Research On The Protection Of Creditors’ Rights Under The Capital Subscription System

My country’s "Company Law" revised and implemented in 2014 changed the company’s capital system to a subscription system,abolished the company’s minimum registered capital requirements,and made changes to the period for shareholders to pay their subscribed capital in installments,the proportion of initial capital contribution,and the form of capital contribution.The changes,on the one hand,promote the flow of funds and the development of the market economy;on the other hand,it also raises new problems for the protection of creditors,which are embodied in the unclear details of the identification of legal persons and the controversial system of accelerated expiration of shareholder capital contributions.And the information disclosure system is not perfect.And this time also brought about the transformation of capital credit to asset credit,and the change of value concept will often bring about the change of system.Under the reform of the subscription system,how to better balance the interests of shareholders,companies and creditors has aroused widespread concern in the academic circles.In order to better protect the rights of creditors,it is necessary to conduct indepth analysis,keep pace with the times,and make new judgments based on the current new situation.The "Company Law（Draft Amendment）" has made some provisions on the capital system,such as clarifying the accelerated expiration of shareholders’ capital contributions in the case of non-bankruptcy;the responsibility for unpaid shareholdings,etc.,but there are still many details that are not clear enough.And the provisions of some systems have not reduced the controversy in the theoretical circle.A perfect system must be able to balance the interests of many parties.Based on the combination of a large number of articles in the past and the latest reform trends of the company law,the thesis puts forward suggestions on the protection of creditors’ rights,including improving the procedures for the payment of capital contributions and clarifying the application of the system of denial of legal person personality.,improve the corporate information publicity system,and introduce creditor governance.