Building Better Protections

Four judicial interpretation documents have been adopted and issued by the Supreme People's Court since the PRC Enterprise Bankruptcy Law (中华人民共和国企业破产法) (EBL) became effective in 2007. The rules in these documents stipulate the designation and remuneration of administrators, the acceptance of bankruptcy applications, and the identification of debtor's assets, but contain few details relating to the exercise and protection of creditors' rights. The gaps in this area have now been filled in by the Provisions on Several Issues Concerning the Application of the (3) (EBL Interpretation III) （关于适用《中华人民共和国企业破产法》若干问题的规定 (三)） adopted by the Supreme People's Court in March 2019. The EBL Interpretation III strengthen the protection of creditors' rights in six key ways, which are outlined below.