Womble Bond Dickinson Partners Carol Lee and Ed Schnitzer presented at a webinar organized by the China Council for the Promotion of International Trade (CCPIT), one of China’s leading trade promotion organizations, on April 15 (Beijing time), attended by thousands of enterprise participants across China.

During the webinar, Lee and Schnitzer discussed how U.S. bankruptcy law balances restructuring options for distressed companies with protections for creditors. They compared Chapter 11 reorganizations—where companies continue operating under court oversight—with Chapter 7 liquidations, in which operations cease and a trustee liquidates assets. The presentation also covered core bankruptcy concepts, including the automatic stay, assumption and rejection of contracts, disclosure statements, plans, and priority rules, as well as practical steps vendors can take to protect their interests.