Practices and Countermeasures of Cross-border Insolvency Under Chinese Law

Wang Deling; Wu Changyue; Wang Yubao; Li Junfeng

doi:doi:10.11648/j.ijber.20190806.18

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Practices and Countermeasures of Cross-border Insolvency Under Chinese Law

Wang Deling, Wu Changyue, Wang Yubao, Li Junfeng

Published in International Journal of Business and Economics Research (Volume 8, Issue 6)

Received: 10 October 2019 Accepted: 5 November 2019 Published: 15 November 2019

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Abstract

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.

Published in	International Journal of Business and Economics Research (Volume 8, Issue 6)
DOI	10.11648/j.ijber.20190806.18
Page(s)	382-388
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Cross-boarder Insolvency, Model Law, Admiralty Lien, Recognition and Enforcement, Belt and Road Initiative

References

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[3]	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).
[4]	B Wessels. Cross-Border Insolvency Law in Europe: Present Status and Future Prospects [J]. Potchefstroom Electronic Law Journal, 2008, 11 (1).
[5]	Anca Roxana Adam. The creditor as participant in insolvency proceedings [J]. Challenges of the Knowledge Society, 2014, 4 (-).
[6]	Liu Bei. Study on the application of cross-border insolvency law [J]. Journal of Harbin University. 2018 (05). (In Chinese).
[7]	Song Jianli. Judicial response to Cross-border bankruptcy cases [J]. People's judicature, 2018 (22): 30-33. (In Chinese).
[8]	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.
[9]	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).
[10]	Du Tao, Chen Li, Conflict of laws [M], Fudan University Press 2008.
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APA Style

Wang Deling, Wu Changyue, Wang Yubao, Li Junfeng. (2019). Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. International Journal of Business and Economics Research, 8(6), 382-388. https://doi.org/10.11648/j.ijber.20190806.18

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ACS Style

Wang Deling; Wu Changyue; Wang Yubao; Li Junfeng. Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. Int. J. Bus. Econ. Res. 2019, 8(6), 382-388. doi: 10.11648/j.ijber.20190806.18

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AMA Style

Wang Deling, Wu Changyue, Wang Yubao, Li Junfeng. Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. Int J Bus Econ Res. 2019;8(6):382-388. doi: 10.11648/j.ijber.20190806.18

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@article{10.11648/j.ijber.20190806.18,
  author = {Wang Deling and Wu Changyue and Wang Yubao and Li Junfeng},
  title = {Practices and Countermeasures of Cross-border Insolvency Under Chinese Law},
  journal = {International Journal of Business and Economics Research},
  volume = {8},
  number = {6},
  pages = {382-388},
  doi = {10.11648/j.ijber.20190806.18},
  url = {https://doi.org/10.11648/j.ijber.20190806.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20190806.18},
  abstract = {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.},
 year = {2019}
}

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TY  - JOUR
T1  - Practices and Countermeasures of Cross-border Insolvency Under Chinese Law
AU  - Wang Deling
AU  - Wu Changyue
AU  - Wang Yubao
AU  - Li Junfeng
Y1  - 2019/11/15
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DO  - 10.11648/j.ijber.20190806.18
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 382
EP  - 388
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20190806.18
AB  - 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.
VL  - 8
IS  - 6
ER  -

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Author Information

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

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Plain Text BibTeX RIS

APA Style

Wang Deling, Wu Changyue, Wang Yubao, Li Junfeng. (2019). Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. International Journal of Business and Economics Research, 8(6), 382-388. https://doi.org/10.11648/j.ijber.20190806.18

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ACS Style

Wang Deling; Wu Changyue; Wang Yubao; Li Junfeng. Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. Int. J. Bus. Econ. Res. 2019, 8(6), 382-388. doi: 10.11648/j.ijber.20190806.18

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AMA Style

Wang Deling, Wu Changyue, Wang Yubao, Li Junfeng. Practices and Countermeasures of Cross-border Insolvency Under Chinese Law. Int J Bus Econ Res. 2019;8(6):382-388. doi: 10.11648/j.ijber.20190806.18

Copy | Download

@article{10.11648/j.ijber.20190806.18,
  author = {Wang Deling and Wu Changyue and Wang Yubao and Li Junfeng},
  title = {Practices and Countermeasures of Cross-border Insolvency Under Chinese Law},
  journal = {International Journal of Business and Economics Research},
  volume = {8},
  number = {6},
  pages = {382-388},
  doi = {10.11648/j.ijber.20190806.18},
  url = {https://doi.org/10.11648/j.ijber.20190806.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20190806.18},
  abstract = {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.},
 year = {2019}
}

Copy | Download

TY  - JOUR
T1  - Practices and Countermeasures of Cross-border Insolvency Under Chinese Law
AU  - Wang Deling
AU  - Wu Changyue
AU  - Wang Yubao
AU  - Li Junfeng
Y1  - 2019/11/15
PY  - 2019
N1  - https://doi.org/10.11648/j.ijber.20190806.18
DO  - 10.11648/j.ijber.20190806.18
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 382
EP  - 388
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20190806.18
AB  - 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.
VL  - 8
IS  - 6
ER  -

Copy | Download