An Analysis of Legitimacy of Inferior liquidation of Improperly Related Creditors'Rights in the Procedure of Bankruptcy
It is beneficial to build a complete system of bankrupt creditors'rights and improve the efficiency of market with-drawal mechanism when the post-default liquidation system of improperly related creditors'rights is set up.The post-default liq-uidation,mentioned in Summary of The National Court Bankruptcy Trial Conference in 2018,is not effective.The reason is that the theoretical study of the system focuses on the localization of constituent elements and lacks a comprehensive analysis of the"meta-problem"of legitimacy.Specifically,justification should be analyzed from such perspectives as purpose interpretation,filling of legal gaps and feasibility.Purpose interpretation should be consistent with fairness,efficiency and expected values.In terms of filling of legal gaps,we should fully study the performance of current systems,namely the system of cancellation,invalidity,denial of legal personality and substantive merger in solving problems of improperly related claims.In terms of feasibility,explorations by various players at home and experience abroad should be fully considered.Therefore,the post-default liquidation system of im-properly related creditors'rights should be included in the corporate bankruptcy law.
improperly related creditors'rightsinferior liquidationbankruptcy law
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