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The Enterprise Bankruptcy Law of the People's Republic of China
In August 2006, after some 12 years of preparation, the Enterprise Bankruptcy Law ('EBL') of the People's Republic of China ('PRC') was signed into law by President Jintao Hu. The new law went into effect on June 1, 2007. The EBL supersedes the 1986 Interim Enterprise Bankruptcy Law, as well as all or a part of a variety of other regimes and statutes, including the People's Republic of China Company Law and the Foreign Invested Enterprise Liquidation Procedure. In many respects, the EBL is based upon and quite similar to the United States Bankruptcy Code ('U.S. law') and the United Kingdom Insolvency Act of 1986 ('UK law').
The following is a consolidated analysis of some of the significant features of the EBL.
Who May Be a Debtor
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