Acknowledgement And Enforcement In Cross-Border Insolvency

In the year of 2006, "cross-border bankruptcy" was first written into the new revision of Enterprise Bankruptcy Law. Although the provision is very simple, yet it provides certain legal support to China's overseas listed companies and the future Chinese listed foreign companies, especially under the circumstance in which the global capital flow increases rapidly and transnational investment happens in huge quantities. It is undoubtedly a great progress. It also gives a glimmer of light to our country's bankruptcy judicial practice, which had been groped in disorder for such a long time. However, as the provision is too simple and too principled, this also caused many contradictions and confusions in the judicial practice of trans-territorial bankruptcy in acknowledgement and enforcement. Therefore, this kind of situations puts forward new requirements objectively to our bankruptcy law legislation. How to change the situation of various confusions in the judicial practice? It becomes a significant issue in the process of bankruptcy law reform in China. This essay mainly aims to explore some solutions to this problem. In the issue of cross-border bankrupt acknowledgement and enforcement, the EU (European Union) has set a good example to the world. Therefore, the author of this paper focuses on the comparative study of EU and China and mainly analyzes the judicial practices of EU in bankruptcy proceedings on trans-territorial acknowledgement and enforcement, as well as it references to China.This paper is divided into three chapters. The first chapter, the author mainly discusses some theoretical concepts on the acknowledgement and enforcement of cross-border bankruptcy. And then it analyzes the basis (including theoretical basis and legal basis) and conditions of acknowledgement and enforcement of cross-border bankruptcy. Finally, the author analyzes the procedural problems from the aspects of petition,examination and approval as well as the process of execution. In the second chapter and the third chapter, the paper analyzes the legislation and judicial practices from the prospective of EU and China, and it also studies the problem comparatively. Moreover, the author mainly talks about European Insolvency Regulation, especially its practices and effect. The problems of the Chinese legislation present situation, the judicial practice and legislative thinking are discussed respectively in detail in the third chapter, and the EU approach to the legislation of our country for reference is emphatically analyzed in the legislative thinking.