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Bankruptcy in China

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Title: Bankruptcy in China  
Author: World Heritage Encyclopedia
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Subject: Bankruptcy, Economy of China, Chinese law, British Virgin Islands bankruptcy law, Creditor's rights
Collection: Bankruptcy, Chinese Law, Insolvency Law by Country
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Bankruptcy in China

The Enterprise Bankruptcy Law of the People's Republic of China (trial Implementation) was first passed in 1986. On 1 June 2007, the new Enterprise Bankruptcy Law of the PRC came into force. It contains 136 articles, almost 100 more than the 1986 law it replaced, and consequently it is thought to be more complete legally.

The Enterprise Bankruptcy Law of the PRC was adopted in August 27, 2006, and became effective since June 1, 2007.

Contents

   Chapter 1 General Provisions
   Chapter 2 Application and Acceptance
      Section 1 Application
      Section 2 Acceptance
   Chapter 3 Administrator
   Chapter 4 Debtor's Property
   Chapter 5 Expenses for Bankruptcy Proceedings and Debts of Common Benefits
   Chapter 6 Declaration of Credits
   Chapter 7 Creditors' Meeting
      Section 1 General Provisions
      Section 2 Creditors' Committee
   Chapter 8 Reorganization
      Section 1 Application for and Period of Reorganization
      Section 2 Preparation and Approval of Reorganization Plan
      Section 3 Execution of Reorganization Plan
   Chapter 9 Composition
   Chapter 10 Bankruptcy Liquidation
      Section 1 Declaration of Bankruptcy
      Section 2 Appraisal and Distribution
      Section 3 Termination of Bankruptcy Proceedings
   Chapter 11 Legal Liability
   Chapter 12 Supplementary Provisions

The Enterprise Bankruptcy Law of the PRC 2007 applies only to the mainland of China. Due to the "One Country, Two Systems" policy of the PRC, different laws and regulations regarding to bankraptcy apply in Hong Kong and Macau.

External links

  • China's New Bankruptcy Law
  • The Enterprise Bankruptcy Law of the People's Republic of China (Trial Implementation) -- passed 2 December 1989, effective until 1 June 2007
  • The Enterprise Bankruptcy Law of the People's Republic of China -- passed 27 August 2006, effective 1 June 2007
  • The full text of the code (Mandarin) http://www.gov.cn/ziliao/flfg/2006-08/28/content_371296.htm



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