Laying down the bankruptcy law
December 06, 2011 | BY
clpstaff &clp articlesThe implementation of China's bankruptcy law has been mired by the inconsistent standards and interpretations of various courts. A new set of measures offers more guidance and clarity, especially in pinpointing bankruptcy causes and who assumes the burden of proof
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The Provisions on Several Issues Concerning the Application of the «PRC Enterprise Bankruptcy Law» (1) (关于适用《中华人民共和国企业破产法》若干问题的规定(一)) (EBL Interpretation) has been in effect since September 26 2011.
Background of the EBL Interpretation
The PRC Enterprise Bankruptcy Law (中华人民共和国企业破产法) (Bankruptcy Law) was enacted on June 1 2007, and since then it has been playing a positive role in rescuing enterprises caught in a critical situation, ensuring the fair and orderly compensation of claims.
The Bankruptcy Law can only be implemented through the acceptance and hearing of