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The corporate reorganization regime under China's new enterprise bankruptcy law
Author(s) -
Qi Lijie
Publication year - 2008
Publication title -
international insolvency review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.125
H-Index - 7
eISSN - 1099-1107
pISSN - 1180-0518
DOI - 10.1002/iir.154
Subject(s) - bankruptcy , china , enforcement , business , law and economics , administration (probate law) , law , process (computing) , accounting , political science , economics , computer science , operating system
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.