China's new law on enterprise bankruptcy: a story with a happy end? |
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| Authors: | Mike Falke |
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| Affiliation: | 1. Deutsche Gesellschaft für technische Zusammenarbeit (GTZ) GmbH, Eschborn, Germany;2. Dr Mike Falke is an attorney and Legal and Policy Advisor for Deutsche Gesellschaft für technische Zusammenarbeit (GTZ) GmbH, Eschborn, Germany. The article does reflect the sole opinion of the author. |
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| Abstract: | The Chinese National People's Congress has recently promulgated a new law on enterprise bankruptcy, which will come into force in June 2007. For the first time, the law intends to cover generally both private and state‐owned enterprises (SOEs). The law does widely comply with accepted international standards and provisions found in modern insolvency codes of other jurisdictions. However, it also contains several gaps, blurred provisions and legislative shortcomings, which have to be addressed promptly in order to assure a smooth implementation of the new law. Copyright © 2007 John Wiley & Sons, Ltd. |
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