A comparative study of bankruptcy administrator system in Enterprise Bankruptcy Law between China and the U.S.

Abstract

The purpose of this study is to come up with practical suggestions of establishing an efficient bankruptcy administrator system in China through comparing and analyzing the bankruptcy administrator system within Enterprise Bankruptcy Law of China and Bankruptcy codes of the U.S. The study makes comparative study of the bankruptcy administrator system of China and the U.S. from the perspectives of social nature, history of development, socioeconomic condition, legislation, and judicial practice experience. The results show that China can draw lessons from the U.S. bankruptcy administrator system in mainly two aspects, enriching the types of bankruptcy administrators and enhancing the autonomy and initiative of stakeholders in the appointment stage, as well as distinguish the judicial and administrative responsibilities of the court in bankruptcy cases. These results provide feasible suggestions for China to construct a modern, market-oriented and legalized bankruptcy administrator system under the new background of the times and social-economic conditions.