International Judicial Cooperation in Cross-Border Bankruptcy

In the context of the cyclical adjustment of the global economy and the optimization and upgrading of industries, cross-border bankruptcy has become a new norm in cross-border economic activities, and cross-border bankruptcy cases are increasing day by day. It is inevitable to seek judicial cooperation on cross-border bankruptcy. It is obviously an unwise approach to reject foreign bankruptcy proceedings without considering the extraterritorial effect of bankruptcy, and it will also hinder international economic and trade cooperation. The main purpose of cross-border bankruptcy judicial cooperation is to protect the legitimate rights of all parties better, avoid overlapping and conflicts between cross-border bankruptcy procedures, provide timely and effective judicial remedies, and maximize the value of bankruptcy property as much as possible. However, how to facilitate the promotion of international economic exchanges and seek a balance between protecting the interests of domestic creditors and cross-border bankruptcy judicial cooperation is a practical problem faced by the bankruptcy legal system and judicial practice of various countries.