深圳经济特区企业清算条例 Regulations of Shenzhen Special Economic Zone on Liquidation of Enterprises Chapter I G

an RMB 20，000 but no more than RMB 100，000.

　　Article 50 Where an enterprise conceals properties， makes illusory record on its balance sheets or assets lists， or distributes its assets before discharging its debts， it shall be ordered to make rectification by the Liquidation Authority and imposed a fine of no less than 1 percent but no more than 5

percent of the amount of the distributed assets， meanwhile the person in charge and other personnel directly responsible shall be imposed a fine of no less than RMB 50，0000 but no more than RMB 100，000 and be prosecuted for criminal liability in case it constitutes a crime.

　　Article 51 Where an enterprise does not comply with legal procedure to distribute its assets during the liquidation， it shall be ordered to make rectification by the Liquidation Authority， meanwhile the person in charge shall be imposed a fine of no less than RMB 10，000 but no more than RMB 20，000.

　　Article 52 Where the legal representative or relevant person violates the provisions of these regulations by making false reply， explanation， statement or refusing to hand over relevant accounting books， documents， files and materials， he shall be imposed a fine of no more than RMB 10，000 but no less than RMB 20，000； and shall be prosecuted for criminal liability in case it constitutes a crime.

　　Article 53 Where the legal representative or relevant person in charge deserts without being authorized by the liquidation group or the Liquidation Authority， he shall be imposed a fine of no less than RMB 5，000 but no more than RMB 10，000.

　　Article 54 Where the members of a liquidation group commit the acts of irregularities for favoritism， seek illegal gains or embezzle properties of the enterprise， they shall be ordered to hand back the aforesaid properties， confiscated of illegal gains and concurrently imposed a fine of more than 1 time but less than 5 times of the illegal gains； and shall be prosecuted for criminal liability in case it constitutes a crime.

　　Article 55 Where the members of the liquidation group cause damages to the enterprise or the creditors due to aforethought or gross negligence， they shall be responsible for compensation.

　　Article 56 Where the Liquidation Authority violates the provisions of these regulations by misusing of authority， which results in detriment to the investors， creditors or other interested persons， it shall be responsible for compensation. While relevant persons responsible shall be imposed administrative responsibility and prosecuted for criminal liability in case it constitutes a crime.

　　Chapter VIII Supplementary Provisions

　　Article 57 The rules for liquidation of enterprise other than legal person shall be formulated separately.

　　Article 58 The Shenzhen Municipal People‘s Government may formulate implementing rules according to these regulations.

　　Article 59 These regulations shall take effect as of October 1， 1995. In the case that liquidation of an enterprise has commenced before the enforcement of these regulations， provisions of relevant laws and regulations of that time shall be applicable to such liquidation

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