The Belt and Road Initiative, China’s Cross-Border Insolvency Law, and the UNCITRAL Model Law on Cross-Border Insolvency
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Abstract
<jats:title>Abstract</jats:title>
<jats:p>By examining the special features of cross-border insolvency affecting the Belt and Road Initiative (BRI), this article explains that it is crucial for China to ensure that its cross-border insolvency law is fit for the purposes of the BRI. The current law is unsatisfactory, as may be seen in Hanjin Shipping’s decision not to seek recognition of its Korean restructuring proceeding in China. China wants to cooperate more in cross-border insolvency, but it is concerned that recognizing foreign insolvency proceedings will prejudice China’s interests. This article explains that the logic and limits of the United Nations Commission on International Trade Law’s Model Law on Cross-Border Insolvency is enlightened self-interest, which leads to recognition being very limited and distinguished from relief and relief being based on domestic law. Thus, it argues that the adoption of the Model Law will not prejudice China’s interests.</jats:p>
Keywords
Belt and Road Initiative, Comparative Cross-border insolvency law, China’s cross-border insolvency law, UNCITRAL Model Law on Cross-Border Insolvency, Logic and limits of UNCITRAL Model Law on Cross-Border Insolvency
Source Title
The Chinese Journal of Comparative Law
Publisher
Oxford University Press (OUP)
Series/Report No.
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Date
2020-06-01
DOI
10.1093/cjcl/cxaa012
Type
Article