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Asian Insolvency Systems: Closing the Implementation Gap

image of Asian Insolvency Systems: Closing the Implementation Gap

As Asian markets are now increasingly integrated in the world economy their domestic insolvency systems need to meet the expectations of international investors and lenders. Many Asian jurisdictions are responding by reforming  insolvency laws, introducing new procedures and strengthening institutions, but others are much less active. This conference proceedings includes papers showing how far various Asian countries have come in building effective and predictable insolvency systems and shows to what extent their systems provide confidence to investors and lenders.

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The order of payment of workers' claims and security interests under China's new bankruptcy law

Article 32 of the Enterprise Bankruptcy Law for Trial Implementation provides that: With respect to claims secured with property that are established before bankruptcy is declared, the creditors enjoy the right to receive repayment with priority with respect to such security. With respect to claims that are secured with property whose amount exceeds the value of the security collateral, the part that is not repaid constitutes a bankruptcy claim, and will be repaid in accordance with the bankruptcy proceedings.

English

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