倒産手続と債務者の財産状態の開示

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The objective of this research is to make clear that the bankruptcy proceedings do not work effectively if the debtor's financial conditions are not disclosed.First I looked at the evil of secret liens relying upon a report of German scholar: The secret liens conceal the debtor's insolvency for years. It is not rare, that an insolvent debtor seems solvent, because secured creditors continue to extend credit being secured by secret liens for years.Then, I turned my eyes to the bankruptcy Law of the United States. The public recording and the legal devices to strike down secret liens made a debtor's financial condition clear to the outer world. However, today financial statements serve as the prime source of information regarding a debtor's credit worthiness. Therefore, my conclusion is as follows: To make the debtor's financial condition clear is key to make bankruptcy system effective. The method thereof is, not striking down secret liens, but establishing the practice to extend unsecured credits relying upon financial statements.