The International Regulations Of The Recognition And Relief Of Cross-border Insolvency And The Improvement Of China

Cross-border insolvency cases are special and complicated because they involve asset disposal and legal procedures in many countries and regions.And to give the recognition and relief of foreign bankruptcy cases,is the basic activities that dealing with cross-border insolvency cases.With the tendency of economic globalization and the real evolution condition of Chinese continuous construction of a bilateral investment power,the current cross-border insolvency recognition and relief related laws and regulations in China have missed something.Obviously,because of the missing of laws and regulations,it is hard to reply the complex cross-border insolvency issues,and constrain the abilities to develop the strategy of global trade of China.Consequently,to improve a perfect regulation of recognition and relief for cross-border bankruptcy has its practical significance.This article discusses the relevant judicial practice cases such as Hanjin Bankruptcy Case,and using the methods of comparative analysis and case analysis,expounds the international regulations of the recognition and relief of cross-border insolvency,such as the UNCITRAL Model Law on Cross-Border Insolvency and EU Regulation on Insolvency Proceeding,and the relevant legislations of recognition and relief rules of cross-border bankruptcy in some countries.By discussing the regulations of recognition and relief of cross-border insolvency at the international level,this article hope to provide reference for the consideration and improvement of relevant regulations in China.In view of the above-mentioned analysis,this article clarifies the fact that although there are breakthroughs in the regulation of recognition and relief in cross-border bankruptcy in China.However,there are still some deficiencies in the relevant laws and regulations,and,the legislation and judicial practice show a cautious and conservative attitude.Ultimately,it cause a clear gap between the demand and the current social reality.This can not meet the current social needs.Consequently,combining with the current globle cooperative trend of cross-border bankruptcy,this article puts forward the idea of improving the regulation of recognition and relief in cross-border bankruptcy in China.The article holds that China should first uphold the principles of fairness and international cooperation in order to improve the rule;Secondly,the regulations of cross-border bankruptcy should be set up in the form of special chapters in legislation,and can be regulated by judicial interpretation first;finally,this article puts forward concrete ideas for improving the regulation by two parts as recognition rules and relief rules in cross-border bankruptcy.