Insolvency and corporate bankruptcy in China have always been particularly sensitive issues due to the existence of a large number of technically insolvent state-owned enterprises. The current PRC Enterprise Bankruptcy Law (Bankruptcy Law) came into effect on June 1, 2007.
1. Scope and Application
The Bankruptcy Law governs all kinds of entities that are insolvent or at the risk of becoming insolvent, including private and state-owned enterprises, financial institutions and FIEs. It is not applicable to individuals, Representative Offices or Branch Offices.
The Bankruptcy Law provides that proceedings commenced under it shall also have effect on the debtors’ properties located outside the territory of China, ...
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