Abstract: The purpose of legislation determines the establishment of a legal system.The establishment of bankruptcy law at present is to emphasise the security of individual and social welfare,and a balanced protection mechanism of multiple subjects in the establishment of bankruptcy law should be taken into consideration.This paper aims to offer suggestions to the establishment of a new bankruptcy law in China with regard to the international experience of the relevant sector and a new guidance draft released by the United Nations International Trade Law Commission in June 2004.