Law 2. In light of the particular nature of the bankruptcy order at issue, the court also applies the special provisions of Article 5, Paragraph 2 of the Enterprise Bankruptcy Law 3, conducting its review in accordance with the rule of " treaty primacy, with the principle of reciprocity applying in the absence of a treaty." Given that no
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Article 298 of the Civil Procedure Law of the People ' s Republic of China: Where a legally effective judgment or ruling rendered by a foreign court requires recognition and enforcement by a people ' s court, a party may directly apply to the competent intermediate people ' s court for recognition and enforcement, or the foreign court may request the people ' s court to recognize and enforce such judgment or ruling in accordance with the provisions of an international treaty concluded or acceded to by both the foreign state and the People ' s Republic of China, or on the basis of the principle of reciprocity. Article 299: Where a people ' s court, upon reviewing a legally effective judgment or ruling rendered by a foreign court for which recognition and enforcement has been applied or requested— pursuant to an international treaty concluded or acceded to by the People ' s Republic of China, or on the basis of the principle of reciprocity— determines that such judgment or ruling does not violate the basic principles of the law of the People ' s Republic of China and does not prejudice State sovereignty, national security, or social public interests, the court shall render a ruling recognizing its legal effect; where enforcement is required, an order of enforcement shall be issued and execution shall proceed in accordance with the relevant provisions of this Law.
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Article 5, Paragraph 2 of the Enterprise Bankruptcy Law of the People ' s Republic of China: Where a legally effective judgment or ruling rendered by a foreign court in a bankruptcy case involves the debtor ' s property located within the territory of the People ' s Republic of China, and an application or request is made to a people ' s court for recognition and enforcement, the people ' s court shall conduct a review in accordance with international treaties concluded or acceded to by the People ' s Republic of China, or on the basis of the principle of reciprocity. Where the people ' s court determines that such recognition and enforcement does not violate the basic principles of the laws of the People ' s Republic of China, does not impair state sovereignty, security, or the public interest of society, and does not prejudice the lawful rights and interests of creditors within the territory of the People ' s Republic of China, it shall render a ruling granting recognition and enforcement. bilateral or multilateral international treaty on cross-border insolvency exists between China and the BVI, thus the reciprocity approach shall apply. The court ' s review focuses on four core requirements:
A. Whether the BVI Commercial Court Has Jurisdiction over the Insolvency Proceedings of Company B
The court held that Company B, as the subject of the proceedings, was incorporated in the British Virgin Islands, with its principal place of business and other relevant connections likewise situated in the BVI. As the court of the jurisdiction in which the debtor ' s centre of main interests is located, the BVI court possesses lawful jurisdiction over the winding-up of the company. Accordingly, the jurisdictional basis upon which the BVI Commercial Court issued the insolvency order in question is legitimate and valid, and this requirement is satisfied for the purposes of recognition.
B. Whether the Bankruptcy Order Issued by the BVI Commercial Court Constitutes a Legally Effective Judicial Instrument
Based on the established facts, the bankruptcy order issued by the BVI court in the present case constitutes a judicial instrument under the local Civil Procedure Rules, being an order of a procedural nature that takes legal effect and becomes enforceable immediately upon issuance. It therefore falls within the scope of " legally effective judgments and rulings rendered by foreign courts " as provided under Article 5, Paragraph 2 of the Enterprise Bankruptcy Law of the People ' s Republic of China. This element likewise satisfies the requisite examination.
C. Whether there are any international treaties jointly concluded or acceded to by China and the BVI, or whether there are de facto or de jure reciprocal relationships
There are no international treaties or bilateral mutual legal assistance agreements jointly concluded or acceded to by China and the BVI in the field of cross-border insolvency; therecontinued on page 54
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