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China

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Introduction The bankruptcy regime was a major milestone for China. For the first time in its history, China now has a unified and comprehensive bankruptcy system covering all types of enterprises, including foreign investment vehicles and state-owned enterprises. Similar to many jurisdictions, the bankruptcy regime uses key concepts such as: Voluntary and involuntary bankruptcy; An independent administrator; Involvement of creditors in the administration of the bankruptcy; Restructuring and settlement; Extraterritoriality, allowing property outside China and certain foreign proceedings to…