Great changes have taken place in the legislative standards of bankruptcy law. The initial social reason of bankruptcy law is to protect the interests of creditors and solve the problem of fair repayment to all creditors when debtors lose their solvency. However, with the development and change of society, from slavery and feudal society to capitalism and socialism, the purpose and legislative standards of bankruptcy legislation have also experienced a changing development process from creditor-oriented to balancing the interests of debtors and creditors, and then to paying equal attention to social interests and creditors' interests. In modern society, the debt settlement relationship may sometimes affect the interests of others and even the whole society, especially the bankruptcy of public enterprises, financial enterprises and super-large enterprises, which will affect the interests of the public and produce serious social problems such as unemployment. Therefore, contemporary countries attach great importance to how to save large enterprises caught in debt crisis in order to avoid the negative social effects that bankruptcy may bring. Therefore, in the face of changes in social development patterns, if we only consider bankruptcy from the perspective of private law, we will inevitably have doubts and negative attitudes towards the system of state intervention in adjusting the overall interests of society. However, it is often difficult to achieve the goal of safeguarding the overall interests of society only by relying on the traditional concept of civil and commercial law. Therefore, in China's new bankruptcy legislation, we should not only follow the laws of market economy to adjust the debt relationship in traditional private law, but also use the concept of economic law to safeguard the overall interests of society from the standpoint of social standard and ensure the fairness, justice and efficiency of the law. Undoubtedly, the changes in the legislative standards of bankruptcy law have important guiding significance for the construction of the bankruptcy system of financial institutions in China today.
The constant change of the value of bankruptcy law system and the change of innovative bankruptcy legislation standards will inevitably bring about the change of the value of bankruptcy law system. Modern bankruptcy law has two new values on the basis of making up the shortcomings of traditional civil remedies and ensuring the traditional value of creditors' fair compensation: First, it gives debtors a chance to start over. Traditional bankruptcy law focuses on protecting creditors and punishing bankrupts. The purpose of bankruptcy procedure is only to make creditors get fair repayment, but debtors can't get preferential treatment of debt relief after bankruptcy. This makes the debtor have no enthusiasm and motivation to file for bankruptcy. As a result, even if there are bankruptcy reasons, the debtor still does not apply for bankruptcy, which makes the property continue to decrease, which is ultimately unfavorable to creditors. Modern bankruptcy law not only embodies the protection of creditors, but also embodies the protection of debtors. Its biggest feature is to exempt honest debtors who meet the legal conditions, so as to get rid of debts and make a comeback. Second, the modern bankruptcy law also has the function of cutting off debt expansion in time and ensuring a good economic order. Modern transaction is an interrelated chain, and each transaction subject is a link in this chain. The bankruptcy of one subject will often affect other subjects, resulting in serial bankruptcy. Modern bankruptcy law can just cut off the chain in time and effectively, thus protecting the benign operation of economic order.
At the same time, the indirect adjustment function of bankruptcy law is increasingly recognized by today's society. The so-called indirect adjustment means that the bankruptcy law can further improve the competition mechanism of the market economy while adjusting the debt relationship; Promote enterprises to improve management level and economic benefits; Through bankruptcy, we can optimize the allocation and use of resources and adjust the social industry and product structure. It must be acknowledged that the indirect adjustment function of bankruptcy law can not be ignored, but it should be clearly seen that these functions are indirectly realized through the adjustment of debt relations in bankruptcy law. We can't understand these indirect adjustment functions as the fundamental driving force for the formulation of China's bankruptcy law, let alone explain the necessity of the existence and implementation of the bankruptcy law, otherwise the cart before the horse will inevitably lead to various misunderstandings that endanger the existence value of the bankruptcy law. In the past, there were some mistakes in the publicity of China's bankruptcy law. When it comes to bankruptcy law, most people emphasize its indirect adjustment function from the perspective of social performance, but they don't know enough about its essential function and don't publicize enough. Therefore, when the implementation of the bankruptcy law conflicts with the old system in the reform and there are difficulties, all kinds of false claims of replacing the bankruptcy law with other systems or even completely denying the bankruptcy law naturally appear. Because of this, China's 1986 Enterprise Bankruptcy Law (Trial) has actually "bankrupted" itself. At present, when the voice of building the bankruptcy system of financial institutions in China is rising day by day, there are also public opinions that exaggerate the indirect adjustment function of the bankruptcy system. The legislature should establish a correct understanding of this and correctly treat the changing and unchanging value of the modern bankruptcy law system.
