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| China's Legislature Adopts Corporate Bankruptcy Law |
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China's top legislature, the Standing Committee of the National People's Congress, on Sunday adopted corporate bankruptcy law, aiming to protect both creditors and workers of bankrupt enterprises. The law will go into effect on June 1, 2007. The trial enterprise bankruptcy law, which was promulgated in 1986, will be abolished at the same time. (Xinhua News Agency August 27, 2006)
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