Dispute Resolution Beijing/Hong Kong/Shanghai Client Alert PRC Launches Information Website for Bankrupt Enterprises and Sets Up Bankruptcy Courts Recent developments The People’s Republic of China (“PRC”) recently launched two initiatives in relation to enterprise bankruptcies. On 1 August 2016, the Supreme People’s Court (the “SPC”) launched the Information Website for National Bankrupt Enterprises Recombinational Cases (the “Website”).

An insolvent enterprise incorporated in Mainland China (“PRC”) or its creditors (“Applicant”) may institute a bankruptcy proceeding against the insolvent enterprise under the PRC Enterprise Bankruptcy Law (“Bankruptcy Law”) by the filing of a bankruptcy petition. There have long been complaints by industry practitioners that PRC courts are reluctant to register bankruptcy petitions.

任何在中国内地（“”）注册成立的企业，如不能清偿到期债务，并且资产不足以清偿全部债务或者明显缺乏清偿能力的，可由该企业或其债权人（“”）提交破产申请，继而根据《中华人民共和国企业破产法》（“《破产法》”）对该企业发起破产法律程序。但是，长期以来，备受业内人士诟病的是，中国法院迟迟未对破产申请实施立案登记制度。在此背景下，最高人民法院（“”）于2016年7月颁布指导通知[1]（“《2016年最高院通知》”），旨在简化和规范登记破产案件的立案受理工作。

最高院通知：优化立案程序

Preferred maritime liens can raise challenging issues during maritime disputes—especially during bankruptcy. Creditors may encounter problems when filing for seizure due to their unique nature, with venue is becoming a determining factor.

We are seeing attempts by the Chinese Government to provide the market with more sophisticated tools for dealing with unprofitable companies.

China is attempting to align its insolvency regime to international standards and introduce additional tools for dealing with the country's rising debt load.

Australian lenders with exposures to these debts (particularly in the coal, steel, manufacturing, cement, shipbuilding, solar, heavy machinery, mining and property sectors) should reassess insolvency risk and understand their options.

The People’s Republic of China (“PRC“) recently launched two initiatives in relation to enterprise bankruptcies. These initiatives will provide significant benefits to both applicants and creditors when they seek to exercise their respective rights during the enterprise bankruptcy process.

China Tax Monthly – 2015 Midyear Review Beijing/Hong Kong/Shanghai In this midyear issue of the China Tax Monthly, we present the most interesting and most important regulatory changes and administrative cases from the first six months of 2015. Two major trends are worthy of note. First, the PRC tax authorities are continuing to strengthen transfer pricing enforcement and anti-avoidance practice. Second, though cross-border restructurings still face challenges, China offered various preferential tax policies to domestic corporate restructurings during the first half of the year.

In 2009, to promote corporate restructuring, the MoF and the SAT jointly released Circular Caishui [2009] No. 59 to  grant tax deferral treatment to qualified corporate restructuring transactions (recently modified by Circular 109, mentioned above, which expanded its scope).

In 2010, the SAT released Announcement [2010] No. 4, providing procedural guidelines to benefit from the tax deferral treatment.

破产隔离机制是资产证券化运作的枢纽，而真实出售又是破产隔离机制的核心。 作为结构性融资的资产证券化制度，其主要的特质在于发起人与特殊目的载体（以下 简称“SPV”）之间的风险隔离，亦即发起人通过风险隔离方式将基础资产信用风险 和收益转移给 SPV。

我国自 2005 年正式引进资产证券化制度，并分别以信贷资产证券化和企业资产 证券化进行试点。然而，从我国现有的资产证券化案例来看，除了信贷资产支持证券 中的优先级产品属于“真实出售型”以外，其他基于信托计划和资产支持专项计划 （以下简称“专项计划”）的企业资产证券化产品究其实质都属于“担保融资型”， 并未达到真实销售的目的。

首先，就企业资产证券化的结构来看，证券公司或基金管理公司子公司依据《证 券公司及基金管理公司子公司资产证券化业务管理规定》（以下简称“管理规定”）， 设立资产支持专项计划。由于“专项计划”仅为证券公司或基金管理公司子公司的一 个客户理财项目，并不具备独立的法律主体资格，因此，其无法作为基础资产受让人 而以自身名义受让基础资产。

其次，由于受分业经营限制，根据证监会的法规框架，证券公司或基金管理公司 子公司设立的专项计划仅仅借用了特殊目的载体的概念来推广资产证券化业务，实践 中通过引入信托机制以解决资产的真实出售与破产隔离问题也存在很多待解决的法律 问题。

General introduction to trust margin trading