中国跨境破产协助规则的完善 - 以债务人境外资产的处置为切入 -

Abstract

The core objective of bankruptcy proceedings is to efficiently dispose of the debtor’s assets, maximize the value of the bankruptcy estate, and ensure the fair distribution of assets among creditors. In light of this, bankruptcy laws in various jurisdictions generally recognize the extraterritorial effect of bankruptcy proceedings. Given that multinational corporations often hold substantial assets across different jurisdictions, issues concerning the cross-border disposal of debtor’s assets inevitably arise. Resolving such matters through civil litigation is prone to procedural fragmentation, high enforcement costs, and inefficiencies. The recognition and assistance framework under the Model Law on Cross-Border Insolvency offers an effective approach to addressing these challenges. China has already established a certain foundation in cross-border bankruptcy legislation and judicial practice. Moving forward, efforts should focus on enhancing the mechanisms by which Chinese courts provide assistance to foreign bankruptcy proceedings to accommodate the practical needs of foreign bankruptcy administrators in handling debtor’s assets within China.