Research On My Country's Bankruptcy Revocation Right System

The Enterprise Bankruptcy Law of the People’s Republic of China has been in force for eleven years since it was issued in June 1,2007.The law of the insolvency law was originally designed for the purpose of pursuing a relative fairness in the interests of all creditors,that is to say,when the debtors lost their ability to liquidate,they were forced to liquidate the assets of the debtors and distribute it fairly to all of the creditors,to get the creditor’s debt to be fair and reasonably liquidated.The bankruptcy system aims to protect the rights and interests,maintain the normal order of market transactions and promote the development of the economy on the basis of cracking down on the illegal behaviors and improper behaviors of debtors.In the process of production and operation,due to operating loss,poor management or improper use of funds and other resources,the debt of an enterprise will eventually reach or even exceed all its assets,which will lead to insolvency and even possibly bankruptcy liquidation.Once it goes into bankruptcy,the creditors have to accept part of the pay off,there are losses for the creditors.If the debtor mishandles the property in order to escape the liability of paying off the debt,it is bound to cause greater losses to the creditor.The power of bankruptcy revocation may,through revocation of the ACTS of the debtor for improper disposal of property within the legal timelimit,strike the ACTS of bankruptcy and flight from debt,increase the property available to the debtor,increase the proportion of all creditors to be paid,and reduce the loss of the creditor as much as possible.Therefore,the system of bankruptcy revocation not only guarantees the right of all creditors to receive compensation,but also embodies the principle of fairness and equality.The theory of bankruptcy revocation right in China started much later than western developed countries.Therefore,the theoretical system and the legal system have been not perfect yet for now.As for this thesis,it was based on the basic theory of bankruptcy revocation right to clarify the necessity of establishing the right of revocation in bankruptcy.Moreover,some corresponding suggestions for perfecting by analyzing the current status of the bankruptcy of our country are offered in this thesis.The thesis is composed of five parts.The first part is about the basic theory of the right of revocation in bankruptcy,which mainly expounds the origin,meaning and nature of bankruptcy revocation right.At the same time,it compares the right of revocation of creditors with the right of revocation of bankruptcy,and thus summarizes the connection and difference between the two systems.The second part mainly expounds the significance of establishing the system of bankruptcy revocation right from the value and successful cases in practice.The third part introduces the status situation and deficiencies of China’s bankruptcy revocation system,such as the systematiclegislation,the provisions of the single of revocable behavior,the unclear time,duration of the law,and regulations of the legal consequences of the revocation.The fourth part briefly introduces the relevant regulations that have enlightening effect on the bankruptcy revocation right in China.Finally,based on the deficiency of the bankruptcy revocation system of China,and the reference to foreign legislation,some corresponding suggestions for improving bankruptcy revocation right system in China are proposed.It includes the improvement of the constitutive requirements of the right to bankruptcy revocation,types of revocable behavior,time limit for exercise,legal security system for exercising the right of revocation,and the legal consequences of exercising the right of revocation.Add the requirement of subjective constitution and the flexibility and exception of revocable behavior.Make clear the irrevocable nature of the effective judgment and the execution.According to the different situation to set different deadline.Standardizing the litigation status of the subjects and parties exercising the revocation right.To set up a reward system to increase the motivation of the revocation.Make clear the legal consequences of bankruptcy revocation right and other specific recommendations.