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This article examines how corporate insolvencies in China, the second largest economy, are handled under the current legislation, the China Enterprise Bankruptcy Law of 2006. Relying on the fresh empirical data arising from the first ten years on the use of China's three insolvency procedures, reorganization, composition and liquidation, this article reveals the huge gap between the law in the books and the law in action, arguing that the implementation of this law in China perhaps has not achieved the legislative objectives. The constitutional and institutional weaknesses affecting the application of this law are analyzed

The European banking union has so far lacked its third pillar: a joint insurance fund for bank savings deposits. As the present study shows, this could be a major disadvantage in dealing with the economic impact of the corona pandemic. A scenario in which a wave of corporate insolvencies leads to loan and deposit losses reaching six percent over a year would over- whelm Germany's national deposit insurance scheme. Even if the government were to step in and guarantee all deposits, a European deposit insurance scheme (EDIS) would be by far the better option. With EDIS in place, private consumption would fall by 20 percent less and lending by around ten percent less than if the government were to initiate a bailout, which would also significantly increase public debt. From a German perspective, a swift introduction of EDIS would greatly increase risk-sharing. However, it is important to develop an efficient EDIS funding mechanism in order to minimize the burden on banks. Precautions should also be taken to prevent banks from taking greater risks as a result of EDIS being implemented.

The European banking union has so far lacked its third pillar: a joint insurance fund for bank savings deposits. As the present study shows, this could be a major disadvantage in dealing with the economic impact of the corona pandemic. A scenario in which a wave of corporate insolvencies leads to loan and deposit losses reaching six percent over a year would over- whelm Germany's national deposit insurance scheme. Even if the government were to step in and guarantee all deposits, a European deposit insurance scheme (EDIS) would be by far the better option. With EDIS in place, private consumption would fall by 20 percent less and lending by around ten percent less than if the government were to initiate a bailout, which would also significantly increase public debt. From a German perspective, a swift introduction of EDIS would greatly increase risk-sharing. However, it is important to develop an efficient EDIS funding mechanism in order to minimize the burden on banks. Precautions should also be taken to prevent banks from taking greater risks as a result of EDIS being implemented.

Full-text available at SSRN. See link in this record. ; Theoretical debates about the nature of the corporation have raged for over a century, with competing visions of the corporation holding sway in different regulatory arenas and each making claims for normative supremacy. Yet courts and commentators alike have persistently failed to consider the application of these concepts to corporate groups. Beginning from theories of the firm, this Article extends the standard understandings of corporate personhood to develop alternative theories of corporate group identity. It then illustrates the utility of these approaches in different areas of law and policy through the lens of the Supreme Court's rulings in Citizens United, decided in January 2010, and Janus Capital Group Inc. v. First Derivative Traders, decided in June 2011, as well as leading appellate cases decided in the past year that examine the issue under international law. Acknowledging the complexity of corporations as organizations and the need for contextualized analysis, this Article then proposes a framework for identifying which theoretical perspective offers the best foundation in different areas of the law where alternative visions of the corporate group may lead courts and legislators to different legal rules and case outcomes.