Study on Judicial Practice and Remedy System of Cross-Border Insolvency Law in China —— Based on the Observation of Insolvency Cooperation Mechanism Between the Chinese Mainland and Hong Kong

Abstract

The cross-border insolvency system is of great importance to the current economic and political state of affairs. The Chinese mainland's cross-border insolvency cooperation system has undergone a transformation from territorial protectionism to modified universalism, and the operationalization of universalism has been further enhanced according to the needs of practice. The COMI system in cross-border insolvency should further draw on the useful experience of foreign countries, and better perform its function by increasing the criteria that can be recognized by a third group and clarifying the idea of determining the COMI under the vie corporate structure. The relief rules of cross-border insolvency should draw on the international mainstream master-subsidiary and master-slave models to avoid the waste of judicial resources in parallel proceedings, and at the same time improve the rules of provisional relief to further maximize the use of the value of insolvency estates. The recognition system of cross-border insolvency should follow the trend of softening the principle of reciprocity as well as clearly defining the public policy exceptions and clarifying the relationship between the recognition and relief systems to enhance the feasibility of the recognition system.