Study On The Recognition And Enforcement In Cross-border Insolvency In The United States Of America

With the deepening of economic cooperation among countries,the cross-border insolvency cases are increasing day by day.In the process of cross-border insolvency,due to the differences in legislation and judicial practice of each country,many complex legal issues have emerged.The recognition and enforcement of cross-border insolvency has turned into one of the most important issues that need to be addressed in the area of cross-border of insolvency,which is related to if a country recognize and enforce foreign country's court decision and how to recognize and enforce foreign country's court decision.In the year of 2006,the new revision of Enterprise Bankruptcy Law,Article 5 stipulated the issue of the extraterritorial effect of cross-border insolvency for the first time.On the one hand,it establishes that the ruling of cross-border insolvency in our country has the extraterritorial effect,and on the other hand,it provides that the recognition and enforcement of a foreign country's court decision is subject to the international treaties,the principle of reciprocity and public policies.It can be seen from this that our country has adopted the principle of limited universalism.On the premise of protecting the interests of creditors and not violating China's basic public policies,our justice system seeks for international cooperation with a view to achieve a fair and uniform distribution of the debtor's entire property.However,the provisions of our country on the recognition and enforcement of cross-border insolvency are too principled.Thus,there is no concrete legal basis for judicial practice related to the recognition and enforcement of cross-border insolvency.How to change the situation of abstraction in the legislation and 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 insolvency recognition and enforcement,the United States of America has set a good example to the world.The fact that the 15th chapter in the 2005 Bankruptcy Law replaced the item 304 in the 1978 Bankruptcy Law represented an important step towards universalism in the United States.Therefore,the author of this paper focuses on the comparative study of the USA and China and mainly analyzes the judicial practices of the USA in bankruptcy proceedings on cross-border recognition and enforcement,as well as it references to China.This paper is divided into three chapters.The first chapter,the author discusses some theoretical concepts on the recognition and enforcement of cross-border insolvency,and mainly talks about American Insolvency Regulation.In the second chapter,the paper analyzes the judicial practices in the United States by case study.The third chapter adopts the method of comparative analysis,the legislative and judicial status of China's cross-border insolvency law and legislative thinking about the future improvement of judicial cooperation in cross-border insolvency field are discussed respectively in detail.