Insolvency China’s insolvency regime is still developing. Insolvency remains a particularly sensitive issue in China because there many technically insolvent state-owned enterprises and financial institutions, forcing China to choose between economic inefficiency and mass lay-offs that could disrupt social stability. Commencement of Insolvency Action Both voluntary and involuntary actions are available (instituted by the debtor or a creditor, respectively). An…
Tag: Insolvency
Individual Voluntary Arrangement A Bankruptcy Alternative
Many factors could have caused a person to be overwhelmed by huge debts, debts that accumulated and became impossibly hard to pay with the current income. This hopeless financial situation could lead people to take bankruptcy as an option. Bankruptcy is one of the solutions a financially distressed individual would contemplate to take. When financial troubles are causing you to…