Study On The Bankruptcy Legal System Between China And Korea

Bankruptcy is an unavoidable economic phenomenon brought by free competition in the market economy. A country's bankruptcy legal regime's consummation is representing the country's development degree of market economy directly. The bankruptcy legal regime is"the security valve" to the economic subject after entering the market,as also as to the economic activities 'withdrawal the smoothly. It's playing the crucial role in the market economy, provided the legal protection for the related bankrupt benefit main body to avoid certain main bodies damanging other main body benefit in order to realize own improper benefit,to maintain the normal bankrupt order. But the effective bankrupt procedure is the foundation which.the bankruptcy law can display effectiveness. The world that economic crisis and financial crisis coexisting, the order and effective bankrupt procedure is advantageous grows in the promotion and competes, and is helpful to prevent and resolve financial crisis, as also as can guide the debtor to undertake a higher discrete duty to the responsibility, and promotes the creditor have a bigger confidence regarding the expanded credit and the reorganization creditor's rights.China and Korea share similarities in many aspects as politics, economy, culture and living environment benefitting from their regional proximity. After reform and open policy, the Chinese domestic environment's remarkable improvement, is attracting the foreign investment judgment intensely. Attributable to such feature, China has become one of the most favored trading countries for Korea.From 2002, china becomes the largest recipient in terms of Korea's outbound foreign investment. Along with the Chinese economic policy change, financial crisis's influence, many small Korean Enterprises are facing with the management crisis, some can not but withdraw from the Chinese market. The understanding and grasping on the content and the difference between chinese and Korean bankruptcy law th, may avoid time, economic cost wastes and so on. In 2006, China and South Korea's bankruptcy law carried on revised greatly.Based on this term, This article elaborates in details on ground of chinese and Korean bankruptcy legal regime', and carrys on the comparison of the the bankrupt legal system, Bankruptcy procedures in particular,in order to provide the beneficial reference,helping learn and use correctly about two country bankrupty law when the Korea enterprise invest or withdraws from the Chinese market,to avoid the nonessential confusion.Moreover, the materials about the China and Korea's bankruptcy legal regime research are quite few, by introducing there primary contents,such as bankruptcy legal regime law definition, bankrupt procedure and so on,the article can also provide the research material for the bankruptcy legal regime's academic exchanges and the communication.This article believed that the bankruptcy law should base our country national condition. the bankruptcy legal regime's difference are normal,caused by China and South Korea differences such as national system, economic structure and so on,we may make up for one's deficiency by learning from others' strong points based on the localization principle regarding each other reasonable system uses for reference mutually.