On 27 March 2019, the Supreme People’s Court (the “SPC”) published its Interpretation on Several Issues Concerning the Application of the Enterprise Bankruptcy Law of the People's Republic of China (III) (the “Bankruptcy Law Interpretation III”) which became effective on 28 March 2019. The Bankruptcy Law Interpretation III clarified certain aspects of the PRC Enterprise Bankruptcy Law, with the ultimate goal of improving the business environment in China by strengthening creditors’ right and the rule of law surrounding corporate insolvencies.