Buy through the administrator/court process when you can — side deals with the old controller are clawback bait.
Distressed M&A in China may acquire assets or equity from an administrator in bankruptcy, through reorganisation plans, or in pre-insolvency workouts with higher risk. Buyers diligence avoidance lookbacks, employee claims, secured releases and licence transferability. This wiki is the distressed-deal orientation. Cross-border insolvency adds foreign-buyer complexity. Ordinary M&A DD still applies. Solvent company liquidation sales are outside bankruptcy.
4 questions before you choose the route.
This page identifies the right question and evidence. It does not determine the legal outcome on a reader’s facts.
In-court or workout?
Lane.
LaneAdministrator sale process clear?
Authority.
AuthorityAvoidance/employee/secured overlays checked?
Risk.
RiskCross-border recognition needed?
XB related pages.
XBWorking rule: Map the regulated role before marketing or launch in China.
The signal ledger.
These facts move the question beyond a label and into a product, money-flow and control analysis.
Bring a compact evidence docket—not a pitch deck.
Give a compliance team or counsel the operating facts that reveal the perimeter.
Questions people ask before they build.
Short answers for orientation. The right result can change with the service model and current rules.
Is stalking-horse bidding used?
Practices vary by court/administrator — do not assume US auction customs.
Where is avoidance?
Open /avoidance-transactions-in-china-bankruptcy.
Primary authorities
Reviewed sources support orientation, not a fact-specific assessment.