Research On The Legal Perfection Of The Bankruptcy Administrator System In My Country

The sound development of market economy can not be separated from the perfect withdrawal mechanism of market subjects,which is the fundamental reason for the existence of bankruptcy proceedings.Through the bankruptcy procedure,it lacks the processing capacity of economic factors,but still occupies the market main body of production factors or withdraws directly,so as to re-enter the market of production factors,or to re-energize and continue to create economic value.In bankruptcy proceedings,the insolvency administrator is the main participant,but it is not a direct participant in economic relations.The qualification of the insolvency representative to participate in the insolvency proceedings comes from the permission of the court or creditors.Its legal status is not a simple creditor,debtor's agent,nor a special institution under the jurisdiction of the court.It does not pursue the interests of any party as a value,but should be an independent,neutral and professional participant.In our country,the bankruptcy administrator system has some legislative deficiencies in the selection of administrators,the establishment of powers and obligations,the compensation system and the supervision mechanism.The main points are as follows: the court lacks reasonable evaluation criteria for compiling the directory of managers,and it is difficult to timely add,delete and effectively supervise the directory of managers;in the process of selecting managers,it emphasizes random appointment based on equal opportunities,while ignoring the competitive appointment which can effectively achieve substantive equality.At the beginning of legislation,the duties and obligations of administrators are unclear.The compensation system of managers is determined by grading proportion,which leads to the failure of "breakable property" enterprises to exit the market.The court,creditor meeting and creditor Committee have a supervisory mechanism for administrators and play an effective supervisory role.The perfection of the bankruptcy administrator system in China should be the reconstruction of its legal framework.It includes the determination of the legal status of the administrator from the legislative point of view,the formation of the way of selecting the administrator mainly by competition,the breaking of the geographical restrictions of the administrator roster,the clarification of the basis and criteria for the administrator to exercise various functions and powers,the clarification of the legal meaning of the duty of loyalty and diligence of the administrator,the establishment of a long-term effect of the court supervision and creditor committee,supplemented by the self-supervision of the administrator association,Supervision mechanism.