Abstract

http://ssrn.com/abstract=1532378
 
 

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Drafting Bankruptcy Laws in Socialist Market Economies: Recent Developments in China and Vietnam


Charles D. Booth


Institute of Asian-Pacific Business Law, William S. Richardson School of Law, University of Hawaii at Manoa; University of Hawaii at Manoa - William S. Richardson School of Law

2004

Columbia Journal of Asian Law, Vol. 18, No. 1, p. 93, 2004

Abstract:     
Both the People’s Republic of China and the Socialist Republic of Vietnam are making the transition from a centrally planned economy to a market-based economy. An effective bankruptcy law is an integral part of the institutional framework necessary for this transition. China enacted the Law of the People’s Republic of China on Enterprise Bankruptcy on December 2, 1986, and it came into operation on October 1, 1988. On April 9, 1991, the PRC Civil Procedure Law was approved, with Chapter XIX applying to the bankruptcy of non-SOE enterprises with legal person status. The Vietnam Law on Bankruptcy was enacted on December 30, 1993, and took effect on July 1, 1994. These laws did not live up to early expectations and both China and Vietnam proposed new insolvency laws The present article provides an update on the insolvency reform processes in China and Vietnam since mid-2002 and discusses six main areas: the insolvency framework, the scope of the bankruptcy laws, bankruptcy administration, corporate rehabilitation, priorities in distribution and the protection of employees’ interests, and cross-border insolvency issues.

Number of Pages in PDF File: 56

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Date posted: January 7, 2010 ; Last revised: February 12, 2010

Suggested Citation

Booth, Charles D., Drafting Bankruptcy Laws in Socialist Market Economies: Recent Developments in China and Vietnam (2004). Columbia Journal of Asian Law, Vol. 18, No. 1, p. 93, 2004. Available at SSRN: http://ssrn.com/abstract=1532378

Contact Information

Charles D. Booth (Contact Author)
Institute of Asian-Pacific Business Law, William S. Richardson School of Law, University of Hawaii at Manoa ( email )
University of Hawai'i at Manoa
2515 Dole Street
Honolulu, HI 96822-2328
United States
University of Hawaii at Manoa - William S. Richardson School of Law ( email )
2515 Dole Street
Honolulu, HI 96822
United States
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