China passes bankruptcy law, effective June 2007 – Reuters

From Reuters:

China’s parliament adopted a long-awaited corporate bankruptcy law on Sunday, aiming to protect both creditors and workers of bankrupt enterprises, Xinhua news agency reported.

The bankruptcy law, which will come into effect on June 1, 2007, has taken 12 years to make its way through the legislative process in the National People’s Congress (NPC). [Full Text]

See also Creditors come first in bankruptcy law by Zhang Liuhao and China’s legislature adopts corporate bankruptcy law by Xinhua.