On The Protection Of The Interests Of Secured Creditors In Bankruptcy Reorganization

The promulgation and implementation of the Enterprise Bankruptcy Law in 2006,means that for the first time,China has really introduced the bankruptcy and reorganization system,the bankruptcy and reorganization system is truly、even bankrupt companies bring hope for rebirth,in reality,more and more companies have achieved rebirth through bankruptcy and reorganization.The bankruptcy and reorganization system is a rebuilding debt liquidation system.Mainly applicable to the situation where the company is insolvent,it is recognized as the most active and effective legal system for preventing corporate bankruptcy in various countries around the world.One of the biggest differences between the reorganization system and other insolvency proceedings is that it limits the exercise of security rights,nowadays,most of the property of an enterprise has been the subject of a guarantee.If the security owner is allowed to exercise the security right,then the possibility of debtor regeneration will be difficult to achieve,the purpose of reorganization will also be difficult to achieve,therefore,the laws of many countries have restricted the exercise of collateral rights in bankruptcy proceedings,Our "Enterprise Bankruptcy Law" provides for the suspension of collateral rights in bankruptcy reorganization proceedings.However,secured creditors,as a more special group in the reorganization process,the reasonable settlement of their secured claims is not only the protection of their security rights,it is also the pursuit of bankruptcy proceedings to be fair in value and maximize value.Is there correspondingly reasonable legislation to protect the interests of secured creditors,what are the problems in judicial practice?How to perfect the relevant legislation in this respect has become one of the hot spots of academic focus.China’s current Enterprise Bankruptcy Law provides for remedies for the protection of the interests of secured creditors in the reorganization process,However,these regulations are still relatively shortcomings and deficiencies.Legislation in this area is not yet complete,the bankruptcy and reorganization system cannot be used to its fullest extent,in practice,the protection of the interests of secured creditors in the course of corporate bankruptcy and reorganization is insufficient.By analyzing the theoretical basis for protecting the interests of secured creditors in the bankruptcy reorganization system,combined with the relevant legislation and judicial practice of other countries on protecting the interests of secured creditors,itpoints out that the legislative protection of the interests of secured creditors in the bankruptcy reorganization system in our country and the problems in judicial practice exist,aiming at the problem,we put forward perfect suggestions on the protection of the interests of secured creditors in China’s bankruptcy reorganization system.To better protect the interests of secured creditors in China’s reorganization system,the scope and conditions of reorganization procedures should be appropriately defined,improve the protection of the interests of secured creditors by the reorganization plan,improve the protection of the interests of secured creditors when the secured property is improperly controlled and the four aspects of giving adequate protection to secured creditors are improved.In order to better protect the interests of secured creditors in our reorganization system,first of all,the scope and conditions of application of the bankruptcy and reorganization enterprise should be clearly defined.Second,we must improve the court’s compulsory approval system,once again,it is necessary to establish a complete supervision mechanism and information disclosure mechanism,finally,it is necessary to restrict the debtor and the manager ’ s disposition of the secured property,in addition,it is necessary to clarify the compensation measures for the interests of secured creditors.