The Bankruptcy Law, applicable to FIEs and most other companies in China, will come into effect on 1 June 2007.

The Bankruptcy Law sets out a dual test of insolvency: inability to pay debts as they fall due ("cash flow insolvency") and insufficient assets to pay off all debts ("balance sheet insolvency"). Either a debtor or a creditor may apply to the court for reorganization or liquidation of the debtor. Court assistance may also be sought to conciliate.

Introduction This briefing complements our other publications on corporate restructuring and the sale or purchase of distressed assets.  

What are the options for companies in financial difficulty in the PRC?  

Many multinational corporations ("MNCs") are either restructuring or actively considering restructuring their China operations, given the current economic conditions and forecasts. Restructuring efforts often include consolidating legal entities, business units, and operations; closing down operations and factories; and workforce reductions. Implementing such restructuring efforts often raises complicated legal issues, many of which require careful analysis in light of recent legislation and policy considerations.

Consolidating Operations

In Colombia, as in many other countries, closing down or dissolving a business is often more complicated than setting up a new one. Although there is a lot of information related to setting up a company in this country, there is not much guidance on the process of shutting one down. Because things do not always go as planned, it is important for investors to obtain information on corporate dissolution in Colombia.  

Dissolution and Winding Up

Introduction

Short stories

Amendments to the Czech Insolvency Act 2016

(Czech Supreme Court Resolution No. 29 NSCR 31/2013 of30th  April 2015)

The applicant for an appellate review turned to the Supreme Court with the question of whether a secured creditor is entitled to rent obtained during insolvency proceedings from the leasing of mortgaged real estate.

The liquidation of companies in Egypt is governed by the Egyptian Companies Law. No. 159/1981[1], the law governs all the aspects of the companies’ liquidation including the reasons of liquidation, status of the company under liquidation, the appointment of the liquidator, responsibilities of the liquidator and revocation of the liquidator.

The company may be liquidated for the following reasons:

German Insolvency Law

an overview.

A. Bill of the “Law on shielding credit institutions and financial groups against risks and planning their restructuring and winding-up”