Analysis of the World Bank's New Index of"Business Insolvency"and China's Legal Response
The index of"Business Insolvency"in the new Business Environment Evaluation Project B-READY carried out by the World Bank is more comprehensive in value objectives and index content and more perfect in evaluation method than the index of"Resolving Insolvency"in the old evaluation project DB.Through the analysis of"Business Insolvency"questionnaire,it can be predicted that China has many lost points under the new index system,and corresponding reform measures should be taken to make up for the points lost.Under the guidance of the new indicator system of"Business Insolvency",China should clearly stipulate the obligations of directors and senior managers during the period when the company is approaching insolvency,improve the provisions on the automatic stay of proceedings and its exception,establish and improve the bankruptcy procedure for small and micro enterprises,perfect the cross-border bankruptcy system,promote inter-regional,inter-system and inter-departmental information systems in the field of insolvency and make information related to insolvency proceedings public,and further improve the efficiency of insolvency proceedings.In order to effectively optimize the business environment and promote the market-oriented and law-based implementation of the bankruptcy law,China should not be satisfied with the score under the index system,but should continue to promote a more comprehensive and in-depth reform of the bankruptcy rule of law.
World Bank evaluationbusiness environmentbusiness insolvencybankruptcy liquidationbankruptcy reorganization
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