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