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Historical Evolution and Modern Trend of Bankruptcy Legal System Reform

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DOI: 10.23977/law.2023.021204 | Downloads: 1 | Views: 426

Author(s)

Yanlan Gao 1

Affiliation(s)

1 Guangdong Mingsi Law Firm (Fang&Fang Law Firm), Guangzhou, 510630, China

Corresponding Author

Yanlan Gao

ABSTRACT

This paper examines the historical progression and contemporary trends of bankruptcy legal system reforms in China. Since the era of reform and opening up, with the inception and growth of the market economic system, instances of bankruptcy have risen, drawing increasing attention to the need for reform in the bankruptcy legal system. The history reveals that China's bankruptcy legal framework has evolved from its initial stages to its current detailed form. While the present bankruptcy legal system has achieved certain milestones, challenges like poor execution and an incomplete framework persist. To better support the growth of the socialist market economy, further reforms in the bankruptcy legal system are imperative to enhance its efficacy. Contemporary trends indicate that the upcoming reforms will lean towards increased market orientation, adherence to the rule of law, and internationalization. Efforts will be channeled into refining the bankruptcy legal system, fortifying the safeguarding of the legitimate rights of debtors and creditors, and fostering the robust and systematic growth of the market economy.

KEYWORDS

Bankruptcy legal system; Reform; Historical evolution; Globalization; Modern trend

CITE THIS PAPER

Yanlan Gao, Historical Evolution and Modern Trend of Bankruptcy Legal System Reform. Science of Law Journal (2023) Vol. 2: 27-32. DOI: http://dx.doi.org/DOI: 10.23977/law.2023.021204.

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