On May 7, 2019, the 23rd Corporate Legal Risk Forum, hosted by the China Enterprise Legal Risk Management Research Center of Peking University, was successfully held in the 405 classrooms of Peking University Second Teaching. The keynote speaker of this forum is the member of the Judicial Committee of the Higher People's Court of Guangxi Zhuang Autonomous Region and the second court of the Civil Trial, Jiang Tairen. Mr. Zhou Jiakai, Vice President of the Executive Yuan of the Higher People's Court of Guangxi Zhuang Autonomous Region, Li Na, the second chamber of the Civil Trial of the Higher People's Court of Guangxi Zhuang Autonomous Region, and Prof. Jiang Hui, Party Secretary of the Law School of Guangxi University for Nationalities. Prof. Jiang Daxing from Peking University Law School presided over the forum. Nearly 100 undergraduate, master and doctoral students from Peking University Law School listened.

The title of Judge Jiang Tairen’s speech is “The Spirit and Standards of the Bankruptcy Law—from the “Impression of Liu Sanjie’s Bankruptcy Case”, which is divided into three parts: What is bankruptcy, the spirit of the bankruptcy law, and guidelines. He introduced that the bankruptcy cases in Guangxi Zhuang Autonomous Region have grown rapidly and have a great influence. Nine typical cases, such as the bankruptcy reorganization of Guangxi Nonferrous Metals Group Co., Ltd. and related companies, reveal various problems that may be involved in bankruptcy trials. Further extract the spirit and principles of the bankruptcy law. The spirit of the bankruptcy law lies first and foremost in protection, which is manifested in the aspects of multiple and small liquidation, the application of automatic freezing procedures, the stabilization of employment of employees, and the discharge of the obligations of secured creditors. In addition, the spirit of the bankruptcy law also includes rebirth and people's livelihood. The criteria for the bankruptcy law are firstly to use fairness as the lifeline for fair settlement of all creditors; secondly, to use efficiency as the core value, to avoid delays in causing losses to investors; and the third requirement is backed by government and court cooperation, the parties involved to form an integration..

Judge Zhou Jiakai pointed out that the common spirit of the company law and the bankruptcy law is reflected in the protection of the legitimate rights and interests of creditors in distressed enterprises. The intersection is the convergence of some procedures and systems in the event of a stalemate in the company and difficulties in operation. In addition, it involves the cancellation procedures of enterprises. Finally, Judge Zhou Jiakai concluded that the experience of bankruptcy trials is focused on negotiation.

Judge Li Na summarized the bankruptcy trial experience from the aspects of team, professional, coordination and institutional guarantee. The team includes a team of judges and a team of managers. Professionalism is reflected in the requirements of the various departmental laws. Coordination refers to comprehensive coordination capabilities. Institutional guarantees are reflected in scientific incentives.

Prof. Jiang Hui summed up the handling of bankruptcy cases with feelings, dedication, professionalism, skills and political awareness. The team is the foundation, the profession is the promotion, the coordination is the core, the system guarantee is the key, and the cooperation between the government and the court is the guarantee. And predicting that in the next decade, bankruptcy cases will become mainstream, allowing companies to be born again.

During the question and answer session, the guests patiently answered the questions of the students. At the end of the forum, Prof. Jiang Daxing once again sincerely thanked the four guests. He pointed out that bankruptcy involves legal technology, negotiation and finance, and it requires a comprehensive application of departmental law knowledge. Under the background of more and more subdivided laws, the comprehensive trend of bankruptcy law is obvious, so it is more difficult. Although the number of people engaged in bankruptcy practice has gradually increased, the bankruptcy law is still weak in college education. Finally, Prof. Jiang Daxing presented a certificate of appreciation to the guests and took a group photo.

Translated by: He Jinghan

Edited by: Rosie