Introduction

Mark Williams; Haitian Lu; Chin Aun Ong

doi:10.1017/CBO9780511776960.002

1 - Introduction

Published online by Cambridge University Press: 03 May 2011

Mark Williams ,

Haitian Lu and

Chin Aun Ong

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Mark Williams: Affiliation:
Hong Kong Polytechnic University
Haitian Lu: Affiliation:
Hong Kong Polytechnic University
Chin Aun Ong: Affiliation:
Hong Kong Polytechnic University

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Summary

Over many years, commentators have observed that the law governing credit security over personal property in common law jurisdictions (such as Australia, England, Malaysia and Singapore) is generally complex, cumbersome and inadequate, and have called for radical reform of the law. The same is true of the Hong Kong Special Administrative Region (‘Hong Kong’). Being a former British colony, Hong Kong's legal system has a common origin with and exhibits similar features to these jurisdictions. However, the Hong Kong Law Reform Commission has yet to turn its attention to this topic and call for a comprehensive review of the existing structure of credit security law affecting personal property.

China's legal system largely follows the continental civilian model and has not yet enacted a comprehensive civil code despite almost thirty years of transition from a classical socialist model to one that more closely resembles capitalism. Although the influence of common law systems has become more noticeable in Chinese law in recent years, the fundamental concepts and principles of Chinese civil law originate from the German paradigm.s Intensive legislative effort in the last twenty years has begun to create a unified and systematic legal framework. However, its credit security legal framework over personal property has been generally recognised as being both inadequate and ineffective. Despite this state of affairs, no comprehensive review of the credit security legal framework has been undertaken in China.

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Type: Chapter
Information: Secured Finance Law in China and Hong Kong , pp. 1 - 35

DOI: https://doi.org/10.1017/CBO9780511776960.002 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2010

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