Enterprise Bankruptcy Law of China
Enterprise Bankruptcy Law of China December, 1st, 2013
Contents
A. Introduction "PRC Enterprise Bankruptcy Law" by the Standing Committee of the Tenth National People 's Congress of the PRC on the twenty-third meeting of 27 August 2006, adopted in order to regulate bankruptcy process, fairness clearing debts, protection the legitimate rights and interests of creditors and debtors, safeguard the socialist market economic order, so make this law. Implemented on June 1st, 2007.
To understand the importance of this new law, only to see it replaced the old bankruptcy law that the Department on the line. The law at the beginning of China 's economic reforms enacted 20 years ago in all bankruptcy proceedings will be placed on the government dominance. Closed due to bankruptcy because of fear of unemployed workers in state-owned enterprises will lead to social unrest, the old bankruptcy law to be considered in the political focus on more than economic factors. This law will bankrupt the interests of employees placed above the interests of creditors. The private sector in this law or simply not mentioned, so bankruptcy of private enterprises has been no clear law applicable to regulate.
B. The new bankruptcy law of China Implementation of the new bankruptcy law also allows for bankruptcy protection in Beijing for the first opportunity to introduce the concept of China. Section 73 of the Act , based on the companies to make filing for bankruptcy reorganization after rebirth , having to settle onto the closed roads , the bankruptcy court has the power to approve the enterprise under the supervision of the Manager to manage their property and business affairs . But this does not mean that the new bankruptcy law will ever be perfect. Some vulnerabilities could cause the politicians to continue to intervene in corporate bankruptcy matters. For example, although the bankruptcy was appointed to the
Contents
A. Introduction "PRC Enterprise Bankruptcy Law" by the Standing Committee of the Tenth National People 's Congress of the PRC on the twenty-third meeting of 27 August 2006, adopted in order to regulate bankruptcy process, fairness clearing debts, protection the legitimate rights and interests of creditors and debtors, safeguard the socialist market economic order, so make this law. Implemented on June 1st, 2007.
To understand the importance of this new law, only to see it replaced the old bankruptcy law that the Department on the line. The law at the beginning of China 's economic reforms enacted 20 years ago in all bankruptcy proceedings will be placed on the government dominance. Closed due to bankruptcy because of fear of unemployed workers in state-owned enterprises will lead to social unrest, the old bankruptcy law to be considered in the political focus on more than economic factors. This law will bankrupt the interests of employees placed above the interests of creditors. The private sector in this law or simply not mentioned, so bankruptcy of private enterprises has been no clear law applicable to regulate.
B. The new bankruptcy law of China Implementation of the new bankruptcy law also allows for bankruptcy protection in Beijing for the first opportunity to introduce the concept of China. Section 73 of the Act , based on the companies to make filing for bankruptcy reorganization after rebirth , having to settle onto the closed roads , the bankruptcy court has the power to approve the enterprise under the supervision of the Manager to manage their property and business affairs . But this does not mean that the new bankruptcy law will ever be perfect. Some vulnerabilities could cause the politicians to continue to intervene in corporate bankruptcy matters. For example, although the bankruptcy was appointed to the
Bibliography: or Literature Cited [1] Jian Zhijie：《Description 》 [2] Yi Zongru《Analysis of the U.S. Bankruptcy Code Case》 Foreign Economic and Trade University Publishing House [3] Li Yongjun：《Bankruptcy Law》 China Legal Publishing House, 2000 edition [4] Li Fei《Contemporary foreign insolvency law》 China Legal Publishing House