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@article{ART002521370},
author={ZHUANG, XIAOXIAO and HUIQIN， ZHU},
title={Research on the Liability of Directors of Bankrupt Companies to Creditors},
journal={Journal of International Business Transactions Law},
issn={2982-5903},
year={2019},
number={27},
pages={135-157},
doi={10.31839/ibt.2019.10.27.135}

TY - JOUR
AU - ZHUANG, XIAOXIAO
AU - HUIQIN， ZHU
TI - Research on the Liability of Directors of Bankrupt Companies to Creditors
JO - Journal of International Business Transactions Law
PY - 2019
VL - null
IS - 27
PB - The Institute for Legal Studies Dong-A University
SP - 135
EP - 157
SN - 2982-5903
AB - With the development of economy and the progress of society, the corporate governance structure has changed from “shareholder meeting centralism” to “board of directors centralism”, and the rights of directors have been further strengthened. Bankruptcy is an important part of the process from establishment to extinction of a company. Corporate bankruptcy will bring about multiple responsibilities. How to pursue responsibility and who to pursue responsibility should be concerned. There are different views on directors' responsibility. Corporate governance theory, creditor protection theory and directors' obligation theory reflect the necessity of directors' responsibility to creditors from different angles. China's Enterprise Bankruptcy Law stipulates the content of “legal liability”, which provides a basis for the recovery of corporate bankruptcy. However, due to the adoption of the independent corporate personality system in China, the company has an independent legal personality, and directors only bear limited liability, which allows directors to abuse their power at will, and ultimately. The company assumes responsibility independently from the outside world, and the creditor's own remedy is deficient, so the law of China needs to protect the creditor's interests. In a word, China's bankruptcy system is not perfect at present. There are still various problems that can not be ignored in the regulation of directors' behavior, the system and the accountability mechanism. Through the analysis of these problems, this paper puts forward some countermeasures and solutions to standardize directors' behavior and improve the relevant legal system.
KW - Board Centralism;Bankruptcy of companies;Director;Creditor;Responsibility
DO - 10.31839/ibt.2019.10.27.135
ER -

ZHUANG, XIAOXIAO and HUIQIN， ZHU. (2019). Research on the Liability of Directors of Bankrupt Companies to Creditors. Journal of International Business Transactions Law, 27, 135-157.

ZHUANG, XIAOXIAO and HUIQIN， ZHU. 2019, "Research on the Liability of Directors of Bankrupt Companies to Creditors", Journal of International Business Transactions Law, no.27, pp.135-157. Available from: doi:10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO, HUIQIN， ZHU "Research on the Liability of Directors of Bankrupt Companies to Creditors" Journal of International Business Transactions Law 27 pp.135-157 (2019) : 135.

ZHUANG, XIAOXIAO, HUIQIN， ZHU. Research on the Liability of Directors of Bankrupt Companies to Creditors. 2019; 27 : 135-157. Available from: doi:10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO and HUIQIN， ZHU. "Research on the Liability of Directors of Bankrupt Companies to Creditors" Journal of International Business Transactions Law no.27(2019) : 135-157.doi: 10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO; HUIQIN， ZHU. Research on the Liability of Directors of Bankrupt Companies to Creditors. Journal of International Business Transactions Law, 27, 135-157. doi: 10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO; HUIQIN， ZHU. Research on the Liability of Directors of Bankrupt Companies to Creditors. Journal of International Business Transactions Law. 2019; 27 135-157. doi: 10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO, HUIQIN， ZHU. Research on the Liability of Directors of Bankrupt Companies to Creditors. 2019; 27 : 135-157. Available from: doi:10.31839/ibt.2019.10.27.135

ZHUANG, XIAOXIAO and HUIQIN， ZHU. "Research on the Liability of Directors of Bankrupt Companies to Creditors" Journal of International Business Transactions Law no.27(2019) : 135-157.doi: 10.31839/ibt.2019.10.27.135