On The Recognition And Assistance Of Cross-border Bankruptcy Proceedings

With the continuous promotion of foreign investment strategy,more and more domestic enterprises and local multinational corporations have actively or passively been involved in a large number of cross-border bankruptcy cases These cross-border bankruptcy cases directly affect the protection of the interests of creditors in China,and even affect the authority and inviolability of China' s national sovereignty.Therefore,the establishment of a special cross-border bankruptcy system in China has become an urgent task.In view of this,this paper selects the key issue of cross-border bankruptcy system-the recognition and assistance of cross-border bankruptcy procedure as the research focus.Through the introduction of relevant concepts and systems,analyzes the necessity of cross-border bankruptcy procedure recognition and assistance system.And on the basis of exploring the recognition and assistance basis of cross-border bankruptcy proceedings,the paper analyzes the conditions of recognition of cross-border bankruptcy proceedings and the methods of assistance and relief one by one.Then the comparative method is used to explain,compare and study the mode of recognition and assistance in cross-border insolvency proceedings.Finally,based on the analysis of the current situation of our country,this paper puts forward some suggestions on establishing the system of recognition and assistance of cross-border bankruptcy procedure with Chinese characteristics and in line with the situation of our country.To construct the system of recognition and assistance in cross-border bankruptcy proceedings in China should follow the following main ideas.First of all,we must soften the principle of "reciprocity," and provide more space and more possibilities for cooperation.On the aspect of legislation,with reference to the UNCITRAL Model Law on Cross-border Insolvency,taking full account of China' s special national conditions,drawing lessons from the experience of the European Union in interregional conflicts of laws,adopting the "recognition as assistance" model to seek the coordination of bankruptcy procedures within a country.For other countries and regions besides Hong Kong,Macao and Taiwan,China can learn from Japan's practice and adopt the "two-step acknowledgment and assistance" model to protect judicial sovereignty while leaving room for cooperation.In termas of judicial practice,China should pursue a more open attitude and actively seek greater cooperation.As long as it does not infringe on China's sovereignty and public order,it will try its best to recognize and assist it in accordance with international advanced standards.