Research On The Core Rules Of Cross-border Bankruptcy In My Country

China has gradually become one of the most important participants in international economic,trade and investment.The trade between Chinese enterprises and foreign enterprises is getting closer and closer.Multinational companies have set up branches in China.Enterprises are facing the problem of cross-border bankruptcy due to poor management.At present,only Article 5 of the Enterprise Bankruptcy Law deals with the issue of cross-border bankruptcy.Because of its simplicity and lack of feasibility,China urgently needs to build a cross-border bankruptcy system.Cross-border bankruptcy first appeared in the West.In the 20th century,the European Union,the United Kingdom and the United States began to legislate and practice cross-border bankruptcy.At first,the theories of cross-border bankruptcy mainly focused on Universalism and Territorialism,which emphasized "one person,one bankruptcy" and "one country,one bankruptcy",respectively.However,at the end of 20th century,due to its absoluteness,it gradually developed into Modified Universalism and Cooperative Territorialism:on the basis of fully guaranteeing the ownership and respecting the sovereignty of various countries,the Modified Universalism advocates that one debtor has only one main bankruptcy proceeding.The regionalism of cooperation advocates giving full play to flexibility and encouraging countries to cooperate and negotiate on the cross-border bankruptcy of the same debtor.There are four important methods to adjust cross-border Bankruptcy:the main interest center system,the main and non-main proceeding systems,the public policy exception and the cooperation of cross-border bankruptcy.The main legislation is the UNCITRAL Model Law on cross-border insolvency and the new EU Insolvency Regulation.The system of main interest center and the system of main proceedings and non-main proceedings are the most important to adjust the cross-border bankruptcy conflicts of various countries.The procedure of the debtor's main interest center is the main bankruptcy proceeding,which has extraterritorial effect.The court of each country should give the main proceeding the most sufficient and convenient relief as far as possible.The effect of non-main proceeding is limited to the country,and its main purpose is to protect the interests of national creditors.Public policy exception is the last means for a country to protect its own fundamental interests,and each country should limit its scope of application.Cooperation is the main tone of cross-border bankruptcy.Courts and administrators of various countries should strengthen cooperation to save debtors and protect the interests of creditors.China should give priority to Modified Universalism,supplemented by Cooperative Territorialism;we should adopt the center of main interest,main proceedings and non-main proceedings,and the bankruptcy proceedings initiated in the main interest center is the main proceedings with extraterritorial effect,and the effect of non-main proceedings is limited to the jurisdiction of domestic court;conditional presumption that the debtor's registered place is the center of main interests,and the judge should pay attention to its objectivity when judging whether the center of main interests have been transferred;learn from Japan's mode of separation of recognition and relief,that is,recognition of a foreign procedure does not automatically produce corresponding relief;the applicable conditions of public policy exception should be limited to violation of due process principle and the Constitution Law;China's courts should cooperate with foreign courts and administrators,coordinate parallel procedures,establish cross-border Bankruptcy Information Portal,and use bankruptcy agreements to solve difficult cases.