The corporate reorganization regime under China's new enterprise bankruptcy law
This paper reviews the background of embarking on the bankruptcy law reform of China, and examines the newly introduced corporate reorganization regime under China's new Enterprise Bankruptcy Law 2006. As a patchwork of the US Chapter 11 and English Administration, China's new regime is a...
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| Published in | International insolvency review Vol. 17; no. 1; pp. 13 - 32 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Chichester, UK
John Wiley & Sons, Ltd
01.03.2008
Wiley Periodicals Inc |
| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper reviews the background of embarking on the bankruptcy law reform of China, and examines the newly introduced corporate reorganization regime under China's new Enterprise Bankruptcy Law 2006. As a patchwork of the US Chapter 11 and English Administration, China's new regime is a good law on paper with sound intention and perfect logic. But there are still many legal and institutional impediments to the new regime's utilization. For example there is a serious institutional incapacity among the judiciary, as the necessary training and organization of thousands of professionals has not started. Also of concern is the still‐unfinished process of updating and modification of related laws and accounting standards as well as their application and enforcement. Enacting a new bankruptcy law is only the first step. Copyright © 2008 John Wiley & Sons, Ltd. |
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| AbstractList | This paper reviews the background of embarking on the bankruptcy law reform of China, and examines the newly introduced corporate reorganization regime under China's new Enterprise Bankruptcy Law 2006. As a patchwork of the US Chapter 11 and English Administration, China's new regime is a good law on paper with sound intention and perfect logic. But there are still many legal and institutional impediments to the new regime's utilization. For example there is a serious institutional incapacity among the judiciary, as the necessary training and organization of thousands of professionals has not started. Also of concern is the still‐unfinished process of updating and modification of related laws and accounting standards as well as their application and enforcement. Enacting a new bankruptcy law is only the first step. Copyright © 2008 John Wiley & Sons, Ltd. This paper reviews the background of embarking on the bankruptcy law reform of China, and examines the newly introduced corporate reorganization regime under China's new Enterprise Bankruptcy Law 2006. As a patchwork of the US Chapter 11 and English Administration, China's new regime is a good law on paper with sound intention and perfect logic. But there are still many legal and institutional impediments to the new regime's utilization. For example there is a serious institutional incapacity among the judiciary, as the necessary training and organization of thousands of professionals has not started. Also of concern is the still-unfinished process of updating and modification of related laws and accounting standards as well as their application and enforcement. Enacting a new bankruptcy law is only the first step. [PUBLICATION ABSTRACT] Abstract This paper reviews the background of embarking on the bankruptcy law reform of China, and examines the newly introduced corporate reorganization regime under China's new Enterprise Bankruptcy Law 2006. As a patchwork of the US Chapter 11 and English Administration, China's new regime is a good law on paper with sound intention and perfect logic. But there are still many legal and institutional impediments to the new regime's utilization. For example there is a serious institutional incapacity among the judiciary, as the necessary training and organization of thousands of professionals has not started. Also of concern is the still‐unfinished process of updating and modification of related laws and accounting standards as well as their application and enforcement. Enacting a new bankruptcy law is only the first step. Copyright © 2008 John Wiley & Sons, Ltd. |
| Author | Qi, Lijie |
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| Copyright | Copyright © 2008 John Wiley & Sons, Ltd. Copyright Wiley Periodicals Inc. Spring 2008 |
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| Notes | ark:/67375/WNG-5Q57CM3N-S ArticleID:IIR154 istex:4073FEE517A66C35D64FFDDD4820109B63FC69B6 Senior Lecturer at Shenzhen University, 14‐103 Yitian Road, Yitian Garden, Shenzhen, P.R.China 518038. |
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| Title | The corporate reorganization regime under China's new enterprise bankruptcy law |
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