Insolvency Law on ExcellentWiki - Legal Encyclopedia

Chinese Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of Chinese Insolvency Law

The Enterprise Bankruptcy Law of the People’s Republic of China (the EBL) was adopted on 27 August 2006 and took effect on 1 June 2007, replacing the experimental Bankruptcy Law of 1986 (which applied only to state-owned enterprises). The EBL applies to all legal persons — including companies limited by shares, limited liability companies, and state-owned enterprises (SOEs) — but does not extend to individuals (natural persons) or to partnerships and sole proprietorships, which are subject to separate liquidation procedures. The EBL is supplemented by a series of judicial interpretations issued by the Supreme People’s Court (SPC), which provide detailed procedural guidance and have been essential in shaping the law’s practical application.

EU Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of EU Insolvency Law

EU insolvency law operates as a supranational regulatory framework that coordinates and harmonizes the insolvency regimes of Member States, rather than constituting a single substantive insolvency code. The two principal instruments are the Recast Insolvency Regulation — Regulation (EU) 2015/848 (the EIR Recast) — which governs cross-border insolvency proceedings within the Union, and Directive (EU) 2019/1023 on preventive restructuring frameworks (the Preventive Restructuring Directive), which mandates minimum substantive standards for pre-insolvency restructuring across Member States. These instruments are supplemented by Regulation (EU) 2021/2260 (amending the EIR Recast) and various implementing acts concerning insolvency databases and the interconnection of national registers.

French Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of French Insolvency Law

French insolvency law is codified in Book VI of the Code de commerce (Articles L.610-1 through L.670-8), supplemented by the Code de procédure civile and the Code du travail. The regime was substantially reformed by Ordinance No. 2021-1193 of 15 September 2021, which transposed EU Directive 2019/1023 (the Preventive Restructuring Directive) and introduced the procédure de restructuration. French law is distinctive for its pronounced preventive orientation: the system provides a graduated continuum of procedures, from consensual out-of-court negotiation to formal judicial liquidation, designed to detect and address financial difficulty at the earliest possible stage.

German Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of German Insolvency Law

German insolvency law is codified principally in the Insolvenzordnung (InsO), which entered into force on 1 January 1999, replacing the former Konkursordnung and Vergleichsordnung. The InsO has undergone substantial amendment, most notably through the Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen (ESUG) of 2012, which strengthened the debtor-in-possession regime and facilitated restructuring, and the Unternehmensstabilisierungs- und -restrukturierungsgesetz (StaRUG) of 2021, which introduced a pre-insolvency preventive restructuring framework transposing EU Directive 2019/1023. Insolvency proceedings are conducted before specialized chambers of the Amtsgericht (local court) where the debtor has its centre of main interests.

Russian Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of Russian Insolvency Law

Russian insolvency law is governed primarily by Federal Law No. 127-FZ “On Insolvency (Bankruptcy)” of 26 October 2002 (the Bankruptcy Law), which has been amended extensively — over seventy times — since its enactment. The law applies to legal entities, individual entrepreneurs, and — since 2015 — to individuals not registered as entrepreneurs. The Bankruptcy Law is supplemented by the Arbitrazh Procedure Code of the Russian Federation (Chapter 28) and various resolutions of the Plenum of the Supreme Court of the Russian Federation, which provide authoritative interpretive guidance. Bankruptcy cases fall within the exclusive jurisdiction of the arbitrazh courts — a specialized court system for economic disputes — with the Verkhovny Sud (Supreme Court) serving as the highest appellate instance.

UK Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of UK Insolvency Law

UK insolvency law is principally codified in the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016, supplemented by the Company Directors Disqualification Act 1986 and the comparatively recent Corporate Insolvency and Governance Act 2020 (CIGA 2020). The regime distinguishes between corporate and personal insolvency, each with distinct procedural frameworks, though both are administered by licensed insolvency practitioners (IPs) who serve as officers of the court and owe fiduciary duties to creditors.

US Insolvency Law

Mon, 06 Jul 2026 00:00:00 +0000

Overview of US Insolvency Law

US insolvency law is governed principally by the Bankruptcy Code, codified at Title 11 of the United States Code (11 USC). Enacted in 1978 and substantially amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the Code establishes a comprehensive federal framework for the adjustment of debts of individuals, corporations, and other entities. Bankruptcy jurisdiction vests exclusively in the United States district courts, though core proceedings are typically referred to the bankruptcy courts as units of the district courts.