Bankruptcy filing to avoid firms shutting
Print Edition
CHINA should allow more companies to file for bankruptcy protection to avoid closure, the deputy governor of the central bank said yesterday.
As large enterprises make structural adjustment, some of them in sectors like coal mining, machinery, shipbuilding and steel may encounter temporary turbulence, Liu Shiyu, deputy governor of the People’s Bank of China told a forum in Beijing yesterday.
If the companies cannot use the bankruptcy laws to solve their problems effectively, the governments, banks and other companies will be left to carry what may be a messy situation if the companies were to close down, Liu added.
He was referring to risks imposed by the over-capacity industries that may result in business closures amid an economic slowdown.
Liu also said companies and creditors should not expect the government to settle cases of insolvency. He urged them to find their own ways out of the difficulties.
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