Judicial Yuan Poises to Establish Specialized Court of Reorganization and Bankruptcy.　Premier of Executive Yuan Indicates that Court of Major Financial Crime Will be Set Up.

In order to enhance national competitiveness and expedite trial and ruling for the enterprise’s petition for reorganization and bankruptcy, the Judicial Yuan decided to establish the “Specialized Court of Reorganization and Bankruptcy”. The scholar claimed that the cases of bankruptcy should be categorized in accordance with different circumstances, more than 3000 public companies in Taiwan and 1168 listed and OTC companies of reorganization cases should be governed by such specialized court, and that this specialized court should be established directly under Taipei District Court.

On the other hand, due to the breaking out of financial scandals about Procomp Technology, Infodisc Technology, and Summit Computer Technology, the Premier of Executive Yuan, Yu Shyi-Kun (游錫堃), stated on September 21, 2004 that the Executive Yuan will list the draft amendments to Accounting Law and Security Exchange Law as the priority amendments for the coming session of the Legislative Yuan. The raised punishment to be imposed on financial crimes, prevention of business operator’s hollowing out company assets, and establishment of “Court of Major Financial Crimes” will be all enforced to maintain the investor’s rights.

CYJ/CCS