On the afternoon of August 28, a symposium on the topic of "Judicial Issues Concerning Cross-border Bankruptcy" was held at the Third China-Singapore Law and Judicial Roundtable. Liu Guixiang, judge of the Second Rank and member of the Adjudication Committee of the Supreme People's Court(SPC), delivered a keynote speech.
Liu Guixiang introduced the laws and regulations of China's cross-border bankruptcy, characteristics of the current cross-border bankruptcy system and the judicial practice of the people's courts. He said that, under the context of China promoting international cooperation under the Belt and Roald Initiative, settling legal conflicts in cross-border bankruptcy and enhancing cooperation among all countries in this field are of great significance to properly resolving the problems of creditor's rights and debts arising from the international investment in accordance with the law, protecting the legitimate rights and interests of Chinese and foreign parties equally, creating a fair and just business environment and promoting the construction of an open world economy. Currently there is no provision specifically about the judicial assistance in bankruptcy proceedings in China's judicial assistance treaties in civil and commercial matters signed with other countries. The work of judicial assistance in cross-border bankruptcy is conducted mainly based on the principle of reciprocity. Before the implementation of the Enterprise Bankruptcy Law in force, there have already been successful cases of cross-border bankruptcy assistance in China. In practice, many foreign courts have also recognized China's bankruptcy proceedings.
Liu said that the SPC is now actively promoting the amendment of the Enterprise Bankruptcy Law in regulations on jurisdiction over the cross-border bankruptcy, status and treatment of representatives of foreign bankrupted enterprises and foreign creditors, conditions and methods of providing judicial assistance for foreign bankruptcy proceedings, and the recognition and enforcement of other judgments and rulings in foreign bankruptcy proceedings. Learning from the advanced international experience of Singapore and other countries, the SPC will continue to improve cross-border bankruptcy cooperation mechanism to provide a favorable judicial environment for the development of international economic investment.
*The original text is Chinese and has been translated into English for reference only. If there is any inconsistency or ambiguity between the Chinese version and the English version, the Chinese version shall prevail.