Modern bankruptcy law pays attention to the broad understanding of the concept of bankruptcy, and is organically connected with reconciliation, reorganization and other related systems. According to the traditional concept, the concept of bankruptcy has its specific meaning, which is limited to a legal system to deal with how to pay off the debts when the debtor is unable to pay off the debts, that is, a legal system in which the court presides over the compulsory liquidation of all its property and pays off all creditors fairly. But this is actually only the narrowest understanding. Modern scholars usually make a broad understanding of the bankruptcy legal system, and regard all kinds of reconciliation and reorganization legal systems except bankruptcy liquidation as an integral part of the bankruptcy legal system, not just a narrow understanding of the bankruptcy liquidation system.
From the analysis of the bankruptcy system of financial institutions in developed countries such as Britain, America and Japan, it can be seen that the bankruptcy of financial institutions is also widely understood abroad, and the market exit methods such as reconciliation and reorganization are organically combined with the bankruptcy liquidation system to form a unified bankruptcy exit mechanism of financial institutions in a broad sense. China's 1986 "Enterprise Bankruptcy Law (Trial)" is actually aware of this point, which stipulates the system of reconciliation and rectification. The current Commercial Bank Law and Insurance Law also stipulate the custody and receiving system and the bankruptcy liquidation system. In view of the change of this concept and the current institutional basis, this point must be fully considered when constructing a new bankruptcy system of financial institutions, and the relationship between custody, reorganization and bankruptcy liquidation should be organically connected in legislation.
Modern bankruptcy law fully recognizes the harm of bankruptcy fraud and emphasizes the aggravation of bankruptcy legal responsibility. The correct implementation of a law can not be separated from a sound legal liability system, especially the bankruptcy law. At present, fraudulent evasion of debts in bankruptcy cases is very serious. Some debtors make use of the provision that the remaining debts can be exempted from payment after the end of the bankruptcy procedure and the preferential policies for the policy bankruptcy of state-owned enterprises to plan all kinds of fraudulent debt evasion, which infringes on the interests of creditors, harms the interests of workers and destroys the economic order, and some of them are carried out with the support and acquiescence of local governments. If we do not resolutely crack down on bankruptcy fraud, the implementation of bankruptcy law will go into a misunderstanding. Therefore, modern bankruptcy law attaches great importance to designing corresponding countermeasures from legal responsibility to solve such problems. On the one hand, the draft of China's new bankruptcy law sets up a more perfect system of revocation right and invalid behavior than the current legislation. On the other hand, from the provisions of civil, administrative and criminal legal responsibilities, we will increase the punishment for the person in charge of bankrupt enterprises and bankruptcy fraud.
In the field of financial bankruptcy, because the bankruptcy of financial institutions is bound to be strictly supervised by the authorities, the possibility of this phenomenon is relatively small, but it cannot be ignored. Furthermore, the strict investigation of the bankruptcy legal responsibility of the person in charge of the bankrupt enterprise is helpful to urge the operators to abide by the legal provisions and engage in business cautiously, which plays a certain punishment and deterrent role. In addition, there are many local financial institutions in China, so it is difficult to guarantee that bankruptcy fraud will not harm the national interests and safeguard local interests. Therefore, when constructing the bankruptcy system of financial institutions in China, we must pay attention to the latest ideas of modern bankruptcy law and improve the rules design of financial bankruptcy legal liability.