Practices and Countermeasures of Cross-border Insolvency Under Chinese Law
International Journal of Business and Economics Research
Volume 8, Issue 6, December 2019, Pages: 382-388
Received: Oct. 10, 2019;
Accepted: Nov. 5, 2019;
Published: Nov. 15, 2019
Views 142 Downloads 49
Wang Deling, Merchant Marine College, Shanghai Maritime University, Shanghai, China
Wu Changyue, Merchant Marine College, Shanghai Maritime University, Shanghai, China
Wang Yubao, Merchant Marine College, Shanghai Maritime University, Shanghai, China
Li Junfeng, Merchant Marine College, Shanghai Maritime University, Shanghai, China
Follow on us
As the globalization of economy accelerates greatly, more and more cross-border trade and investment is inevitably coming into being, resulting in many bankruptcy cases in which the relationship of creditor's rights and debts is no longer limited to the territory of a country. In recent years, the most influential case is the bankruptcy case of Hanjin Shipping. Hanjin Shipping’s bankruptcy has had a great impact on the international shipping market, the global supply chain has been interrupted, and a large number of commercial disputes have been triggered. The problems of insolvency international cooperation and the conflicts between bankruptcy and ship arrest proceedings in cross-border insolvency case have aroused widespread concern of experts and scholars in shipping. China has not adopted “UNCITRAL Model Law on Cross-border Insolvency”, making the case more complicated to deal with the proceedings under jurisdiction of China. In order to deal with cross-border bankruptcy cases in China and better protect the interests of stakeholders, this paper makes a detailed analysis of the legal provisions on cross-border bankruptcy under Chinese law, and statistically analyzes the practice of Chinese courts in dealing with cross-border bankruptcy cases. Through a comparative analysis of the similarities and differences of legal provisions and practices between China and “UNCITRAL Model Law on Cross-border Insolvency” and other typical countries, this paper puts forward some suggestions and countermeasures to deal with similar cross-border bankruptcy cases under the jurisdiction of Chinese courts in the future.
Cross-boarder Insolvency, Model Law, Admiralty Lien, Recognition and Enforcement, Belt and Road Initiative
To cite this article
Practices and Countermeasures of Cross-border Insolvency Under Chinese Law, International Journal of Business and Economics Research.
Vol. 8, No. 6,
2019, pp. 382-388.
Copyright © 2019 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/
) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
PJ Omar. Cross-border jurisdiction and assistance in insolvency: The position in Malaysia and Singapore [J]. Potchefstroom Electronic Law Journal, 2008, 11 (1).
Eugene Y C Wang, Jacky C K Yeung, Linsey Chen. Modified Universalism and the Proposed Adoption of the UNCITRAL Model Law on Cross-Border Insolvency in Hong Kong-From the Hanjin Shipping Bankruptcy Case [J]. Journal of Maritime Law and Commerce, 2019, 50 (1).
Liu Yao. A study on the legal issues of International Cooperation in Cross-border bankruptcy in China--Taking Hanjin bankruptcy case as an example [J]. Chinese Journal of Maritime Law. 2018 (03). (In Chinese).
B Wessels. Cross-Border Insolvency Law in Europe: Present Status and Future Prospects [J]. Potchefstroom Electronic Law Journal, 2008, 11 (1).
Anca Roxana Adam. The creditor as participant in insolvency proceedings [J]. Challenges of the Knowledge Society, 2014, 4 (-).
Liu Bei. Study on the application of cross-border insolvency law [J]. Journal of Harbin University. 2018 (05). (In Chinese).
Song Jianli. Judicial response to Cross-border bankruptcy cases [J]. People's judicature, 2018 (22): 30-33. (In Chinese).
Li Zhu, Hu Zhengliang, A reconsideration on adopting the UNCITRAL Model Law on Cross-Border Insolvency in China triggered by the bankruptcy of Hanjin Shipping [J]. Chinese Journal of Maritime Law, 2019, 30 (02): 68-80.
Dave De ruysscher. At the end, the creditors win: pre-insolvency proceedings in France, Belgium and the Netherlands (1807–c1910) [J]. Comparative Legal History, 2018, 6 (2).
Du Tao, Chen Li, Conflict of laws [M], Fudan University Press 2008.
Hon Justice Steven Rares. Ship Arrests, Maritime Liens and Cross Border Insolvency [A]. 2017 issue of the sixth World Ocean Congress [C], 2017: 1.
Daiga Sproge. The Debtor’s Property Selling in the Cross-Border Insolvency Proceedings [J]. Economics and Culture, 2016, 13 (1).
Luo Lan. Cross-border bankruptcy will have laws to follow in China [J]. Great economy and trade. 2007 (01).(In Chinese).
Li Luling, Zhang Siyuan. The enlightenment of Hanjin bankruptcy case to the construction of recognition and relief system of Cross-border insolvency in China [J]. Chinese market. 2019 (15). (In Chinese).
Michael Douglas. Characterisation of a foreign maritime lien by the lex fori [J]. Oxford University Commonwealth Law Journal, 2017, 17 (1).