Both the People's Republic of China and the Socialist Republic of Vietnam are making the transition from a centrally planned economy to a market-based economy. An effective bankruptcy law is an integral part of the institutional framework necessary for this transition. China enacted the Law of the People's Republic of China on Enterprise Bankruptcy on December 2, 1986, and it came into operation on October 1, 1988. On April 9, 1991, the PRC Civil Procedure Law was approved, with Chapter XIX applying to the bankruptcy of non-SOE enterprises with legal person status. The Vietnam Law on Bankruptcy was enacted on December 30, 1993, and took effect on July 1, 1994. These laws did not live up to early expectations and both China and Vietnam proposed new insolvency laws The present article provides an update on the insolvency reform processes in China and Vietnam since mid-2002 and discusses six main areas: the insolvency framework, the scope of the bankruptcy laws, bankruptcy administration, corporate rehabilitation, priorities in distribution and the protection of employees' interests, and cross-border insolvency issues.

China has recently entered a significant stage in its economic transition with the introduction of a new and seemingly sophisticated bankruptcy law drawing inspiration from mature insolvency systems. However, this new law is likely to face significant challenges within its implementation due to weaknesses in the countries legal and social infrastructure. China's New Enterprise Bankruptcy Law clearly presents the structure of China’s reformed legal bankruptcy system by introducing the framework and analyzing typical cases which have been or are being heard since the new bankruptcy law was operational. Written by Chinese experts with a professional interest and specialist knowledge of insolvency law, this volume serves as an indispensable guide for academics and researchers in the area, as well as practitioners and professionals involved with Chinese business law.

Considers the discordant state of the capitalist world in the 1990s, drawing on both green and socialist economies. Altvater's central concern is to examine the claims made for the market, both in the history of capitalism and in the globalized market economy.

An effective insolvency system represents a critical component and distinguishing feature of every well-functioning market economy. Among intensive efforts to institutionalize insolvency regimes in many developing countries since 1998, the adoption of the 2006 Enterprises Bankruptcy Law (hereinafter the 2006 EBL or the Law) in China represents an eye-catching accomplishment. The 2006 EBL establishes the legal mechanism through which enterprises can exit from the market or, preferably, be reorganized in an orderly fashion and thus is conducive to promoting a socialist market economy. This article will sketch the contours of the legislative background of the 2006 EBL, analyze its main points and features, identify the challenges to its enforcement, and examine other characteristics of the Law in order to provide some answers to these questions from the perspective of an insider. Following the introduction, Part II examines the legislative background of the 2006 EBL and discusses the inefficiency of previous bankruptcy legislation and practice and the role that both domestic demands and exterior pressures played in providing the impetus for reform. This part is designed to provide an understanding of the overall contents and structures of the Law. Next, the main elements of the 2006 EBL will be analyzed. These elements include the applicability and availability of bankruptcy procedures, the system of the bankruptcy administrator, the procedures for reorganizations of enterprises, the priority of claims established for bankruptcy distribution, the handling of cross-border issues, and other significant changes from the prior law. The 2006 EBL represents an amalgam of borrowing from international experiences and drawing on uniquely Chinese considerations. The article identifies several challenges for enforcing the 2006 EBL and offers suggestions on how to ensure that the Law functions well in practice.

This accessible book offer a comprehensive and critical introduction to the law on business organizations in the People�s Republic of China. The coverage focuses on the 2005-adopted PRC Company Law and the most recent legislative and regulatory develop

Examines China's 'going out' policy by addressing the ways in which the underpinning legal reforms enable China to pursue its core interests and broad international responsibilities as a rising power. The contributors consider China's civil and commercial law reforms against the economic backdrop of an outflow of Chinese capital into strategic assets outside her own borders. This movement of capital has become an intriguing phenomenon for both ongoing economic reform and its largely unheralded underpinning law reforms.

全国人大财政经济委员会中国法律改革咨询项目人大财经委第5卷