The Belt and Road Initiative, China’s Cross-Border Insolvency Law and the UNCITRAL Model Law on Cross-Border Insolvency

Chinese Journal of Comparative Law, 2020

22 Pages Posted: 21 May 2020 Last revised: 10 Aug 2020

See all articles by Meng Seng Wee

Meng Seng Wee

National University of Singapore (NUS) - Faculty of Law; National University of Singapore (NUS) - Centre for Law & Business

Date Written: March 8, 2020

Abstract

This article, through examining the special features of cross-border insolvency affecting the Belt and Road (BRI), explains that it is crucial for China to ensure that its cross-border insolvency law is fit for the purposes of the BRI. The current law is unsatisfactory, as may be seen in Hanjin Shipping’s decision not to seek recognition of its Korean restructuring proceeding in China. China wants to co-operate more in cross-border insolvency, but it is concerned that recognising foreign insolvency proceedings will prejudice China’s interests. This article explains that the logic and limits of the UNCITRAL Model Law on Cross-Border Insolvency is enlightened self-interest, which leads to recognition being very limited and distinguished from relief, and relief being based on domestic law. Thus, it argues that adoption of the Model Law will not prejudice China’s interests.

Keywords: Belt and Road Initiative, Comparative Cross-border insolvency law, China’s cross-border insolvency law, UNCITRAL Model Law on Cross-Border Insolvency, Logic and limits of UNCITRAL Model Law on Cross-Border Insolvency

JEL Classification: K22, K33

Suggested Citation

Wee, Meng Seng, The Belt and Road Initiative, China’s Cross-Border Insolvency Law and the UNCITRAL Model Law on Cross-Border Insolvency (March 8, 2020). Chinese Journal of Comparative Law, 2020, Available at SSRN: https://ssrn.com/abstract=3584373

Meng Seng Wee (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

National University of Singapore (NUS) - Centre for Law & Business ( email )

Eu Tong Sen Building
469G Bukit Timah Road
259776
Singapore

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