When it comes to effectiveness of foreign insolvency proceedings, most countries adopt the modified universal approach, which gives universal effect to domestic bankruptcy and recognition and enforcement of decisions made by foreign courts on certain ...
When it comes to effectiveness of foreign insolvency proceedings, most countries adopt the modified universal approach, which gives universal effect to domestic bankruptcy and recognition and enforcement of decisions made by foreign courts on certain basis. The Enterprise bankruptcy law of People's Republic of China provides Chinas court the conditions for recognition and enforcement of foreign judgments. According to empirical research, the relevant conditions to apply the law are unclear. In the case of Hanjin Shipping, China and South Korea should strengthen cooperation between courts to find a relatively perfect solution.