ON THE SIGNIFICANCE OF CREDITOR PROTECTION LAW IN THE US (FROM THE PERSPECTIVE OF UNIFORM VOIDABLE TRANSACTIONS ACT)

Creditor protection determines the maintenance of market credit and profoundly influences market economy. Laws for protecting creditors’ interest have gradually shifted from fraudulent transfer act to voidable transaction act while the latter has modified, supplemented and added provisions for behavior definition, defense right, “insolvency” identification, burden of proof and choice of law to clarify legal rules and reduce judicial uncertainty. Our country should learn from American experience to construct comprehensive and systematic creditor protection laws.