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China's new law on enterprise bankruptcy: a story with a happy end?

✍ Scribed by Mike Falke

Publisher: John Wiley and Sons
Year: 2007
Tongue: English
Weight: 152 KB
Volume: 16
Category: Article
ISSN: 1180-0518
DOI: 10.1002/iir.146

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

The Chinese National People's Congress has recently promulgated a new law on enterprise bankruptcy, which will come into force in June 2007. For the first time, the law intends to cover generally both private and state‐owned enterprises (SOEs). The law does widely comply with accepted international standards and provisions found in modern insolvency codes of other jurisdictions. However, it also contains several gaps, blurred provisions and legislative shortcomings, which have to be addressed promptly in order to assure a smooth implementation of the new law. Copyright © 2007 John Wiley & Sons, Ltd.

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