China bankruptcy law puts foreign lawyers in charge

Author: | Published: 1 Jul 2007

In a change that will see foreign lawyers take over from public officials, China's new bankruptcy law has come into effect.

Though the law has clear faults, it is being welcomed as affording creditors some much-needed comfort. "There are a lot of holes in it. But they [China's legislators] did a remarkable job," said John Rapisardi, partner in Cadwalader Wickersham & Taft's financial restructuring group in New York.

The new...