China’s new Company Law introduces major reforms in capital systems, shareholder liability and corporate governance, significantly influencing implementation of the Bankruptcy Law.
This article adopts a comparative law perspective to examine the theoretical frameworks and practical norms of bankruptcy laws in China and the US, with a focus on the new Company Law’s impact on bankruptcy filing, creditor protection, reorganisation mechanisms and liquidation procedures.
Employee rights
China’s new Company Law mandates that companies filing for bankruptcy must consult trade unions and seek employee opinions through representative meetings or other channels. This provision enhances employees’ role in bankruptcy…
