This paper examines the factors impacting utilization of China's Enterprise Bankruptcy Law (“EBL”). After a decade of underutilization, the EBL has experienced a significant increase in filings over the past decade. Utilizing legal formalism as an analytical framework, this paper conducts a comparative legal analysis with the United States Bankruptcy Code and analyzes historical data to explain the EBL’s use. The findings reveal that although there are substantial textual differences between the bankruptcy laws, the recent surge in EBL applications correlates more strongly with the establishment of specialized bankruptcy courts in China. This suggests that the choice of venue, influenced by the availability of these specialized courts, may be a key driver behind the increased use of bankruptcy filings. The paper concludes by highlighting the limitations of the current data and calls for more detailed, micro-level case studies to further explore the dynamics affecting bankruptcy law applications in China.