ABSTRACT
This chapter attempts to find a balanced way between the Model Law and the Regulation and tailors them to China's context. It provides 10 Recommendations to China's Inter-regional Cross-border Insolvency Arrangement (CICIA). The chapter explains the reasons for choosing a coordinated approach based on cooperation and communication between the courts and insolvency practitioners. In China, financial institutions are governed by different specialized rules, depending on the types of activities they perform. The main duty of the independent intermediaries is to maintain the connection with its counterpart and devise a practical means of conducting communication between the courts concerned. The chapter establishes a functional dispute settlement mechanism, which is also built upon interregional court-to-court cooperation and communication. It provides the guiding principle of CICIA. The chapter also provides rules concerning recognition and reliefs. It develops a functional dispute settlement mechanism under CICIA.
