FSU College of Law Research Center Blog

Beijing's Bankruptcy Laws

The Wall Street Journal Online, October 17, 2006, has an interesting article on China's new bankruptcy law titled, Beijing's Bankruptcy Law.

Enacted in August by China's legislature, the National People's Congress, it comes into force next June 1. A formal corporate-bankruptcy procedure will be created, with administrators appointed by judges, not the government, as was the case under the old law. Creditors go to the front of the queue for payment, ahead of employees. Creditor committees get a strong role in supervising the bankruptcy process, which means that professionals -- perhaps including foreign lawyers and accountants -- will be running the process, rather than Communist Party officials.

Read the entire article here.

Read an account of the new bankruptcy law from China View here.

Posted by Jon Lutz

New Bankruptcy Law

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 takes effect today.  There is a great deal of information about this act, including a redline summary showing changes from the previous law (here) as well as other bankruptcy news, at the website of the American Bankruptcy Institute.

Posted by Robin Gault

Proposed Bankruptcy Relief for Katrina Victims

The National Association of Consumer Bankruptcy Attorneys has proposed  that Congress delay implementation of the new backruptcy law, which many people expect to have a severe impact on Katrina victims.  The press release is here:  http://www.nacba.org/news/090705release.asp

Posted by Robin Gault