Research On The Duty Of Diligence Of The Bankruptcy Administrator

The protection of creditors’ interests is necessity of the operation of the bankruptcy law system,so it becomes one of the legislative goals of the bankruptcy law which also have designed massive relevant rules,so that the creditors’ rights can be maximized and paid off with legal protection.Furthermore,the bankruptcy administrator is designed to help the bankruptcy process to operate smoothly,and it plays an important role in balancing the complicated conflicts of interest interwoven with bankruptcy cases.It can be told that the performance of its duties is closely related to the realization of the maximum interests of creditors.The Bankruptcy Law of the People’s Republic of China which passed in 2006 established the bankruptcy administrator system for the first time in China,of which Article27 stipulates that ‘the bankruptcy administrator should be diligent and responsible,faithfully perform his duties’.It has established obligatory norms for the bankruptcy administrator when dealing with bankruptcy-related matters.However,compared with the many special rights granted to the bankruptcy administrator by law,this clause is too simplified for the regulation of its duties,and such imbalance makes it easy for the bankruptcy administrator to work ineffectively and improperly in the course of practical operations,thereby damaging the interests of creditors and other relevant entities.Based on the above problems and the theory of balance of interests,this article will explore the duty of diligence of the bankruptcy administrator from the perspective of the protection of creditors’ interests.While exploring the legislative principles and applicable norms of the bankruptcy law and reflecting on the deviations in judicial practice,this article will also discuss the idea about improvement of the duty of diligence.So,in addition to the introduction,this article is divided into the following four sections:The first part is an overview of the diligence obligations of the bankruptcy administrator.This part firstly sorts out the bankruptcy-related stakeholders involved in the bankruptcy administrator,and defines the independent legal status of the bankruptcy administrator,and further analyzes the connotation,basis and judgment standards of the bankruptcy administrator’s diligence obligations..The second part is the specific application of the bankruptcy administrator’s diligence obligations to the protection of creditors’ interests.This part will introduce the principle of theprotection of creditors’ interests in the bankruptcy system,and through the specific performance of this principle in the performance of the duties of the bankruptcy administrator,point out that the protection of creditor’s interests has the theoretical basis and practical significance for the further improvement of the bankruptcy administrator’s diligence system.The third part is the current situation analysis and problem sorting of the bankruptcy administrator’s performance of diligence obligations.This part through the interpretation of China’s current bankruptcy administrator’s legislative status of diligence obligations,and the analysis of civil liability disputes between creditors and bankruptcy administrators,pointed out that the current bankruptcy administrator’s diligence obligation system has “unclear standards of bankruptcy administrator’s diligence obligations " and " the problem of lack of legal liability mechanism”.The fourth part is the perfection of the industrious duty system of the bankruptcy administrator.Based on the problems in the previous section,this section will focus on the corresponding ideas from the strengthening of the insolvency obligations of the bankruptcy administrator,the supervision mechanism and the improvement of legal responsibility,pointing out that the insolvency obligations system of the insolvency administrator should further refine the obligatory norms of diligence and due diligence,Establish the basic principles for the purpose of maximizing the protection of creditors’ interests,clarify the objective behavior standards and subjective judgment standards,and supplement with the legal responsibility of the bankruptcy administrator and the support of the supporting legal mechanism,so as to achieve the macroscopic perfection of the diligence obligations of the bankruptcy administrator and the realization of the protection of creditors’ interests at a micro level.