Helping private enterprises to relief difficulties and improve quality and efficiency in their business through bankruptcy and restructuring in a legalization and marketization way was stressed at a seminar held at the Supreme People's Court (SPC) on Nov 23.

Representatives and investors from seven private companies including Anxi Tiekuanyin Group and Wenzhou Judger Garment attended the meeting and shared cases of companies becoming prosperous through bankruptcy and reconstructing.

At the meeting, Liu Guixiang, vice-ministerial level full-time member of the SPC's judicial committee, pointed that local courts and insolvency administrators' experience in supporting private enterprises through the mode of bankruptcy and restructuring is worthy of promotion.

The decision to file for bankruptcy and restructuring in accordance with the law is a measure to deal with dilemma of a company and to realize transformation and upgrading. It is also a must to optimize China’s business climate.

Liu required courts at various levels in China to support private enterprises development by innovating judicial mechanisms and making full use of the regulation of bankruptcy and restructuring to resolve companies' debt problems and improve their industrial level.

Also present at the meeting were Bai Lianxiang, head of the law department of the All-China Federation of Industry and Commerce, and judges and insolvency administrators of related cases.