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China: Supreme People’s Court COVID-19 insolvency guidance on bankruptcy proceedings, creditor protections, execution-to-bankruptcy conversion, and extended reorganisation periods

Published on: 08 June 2020

Published by a LexisNexis Restructuring & Insolvency expert

Legal News

Article summary

Introduction

At the start of 2020, the spread of coronavirus visibly harmed virtually every part of society in China. Countless enterprises confronted severe cash flow pressures while struggling to endure through these difficult months. In response to the epidemic, China’s policy‑making machinery worked intensively to roll out a range of essential measures intended to restart the economy. In particular, the Supreme People’s Court of the People’s Republic of China, the principal authority shaping bankruptcy policy, issued at least two significant guidelines on the judicial hearing of civil cases linked to the coronavirus outbreak. The first, dated 20 April 2020, centred chiefly on adjudicating disputes concerning enforcement of contract, employment relations, and consumer protection in the production of medical goods. The second, released on 19 May 2020, placed strong emphasis on hearings about the enforcement of contract and, moreover, on the enforcement and implementation of financial support policy to control coronavirus. In addition, a slight recalibration of bankruptcy hearing policy was introduced. This judicial guidance came into force immediately upon publication. The structure of this judicial...

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