The Enterprise Bankruptcy Law of the People’s Republic of China(hereinafter referred to as Enterprise Bankruptcy Law),which was officially implemented in 2007 in China,introduced the bankruptcy reorganization system,which not only opened up the path to realize the revival and reconstruction of troubled enterprises,but also marked that social public interests officially became one of the legislative values of bankruptcy law.Bankruptcy law,as a special enforcement law derived from civil enforcement procedure,needs to further standardize the original substantive law rules based on its own values,for example,it will change the subject,way and time limit for realizing certain rights.Among them,the bankruptcy reorganization procedure contains many interest subjects,and each subject has different interest demands,which forms a complicated context of interest relations and also leads to conflicts between different interest protections,among which the conflict between the priority of property security holders to get compensation and the protection of public interests shouldered by the reorganization system is the most obvious.In order to retain enough capital to achieve the goal of enterprise rejuvenation,the bankruptcy reorganization system has restricted the priority of the creditor’s rights with property security strictly observed in the real right legal system,and the exercise time and exercise mode of the creditor’s rights with property security have been limited to some extent,which inevitably brings the risk of value loss to the collateral and causes the harm of incomplete protection of the interests of the property security holder.This study will study the problems caused by the restriction of the interests of property security holders in bankruptcy reorganization procedure,analyze the legal reasons,and put forward improvement suggestions.First of all,observing the commercial practice,it is found that most assets of enterprises entering the reorganization process are covered with various forms of real rights for security,and this institutional risk will further expand with the development of the security system.Therefore,it is urgent to examine and summarize the current legislative situation of China’s bankruptcy reorganization system,and analyze the problems of the limited legislation of the interests of property security holders in this process.Secondly,it analyzes the conflict of legal interests between the bankruptcy reorganization system and the system of secured creditor’s rights with property and its internal reasons.It can be traced back to the source that there are natural defects in the reorganization system,that is,the problem of transferring risks to creditors.From the perspective of the parties,the system needs to dynamically balance the interest game among various subjects;From the perspective of public interests,it is necessary to balance the two value orientations of efficiency and fairness.However,China’s reorganization system has not established a good interest balance mechanism,resulting in the situation that the creditor’s rights with property guarantees are facing institutional risks.Therefore,it is necessary to explore the proper way to regulate the creditor’s rights with property guarantees at the legal level.Only scientific and reasonable system design can balance the interests of all subjects.Thirdly,it analyzes the specific situation that the interests of property bondholders are constrained in every link of bankruptcy reorganization procedure in judicial practice,including suspension of exercise system and reorganization plan approval system,etc.These systems are too strict to regulate the interests of property bondholders,and it is difficult to call them reasonable,for example,there are some problems such as lack of objection relief for property bondholders,insufficient institutional supply of autonomy procedure and lack of bottom-line arrangement for the game of various stakeholders.Finally,based on the problems in our current theory and judicial practice,on the basis of drawing lessons from the relevant extraterritorial regulations,combined with our own judicial practice of bankruptcy reorganization,aiming at the key points in theoretical research and the difficulties in bankruptcy reorganization practice,this paper tries to put forward some suggestions to improve the relevant system of property guarantor’s interest regulation in bankruptcy reorganization in China. |