Bankruptcy in China
Topic: Finance
From HandWiki - Reading time: 3 min
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Short description: Overview of bankruptcy in China
The Enterprise Bankruptcy Law of the 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 on August 27, 2006, and became effective since June 1, 2007.
Personal bankruptcy laws only exist in Hong Kong and Shenzhen.[1][2]
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 bankruptcy apply in Hong Kong and Macau.
References
- ↑ "The Bankruptcy Process In Hong Kong" (in en-GB). 2018-05-19. https://thenewsavvy.com/countries/hong-kong/bankruptcy-process-hong-kong/.
- ↑ "The Thing about China's First Personal Bankruptcy Regulation - China Justice Observer". https://www.chinajusticeobserver.com/a/the-thing-about-chinas-first-personal-bankruptcy-regulation.
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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