Research On The Construction Of Cross-Border Bankruptcy Judicial Cooperation System Under The Background Of "One Belt And One Road"

With the increasing frequency of cross-border capital flows,traditional bankruptcy systems face enormous challenges.In the context of the "One Belt and One Road" initiative,cross-border insolvency cases involve the conflict and coordination of insolvency laws between countries along the "One Belt and One Road",as well as the protection and balance of interests of parties in different countries.The lack of an effective judicial cooperation system for cross-border insolvency between countries along the "One Belt and One Road" will lead to multiple problems,such as malicious transfer of bankruptcy property and impairment of value,difficulties for creditors to be fairly compensated,and difficulties in starting and conducting bankruptcy proceedings,And to some extent,it will affect the further promotion of the "One Belt and One Road" initiative.We will build and improve the "One Belt and One Road" cross-border bankruptcy judicial cooperation system to optimize the "One Belt and One Road" legal business environment,promote more active investment and trade exchanges along the "One Belt and One Road",and safeguard national sovereignty,security and interests.The international cooperation system of cross-border insolvency usually follows the principles of international comity,balance of interests,statism and international cooperation.The legal channels for cross-border bankruptcy judicial cooperation mainly include treaty based judicial cooperation and soft law based judicial cooperation.The "One Belt and One Road" cross-border insolvency judicial cooperation system mainly has problems such as insufficient legal basis for insolvency cooperation among countries,unbalanced development of cross-border insolvency systems,insufficient supply of bilateral and multilateral cross-border insolvency judicial cooperation agreements,narrow areas and low efficiency of bankruptcy judicial cooperation,competition awareness higher than cooperation awareness,and insufficient judicial information exchange.The judicial cooperation on cross-border bankruptcy of the "One Belt and One Road" should be based on the concept of win-win cooperation,the concept of seeking common ground while reserving differences as the premise of equal cooperation,the concept of big country responsibility as the foundation for promoting cooperation,and the concept of scientific and technological innovation as the support for efficient cooperation.At the regional level,institutional arrangements for cross-border bankruptcy judicial cooperation within the region should be reached,and a mechanism for exchanging cross-border bankruptcy judicial information within the region should be established;establish jurisdiction rules centered around the Central Place of Interest(COMI)and introduce a cross-border bankruptcy agreement system;establish a mechanism for primary and secondary bankruptcy proceedings,clarify the coordination between parallel proceedings and the cooperation mechanism between courts.As the initiator of the "One Belt and One Road" initiative,China should take the lead in building a friendly,transparent and operable cross-border bankruptcy judicial cooperation system that takes into account national interests.When the time is ripe,we can also establish a special court for cross-border bankruptcy,so that China’s cross-border bankruptcy judicial cooperation system can play a leading role in the countries along the "One Belt and One Road".