On August 21, the Legislative Affairs Committee of the Standing Committee of the National People's Congress held a press conference. Spokesman Huang Haihua introduced the legislative work and answered questions from reporters. Huang Haihua said that on the basis of the restructuring system stipulated in the current law, the draft revision of the enterprise bankruptcy law summarizes practical experience and draws on the beneficial experiences of other countries. It has mainly been improved in the following areas, including clarifying the temporary protection system to ensure the smooth running of bankruptcy procedures, including restructuring procedures; improving the restructuring application system, making it clear that creditors, debtors and other relevant parties can either directly apply for restructuring or file a restructuring application before declaring bankruptcy; and stipulates a hearing system for people's courts when reviewing restructuring applications; strengthening disclosure of restructuring information and requiring debtors or managers to promptly handle relevant matters A person discloses the information necessary to participate in the restructuring process, and the disclosure of the information shall be true, accurate, complete, etc.

On August 21, the Legislative Affairs Committee of the Standing Committee of the National People's Congress held a press conference. Spokesman Huang Haihua introduced the legislative work and answered questions from reporters. Huang Haihua said that on the basis of the restructuring system stipulated in the current law, the draft revision of the enterprise bankruptcy law summarizes practical experience and draws on the beneficial experiences of other countries. It has mainly been improved in the following areas, including clarifying the temporary protection system to ensure the smooth running of bankruptcy procedures, including restructuring procedures; improving the restructuring application system, making it clear that creditors, debtors and other relevant parties can either directly apply for restructuring or file a restructuring application before declaring bankruptcy; and stipulates a hearing system for people's courts when reviewing restructuring applications; strengthening disclosure of restructuring information and requiring debtors or managers to promptly handle relevant matters A person discloses the information necessary to participate in the restructuring process, and the disclosure of the information shall be true, accurate, complete, etc.