Selection and Legal Responsibility of Chinese Bankruptcy Administrators

In the modern bankruptcy legal system, the bankruptcy administrator plays a crucial role, and the fairness and professionalism of their duties directly affect the fair progress of bankruptcy proceedings, the effective protection of creditors' rights and interests, and the effective maintenance of market order. Therefore, China attaches great importance to the regulatory system of bankruptcy administrators. Currently, there are two prominent problems in the regulatory system of bankruptcy administrators in China. Although China adopts a dual regulatory model of internal (self inspection and industry associations) and external (courts, debt committees, creditors' meetings), the system design is lagging behind. Although the Bankruptcy Administrators Association has been widely established, legislation has not granted it a statutory supervisory status, and there is a lack of nationwide cooperation mechanisms and unified industry rules. The selection mode for bankruptcy administrators is single, and the court has exclusive power to select and appoint, which poses a risk of abuse of power. In addition, the standards for compiling the administrator roster are vague, the geographical restrictions are obvious, and there is a lack of dynamic management; The selection method is inefficient and difficult to ensure fairness and professionalism. And the legal responsibility of the bankruptcy administrator needs to be further clarified. The "Enterprise Bankruptcy Law" has a vague definition of the administrator's duty of loyalty and diligence, lacks quantitative standards and accountability mechanisms, the scope of civil liability is unclear, and the provisions on criminal liability are vague, leading to difficulties in determining responsibility in practice. In response to the above issues, the optimization path proposed in this article is to establish a diversified selection mechanism, introduce a manager qualification examination and stakeholder supervision. And strictly refine the civil liability standards and clarify the scope of criminal liability. In the future, it is necessary to establish a unified and efficient regulatory system through legislative revisions and judicial practices, in order to ensure the fairness of bankruptcy procedures and optimize the business environment.