A Comparative Study of China and the United States bankruptcy administrator system
|Course||Civil and Commercial Law|
|Keywords||Bankruptcy Trustee Bankruptcy Law of China Bankruptcy Law of The United States Comparative Study|
Bankruptcy trustee is the institution or natural person in the bankruptcy procedure who is in charge of gathering, keeping, and handling of the bankruptcy property, and preparing and implementing the bankruptcy plan. Originating in Roman, bankruptcy trustee system developed and perfected gradually in European commercial countries. Common legal system and Continental legal system differs theoretically and practically on the issue of legal status of bankruptcy trustees.There are basically three methods to elect a bankruptcy trustee all over the world: court election, meeting of creditors election and combination of court election and meeting of creditors election, among which the method of court election is taken in China, while meeting of creditors election in US..Both China and US have made provisions in the law related to the right, obligation and responsibility of bankruptcy trustee. For the purpose of laying a foundation to offer proposals on PRC bankruptcy system, this thesis made comparative research on several aspects of two countries which includes right of enquiry and gathering, right of rescission, right of terminate and confirm the executory contract, duty of loyalty, duty of diligence, civil liability, criminal and administrative liability.Whether the bankruptcy trustee is effectively supervised, is key to smoothly going through the bankruptcy procedure and realizing of the right of the creditors. Supervision bodies of different bankruptcy trustee systems across the world includes court, meeting of creditors, creditors’committee, the judicial administrative supervision institutions and the Self-discipline organization. Bankruptcy trustee in China currently includes court, meeting of creditors, and creditors’committee; while the United States of America supervises the bankruptcy trustee through court and U.S.Trustees.Base on the comparative studies concerning bankruptcy trustee systems of China and the United States of America, offering several proposals towards bankruptcy trustee system of China as follows:firstly, perfect the subject system of bankruptcy trustee; secondly, perfect the authority and responsibility system of bankruptcy trustee; thirdly, perfect the supervision mechanism of bankruptcy trustee, form a multi-layered supervision mechanism, continuously carry forward the process of the bankruptcy trustee professionalization, safeguard the smooth progress of bankruptcy procedure.