,the Supreme Court The explanation does not clearly define the nature of financing claims,and only adopts inductive provisions to make a positive evaluation of its legal effects,and encourages social capital to actively help distressed enterprises by giving priority to the legal effects of protection.Although the attitude of judicial interpretation is clear,after all,interpretation is not legislation.At present,China's "Corporate Bankruptcy Law" is also undergoing active revision.The relevant superior system established through judicial interpretation in practice should be reflected in future legislation.Priority protection of financing claims in the bankruptcy reorganization process was fixed in the form of legislation.