Creditor Protection Under The Subscription System

Under subscribed capital system,how to reduce the threshold of market access and protect the commercial freedom while protecting the legitimate interests of creditors has attracted widespread attention.This paper explores the effective way to protect the interests of creditors by taking whether the obligation of shareholders' capital contribution should be accelerated to maturity as the breakthrough point.The first part of this paper introduces the trend of China's corporate capital system reform from strict to broad,and points out that it causes some difficult problems to protect creditors in practice.Then with the accelerated maturity as the entry point,the paper discusses the judicial interpretation and "Nine People's Notes" related to the shareholders' liability for capital contribution,and finds that they are not enough to demonstrate the rationality of accelerated maturity.The second part discusses the theory of accelerated maturity.This paper discusses the rationality of opposing accelerated maturity from the perspectives of affirmative theory,compromise theory and negation theory,and concludes that accelerated maturity system is not the optimal solution to protect creditors.The third part of this paper studies the mechanism of other creditors,summarizes the necessity of improving the creditor protection mechanism from the common law system and the civil law system,and puts forward three approaches:perfecting the commercial credit management system,gradually promoting the payment system and prudently applying the legal personality denial system.