Core Viewpoint - The revision of the Enterprise Bankruptcy Law, after 18 years, aims to address practical challenges and enhance the legal framework for bankruptcy, reflecting modern bankruptcy law concepts and responding to market needs [2][4][6]. Group 1: Key Features of the Revision - The revision adds and modifies over 160 provisions, expanding the law from 136 to 216 articles, and introduces new chapters on financial institution bankruptcy and simplified procedures for small and micro enterprises [6][10]. - It emphasizes the importance of bankruptcy law as a fundamental tool for market exit and risk management, aiming to optimize the business environment and deepen supply-side structural reforms [6][8]. - The revision addresses issues such as low willingness to use bankruptcy procedures, difficulties in execution, and the need for better protection of creditor rights [6][8]. Group 2: Addressing Practical Challenges - The current law has limitations, including a narrow scope of application, inadequate management systems, and a lack of simplified bankruptcy procedures for small enterprises [4][5]. - The revision introduces a special chapter for financial institutions, recognizing their unique characteristics and establishing differentiated arrangements for their bankruptcy processes [10][11]. - It aims to improve the efficiency of bankruptcy procedures and provide a "green channel" for small and micro enterprises, allowing for quicker resolutions and reduced costs [15][16]. Group 3: Enhancements to Management and Protection Mechanisms - The revision strengthens the role of bankruptcy administrators, clarifying their responsibilities and enhancing oversight to protect creditor interests [20][21]. - A proposed bankruptcy guarantee fund aims to address the issue of "no assets to liquidate" cases, ensuring that bankruptcy procedures can proceed smoothly [21]. - New temporary measures are introduced to prevent "debt evasion" during the period between the bankruptcy application and court acceptance, enhancing asset protection [22][23]. Group 4: Future Directions and Legal Framework - The revision allows for the potential introduction of personal bankruptcy legislation based on pilot experiences, reflecting a cautious approach to expanding bankruptcy protections [8][12]. - It emphasizes the need for coordination between bankruptcy law and other financial regulations to create a comprehensive legal framework for financial risk management [12][13]. - The revision seeks to balance the interests of creditors and debtors, ensuring fair treatment while promoting efficient market exits for struggling enterprises [18][24].