The drafting of a new bankruptcy law for China proved to be a lengthy and agonizing process, but a new Enterprise Bankruptcy Law was finally enacted in 2006; China had reviewed the experiences of other countries and sought to introduce a new law that suited its socio-economic and political...

Many Asian legal systems have moved to modernise their systems of business law. This has usually meant that laws dealing with corporate debt or corporate insolvency have also been introduced or modernised. A seeming paradox is presented by this apparent commitment to the rule of law as is...

This paper examines insolvency law and practice in six Asian jurisdictions and is based on a socio-cultural study of the perceptions and practices of leading insolvency practitioners, officials and business people. The paper explores specific manifestations of “rule of law” as reflected in...

China's corporate insolvency law regime was in a state of transition for a relatively long period of time, with the major, but temporary, body of legislation dealing specifically with enterprise bankruptcy having been passed in 1986 . The inadequacy of China's existing insolvency law become...

China's insolvency regime has been in a state of transition for a relatively long period of time, although a new Bankruptcy Law was finally to be passed in 2005. The draft of the Bankruptcy Law of the People's Republic of China (herein after referred to as “Draft Bankruptcy Law”, went to the...

The collapse of Northern Rock plc in September 2007 as a result of the financial crisis that had its origins in the sub-prime mortgage bubble in the United States focussed attention on the limited nature of governmental powers in the UK to deal with banks in distress or facing insolvency. The...

Government responses to the financial crisis have placed a focus upon corporate governance issues; especially now that government has become a major stakeholder in many UK and other banks that have sought public support. Many have argued that as a significant stakeholder in these companies...

The passage of the Banking Act 2009 (UK) was a major landmark in the development of legal tools for the handling of banks in financial difficulties in the United Kingdom. The Act has emerged from over a year of economic crisis and from politically charged debates and consultations that followed...

The Global Financial Crisis has revealed that many advanced markets had poorly developed legal regimes and regulatory structures for dealing with banks and financial institutions that faced financial difficulties. This was especially so in regard to the “shadow banking system”; the failure...