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Comparative Study on Bankruptcy Laws of Multinational Corporations from the Perspective of Globalization

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DOI: 10.23977/law.2023.021211 | Downloads: 6 | Views: 359

Author(s)

Yanlan Gao 1

Affiliation(s)

1 Guangdong Mingsi Law Firm (Fang&Fang Law Firm), Guangzhou, 510630, China

Corresponding Author

Yanlan Gao

ABSTRACT

The continuous development of globalization in the global business environment has led multinational companies to do business in many countries, which has brought new challenges and opportunities to the bankruptcy law of multinational companies. First of all, globalization has increased the diversity of legal systems, leading to different bankruptcy laws and procedures in different countries. Diversity increases the complexity of bankruptcy procedures, and multinational companies must deal with the provisions of multiple legal systems at the same time, which is a complex task for legal professionals and enterprises. Secondly, the bankruptcy of multinational corporations involves multinational debts and creditors. Therefore, how to balance the rights and interests of creditors in different countries has become a key issue. International cooperation and coordination have become crucial to ensure fair treatment of the rights and interests of all parties. Finally, regulations may need to be adjusted according to the trend of globalization. Laws and regulations should be more flexible to adapt to the rapidly changing international business environment while protecting the rights and interests of all parties. In the future, more international cooperation mechanisms need to be established to better handle the bankruptcy cases of multinational companies. This may include the agreement of the International Court of Justice, the international creditor committee and the formulation of common legal standards to promote coordination and cooperation among legal systems.

KEYWORDS

Globalization; Bankruptcy Laws; Multinational Corporations

CITE THIS PAPER

Yanlan Gao, Comparative Study on Bankruptcy Laws of Multinational Corporations from the Perspective of Globalization. Science of Law Journal (2023) Vol. 2: 82-87. DOI: http://dx.doi.org/DOI: 10.23977/law.2023.021211.

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