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Article: China’s New Enterprise Bankruptcy Law—A Great Leap Forward, but Just How Far?

TitleChina’s New Enterprise Bankruptcy Law—A Great Leap Forward, but Just How Far?
Authors
Issue Date2010
PublisherJohn Wiley & Sons Ltd. The Journal's web site is located at http://eu.wiley.com/WileyCDA/WileyTitle/productCd-IIR.html
Citation
International Insolvency Review, 2010, v. 19 n. 2, p. 145-177 How to Cite?
AbstractThe closure of many small and medium enterprises (SMEs) following the global financial crisis of 2008 spurred the Chinese government to follow its international counterparts in issuing an economic stimulus package. While it was effective in preventing many financially distressed SMEs from failure by boosting demand for its businesses, in the long run, such SMEs should be rescued through a statutory regime, which affords them temporary protection from creditors and provides them an opportunity to restructure their businesses. In doing so, the premature liquidation of SMEs would be prevented and SMEs with viable businesses but in temporary financial difficulties would be given a chance to succeed again. Although China's new Enterprise Bankruptcy Law (EBL) has shortcomings, it improves upon its predecessor legislation and, since it is still at an infantile stage of development, is bound for further reform. Despite the EBL's success in bringing Chinese corporate bankruptcy laws in line with international standards, full compliance with the UNCITRAL Model Law on Cross-Border Insolvency and UNCITRAL Legislative Guide on Insolvency Law remains to be seen. In September 2008, the South China Morning Post newspaper reported that the number of (applications for) corporate reorganization and bankruptcy cases had dropped, “leading to widespread speculation there are problems in the law's practical application”.1 This article examines the implementation of the EBL, critiques key aspects of the EBL and argues for a comprehensive assessment of the EBL and for bringing the EBL in full compliance with the international standards on cross-border insolvency. Copyright © 2010 John Wiley & Sons, Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/124780
ISSN
2015 Impact Factor: 0.273
2015 SCImago Journal Rankings: 0.101
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLee, EHen_HK
dc.contributor.authorHo, Ken_HK
dc.date.accessioned2010-10-31T10:53:47Z-
dc.date.available2010-10-31T10:53:47Z-
dc.date.issued2010en_HK
dc.identifier.citationInternational Insolvency Review, 2010, v. 19 n. 2, p. 145-177en_HK
dc.identifier.issn1180-0518-
dc.identifier.urihttp://hdl.handle.net/10722/124780-
dc.description.abstractThe closure of many small and medium enterprises (SMEs) following the global financial crisis of 2008 spurred the Chinese government to follow its international counterparts in issuing an economic stimulus package. While it was effective in preventing many financially distressed SMEs from failure by boosting demand for its businesses, in the long run, such SMEs should be rescued through a statutory regime, which affords them temporary protection from creditors and provides them an opportunity to restructure their businesses. In doing so, the premature liquidation of SMEs would be prevented and SMEs with viable businesses but in temporary financial difficulties would be given a chance to succeed again. Although China's new Enterprise Bankruptcy Law (EBL) has shortcomings, it improves upon its predecessor legislation and, since it is still at an infantile stage of development, is bound for further reform. Despite the EBL's success in bringing Chinese corporate bankruptcy laws in line with international standards, full compliance with the UNCITRAL Model Law on Cross-Border Insolvency and UNCITRAL Legislative Guide on Insolvency Law remains to be seen. In September 2008, the South China Morning Post newspaper reported that the number of (applications for) corporate reorganization and bankruptcy cases had dropped, “leading to widespread speculation there are problems in the law's practical application”.1 This article examines the implementation of the EBL, critiques key aspects of the EBL and argues for a comprehensive assessment of the EBL and for bringing the EBL in full compliance with the international standards on cross-border insolvency. Copyright © 2010 John Wiley & Sons, Ltd.-
dc.languageengen_HK
dc.publisherJohn Wiley & Sons Ltd. The Journal's web site is located at http://eu.wiley.com/WileyCDA/WileyTitle/productCd-IIR.htmlen_HK
dc.relation.ispartofInternational Insolvency Reviewen_HK
dc.rightsInternational Insolvency Review. Copyright © John Wiley & Sons Ltd.-
dc.titleChina’s New Enterprise Bankruptcy Law—A Great Leap Forward, but Just How Far?en_HK
dc.typeArticleen_HK
dc.identifier.emailLee, EH: eleelaw@hku.hken_HK
dc.identifier.authorityLee, EH=rp01257en_HK
dc.identifier.doi10.1002/iir.184-
dc.identifier.hkuros175717en_HK
dc.identifier.volume19en_HK
dc.identifier.issue2-
dc.identifier.spage145en_HK
dc.identifier.epage177en_HK
dc.identifier.isiWOS:000289785800003-
dc.publisher.placeUnited Kingdom-

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