중국의 파산청산절차 - 중국 진출기업의 무단철수 관련 채무자기업과 채권자에 대한 시사점 試論 -

South Korea and China have developed a close relationship based on successful economic exchange. However, the close economic exchange between China and Korea in today’s rapidly changing economy may pose some problems, especially those Korean enterprises’ sudden evacuations or withdrawals. Considering China’s legal practices of bankruptcy policies and liquidation procedures, such unlawful ad hoc behaviors of Korean firms would create serious legal as well as diplomatic disputes between the two countries. Such a Korean firms’ unauthorized corporate withdrawal would be rooted from not fully understanding the legal implications of Chinese legal system. By virtue, this is matter of bankruptcy liquidation in China’s complicated bankruptcy policies. Nevertheless, the routine and platitude legal liquidation procedures may be the object of criticism. Debt settlement procedures in China are often opposed and blocked by corporate workers, various banks, customers, and other stake-holders and faces often a strong oppositions, even though it is necessary for liquidation procedures to assimilate. Consequently, liquidation procedures become stalled and companies are not able to acquire adequate legal protection of their rights in a timely manner. Therefore, the proper response to alleviating the corporate bankruptcy and withdrawal issue in China is to accurately assess the relationships between creditors and debtors, in addition to responding appropriately. This paper examines the overall China’s bankruptcy system and specifically, the relationship and mutual interests between debtors and its creditors, including information about liquidation procedures and how they affect overall credit/debt levels. In Korea, for example, all related parties,such as creditors, debtors, and legal representatives have a stake in corporate bankruptcy issues once a company has declared bankruptcy. There is outstanding similarity in this system between the two countries. In China, however, the bankruptcy liquidation law strongly emphasizes the protection of the labors’ rights. Having more comprehensive appreciation over China’s bankruptcy laws is critical for bankrupt firms to respond in a timely manner and understand how their credit levels change during the liquidation process. In addition, this not only helps the national economy, but can also aid the positions of various Korea’s corporate creditors and China’s debt holders as well.