Author
Asst Prof Shuai Guo
Organisation/Institution
China University of Political Science and Law (CUPL)
Country
CHINA
Panel
Bankruptcy
Title
Interadaptationism in Insolvency Law: Global South and Global Norms
Abstract
Global insolvency standards, most prominently those developed in western jurisdictions, continue to shape global discourse on corporate rescue. Yet these standards often rest on assumptions that diverge substantially from conditions in many parts of the Global South. This article introduces interadaptationism as a theoretical framework for understanding how global norms and domestic practices evolve not through unidirectional transplantation but through dynamic, reciprocal adaptation. Using Asia as a central empirical lens, the article demonstrates that insolvency reform is best conceptualised as an iterative process in which global standards are reinterpreted and reshaped by local institutions, and in which Southern innovations can influence the evolution of global governance. This article examines how leading Asian jurisdictions contend with the structural assumptions embedded in global benchmarks. Across the region, concentrated creditor landscapes, bank-dominated financing systems, limited restructuring-finance markets, and pronounced judicial capacity constraints complicate the application of sophisticated insolvency regimes. At the same time, Asia exhibits a wide spectrum of institutional creativity: hybrid workout systems in Thailand and South Korea; state-coordinated restructurings in China and Malaysia; digitalised insolvency administration in China, India, and Singapore; and incremental, bilateral cross-border cooperation mechanisms between Chinese Mainland and Hong Kong. These developments illustrate that Asian jurisdictions are not passive recipients of global norms. Instead, they adapt innovative models that reflect structural realities, political economy considerations, and broader social and environmental priorities. This article reframes the relationship between global standards and domestic reform as mutually constitutive rather than hierarchical. It argues that meaningful harmonisation requires both (i) the contextual calibration of global benchmarks to diverse economic and institutional environments, and (ii) the recognition of Global South, including Asian, innovations as legitimate contributions to global norm development. Through this approach, this article offers a pathway toward a more inclusive and resilient international insolvency architecture.
Biography
Dr Shuai Guo is an Assistant Professor at the School of International Law, China University of Political Science and Law in Beijing. He holds a doctoral degree from Leiden University in the Netherlands. He published 4 books and over 40 articles in leading national and international journals and edited volumes. He is the Chairperson of INSOL International Early Researcher Academics and an academic member of the International Insolvency Institute. He also sits on the editorial board of International Insolvency Review. He was a visiting scholar at the University of Texas at Austin. He provided consultancy to various international organisations such as the International Institute for the Unification of Private Law (UNIDROIT), United Nations Trade and Development (UNCTAD)/Economic Research Institute for ASEAN and East Asia (ERIA), and United Nations Economic and Social Commission of Asia and Pacific (UN ESCAP). He also serves on the World Bank Business-Ready Project and United Nations Commission on International Trade Law (UNCITRAL) Working Group V (Insolvency). In 2022, he was recognised in the Global Restructuring Review 40 Under 40.
