The bankruptcy reorganization system is the hope of the enterprises which is going to bankrupt. It is more important for people to use the bankruptcy reorganization in the context of the financial crisis. New ＂Bankruptcy Law＂ have been implemented for two years. Examined from the bankruptcy reorganization system applicable scope, the reorganization procedure＇ s start, the reorganization plan＇ s formulation, authorization and execution carefully, it is found that the bankruptcy reorganization system has some problems about creditors＇ benefit protection, which needs us to reconsider and propose corresponding countermeasures.