The New Bankruptcy Law Next Year Leave Policy State-owned Enterprises Bankruptcy - Bankruptcy Law,

Through a full 12 years, China's real bankruptcy system --- the new "Bankruptcy Law" on August 27 was overwhelmingly approved

. Compared with 1986, introduced the "Corporate Bankruptcy Law (Trial)", the new law has redefined corporate bankruptcy in order to balance the labor rights of creditors and secured claims, but also the first time, financial institutions bankruptcy matters, and the introduction of foreign mature system, such as the system administrator to restructure the system, cross-border insolvency system, better adapted to current conditions of our country. "Bankruptcy Law" from June 1, 2007 shall come into force, the "PRC Enterprise Bankruptcy Law (Trial)" shall be repealed simultaneously.

The responsible persons will be accountable bankruptcy caused by negligence

Policy has been the closure and bankruptcy of SOEs in China for over a decade last a protective barrier. But under the new law, the state-owned enterprises will bid farewell to the special care of bankruptcy policy, and that for domestic enterprises, bankruptcy law also applies to foreign companies in our country.

Under the new law, in addition to the State Council have been included in the overall planning of the nearly 2,000 state-owned enterprises, the remaining state-owned enterprises will lose about 100,000 special care, opting instead for market-based exit strategy. This means that the 2000 bankruptcy of state-owned enterprises policy, domestic enterprises will be subject to all the "Bankruptcy Law" constraint. At the same time that in the future directors, supervisors and other management personnel for dereliction of duty as a result and then bankruptcy, will be held Law Responsibility. Analysts believe that the market economy state-owned enterprises in China provides a mechanism for normal metabolism, but also to the person in charge of state-owned enterprises and certain pressure.

Newly published "Bankruptcy Law" Article VI specifically provides that "shall be prosecuted for bankruptcy management business liability." 120th also provides corporate directors, supervisors or senior management personnel who violate duty of loyalty, diligence obligations, resulting in bankruptcy where the company, shall bear civil liability. The circumstances specified above, the staff, from bankruptcy proceedings within three years from the date of termination shall not hold any corporate directors, supervisors and senior management.

In addition, there has been controversy for bankruptcy rights and guarantor rights and interests of workers who should settle the issue, the new law, bankrupt enterprises wages, medical costs will be priority claim. Meanwhile, the company except to the court in the bankruptcy status of the property description and other documents, the situation should also be submitted to enterprise workers and resettlement plans, as well as payment of wages and social workers Insurance Payment of fees.

To facilitate foreign investment A business in the end bankruptcy liquidation under what circumstances, under what circumstances restructuring, how to stop the acts of false bankruptcy really avoiding the debt, the newly adopted "Bankruptcy Law" have been clearly defined. Group members work on the draft, the new Chinese People's University professor Wang Xin that the new "Bankruptcy Law" for foreign investment facilitated.

"Bankruptcy Law" article on the bankruptcy, reorganization provisions of the reasons for them, enterprises can not repay the debt due, and the lack of liquidity, should be liquidated. Re-establishment of a new system, there are obvious potential insolvency can apply for re-engineering. The court of bankruptcy according to law to judge the causes and the reasons for restructuring. For the liquidation, but also with the law, the liquidation of the reasons, the court ruled that bankruptcy liquidation. For the restructuring, but also with the restructuring of law principles, then sentenced to restructure. New

Wang Xin Table Said that China's full market economy status in the fight for integration into the European Union, the United States market and the process of the World Trade Organization, with the bankruptcy laws of market economy is a basic condition. If the secured creditor does not guarantee a fair settlement of existing problems, the confidence of foreign investment in China will be greatly affected. New "Bankruptcy Law" through the law to strengthen the financial regulatory agencies into a debt trap of financial institutions, administrative intervention, to avoid loss of control caused by adjustment of the financial risk and credit crisis, both based on China's national conditions, they follow the modern enterprise system and the international practice, will help China's market economy healthy and orderly development.

Bankruptcy Law of China University of Political Science Expert Mr. Li believes that, although the new law from the bankruptcy law is quite different in terms of legislative progress, but it is only for the Corporate Bankruptcy Law in the future, but also a personal bankruptcy bankruptcy law, bankruptcy can be a complete legal system. [Key words]: Bankruptcy Law Machinery Industry Comment Large In Small

by: gaga

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