On 18 Aug. 2021, the Law Enforcement Inspection Team of the Standing Committee of the National People’s Congress released a report on the enforcement of enterprise bankruptcy. The report shows that China's Enterprise Bankruptcy Law has achieved positive results since its implementation. From 2007 to 2020, courts at all levels nationwide accepted 59,604 bankruptcy cases, and concluded 48,045 bankruptcy cases. The Enterprise Bankruptcy Law has been gradually accepted and recognized by the market and society, and the proportion of debtors applying for bankruptcy on their own initiative has also increased. In accordance with the World Bank's Doing Business Report, China's ranking for bankruptcy cases rose from 82nd in 2013 to 51st in 2020.
Pursuant to the Report, the courts have strengthened the development of professional competency, with 14 bankruptcy tribunals being established across the country, and nearly 100 Liquidation & Bankruptcy Divisions and specialized collegial panels being set up to handle bankruptcy cases intensively. A total of 417 judges are responsible for bankruptcy trials; 28 high people's courts and 284 intermediate people's courts have compiled lists of administrators, including 5,060 institutional administrators and 703 individual administrators.
Cover Photo by Francis Xavier (https://unsplash.com/@cmc_sky) on Unsplash
Contributors: CJO Staff Contributors Team
