Professor Charles D. Booth on China’s Enterprise Bankruptcy LawMar 8th, 2009 | By USAsialawNYU | Category: Previous Events, Spotlight Printable format
Professor Charles D. Booth of the University of Hawai’i School of Law came to Professor Cohen’s seminar to discuss China’s 2006 Enterprise Bankruptcy Law two weeks ago. The National People’s Congress passed China’s first bankruptcy law in 1986, long before the major economic overhaul of the 1990s. The first bankruptcy law dealt solely with state-owned enterprises and did not anticipate the needs of China’s economy as it developed, making the 2006 law a much welcomed reform. But how adequate is the 2006 law? How has it been used? And how does China’s approach to bankruptcy compare to the U.S.’s current approach to failing industries?