简介：<正>Inthelate1930’sAmericansdevelopedtheirfirstcomprehensivelawofbankruptcyreorganization.Inlargercases,thatlawprovidedfortheappointmentofatrusteeandseizureofcontrolofthebusinessfromthebusiness’spriorcontrolgroup.In1978,thatwasallchanged;theprototypeintheUnitedStatesnowleavesthe"debtorinpossession"chargedwithoperatingthebusinessforthebenefitofthebusiness’screditors.Inthisandmanyotherways,America’slawdifferssubstantiallyfromChina’srelatively-newbankruptcylaw.ThisarticlebrieflylooksatsomeofthestrongerdifferencesbetweenthetwosystemsandgivessomebackgroundtohowandwhytheAmericansystemevolvedfromtheoldermodeltothenewerone.WhilewemighteasilyidentifymanyfundamentaldifferencesbetweentheAmericanandChinesesystems,drawingnormativepolicyrecommendationsfromthosedifferencesisamuchmorechallengingtask.Onemight,ofcourse,betemptedtodosoanyway.Butthedifferingcultural,legal,andeconomiccontextswithinwhichbankruptcyreorganizationexistssuggeststhatonesotemptedshouldproceedverycautiouslyand,perhaps,withanextrameasureofmodestyaswell.