Commercial Research

商业研究

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Establishment of the Control Right of Creditors in Corporate Governance during
Reorganization

LI Lin   

  1. Law School, Renmin University of China, Beijing 100872, China
  • Received:2016-06-14 Online:2016-10-10

Abstract:

When a corporation enters into the bankruptcy reorganization procedure, the creditors replace the shareholders as the ultimate controller,and the conflicts of interests between the creditors and the debtors become sharp; the judicial power based on efficiency considerations intervene in corporate governance. All of these have an impact on the creditors′ role effect in corporate governance during reorganization. Under the existing system, creditors are seriously absent from the corporate governance, and the ultimate control of the creditors has been undermined by the court and the bankruptcy administrator. This not only is inconducive to the protection of creditors′ interests, but also distorts the corporate governance structure. In order to correct the corporate governance structure, and make the creditors play a role as ultimate controller in the corporate governance during reorganization, the creditor derivative suit should be introduced, creditors should be given the discourse right in terms of the seclection of bankruptcy administrator, creditors′ control over bankruptcy administrator′s right of disposition of property should be strengthen, the creditors′ right of deciding on the body of company management should be explicit, and creditors should be given interim supervision of debtors in the pattern of self- management.

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