The Reform of PRC Corporate Bankruptcy Law: Slowly but Surely
October 02, 2002 | BY
clpstaff &clp articlesWith the promulgation by the Supreme People's Court (SPC) of the Several Issues on Trial of Enterprise Bankruptcy Cases Provisions (the Provisions), the PRC is demonstrating that attempts are being made to reform bankruptcy law.
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By Chua Eu Jin, Clifford Chance, Shanghai
Some observers claim that PRC corporate bankruptcy laws are inadequate. In fact, PRC corporate bankruptcy laws share many features in common with other jurisdictions, even though the PRC laws are modified to take into account the stage of the country's economic development and its approach towards debt and debt resolution (as do the insolvency laws of most developed countries).