Special Report on
Bankruptcy and Financial Restructuring Law
Bankruptcy and Financial Restructuring Law - Trends
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contains a primer on the recently enacted Chinese bankruptcy law by professionals who were instrumental in its enactment. Our ability to bring this to our clients and friends from a local perspective illustrates the unparalleled global reach of the firm's insolvency practice. While other firms may issue releases on this new law, only DLA Piper is able to publish a guide to the new law written by partners of the firm who were involved in its drafting. The new Chinese insolvency scheme attempts to be comprehensive and to incorporate international "best practices." The new law introduces the debtor in possession and creditor ...
The initiative of introduction of the financial restructuring of the company can come from either the debtor or a third person (third parties). In the first case, the law clearly requires that supreme governing body (depending on the legal form it may be a general shareholders’ general meeting of members, etc.) or the owner of the debtor’s property – a unitary enterprise can do it. Third parties may intervene in the bankruptcy process only with the consent of the debtor. Unlike the situation with the debtor, where the will of the latter is formed, and expresses its ... Read More
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