最高人民法院关于贯彻执行《中华人民共和国企业破产法（试行）》若干问题的意见 Supreme Peoples Court, Questions on the 《Peoples Republic of C

　　19： After accepting an insolvency case， a People's Court shall promptly notify the debtor that it must immediately cease repayment of debts upon receipt of such notice. Payments that must be made for the normal production and operation of the debtor must be investigated and approved by the People's Court before the establishment of the liquidation committee.

　　Where debtors， upon receipt of a notice from a People's Court regarding the cessation of repayment of debts， continue to repay some creditors， and actions that are among those listed in Paragraph 1 of Article 35 of the Enterprise Insolvency Law， shall be ruled void by the People's Courts. The People's Courts shall recover such property and may penalize the legal representative， the person responsible at the superior department in charge or any other directly responsible parties in accordance with Articles 102 and 104 of the Civil Procedure Law.

　　20： After accepting an insolvency case， a People's Court must promptly notify the bank at which the debtor has an account that such bank must cease the handling of settlement business for the debtors' repayment of debts. The payment of expenses by such bank required to maintain the normal production and operation of the debtor must be approved by a People's Court.

　　21： After a bank at which a debtor has an account receives notice from the People's Court， it may not deduct or transfer funds from deposits that the debtor has already made or from remittances received to repay loans. Deductions or transferrals shall be void， and funds deducted or transferred must be returned. If a bank refuses to return such funds， the People's Court shall order that they be returned and shall formulate and issue an enforcement assistance notice to such bank， and may penalize relevant personnel and directly responsible parties in accordance with the provisions in Articles 102 and 104 of the Civil Procedure Law.

　　22： After accepting an insolvency case， a People's Court shall issue a public notice to all staff and workers of the enterprise requesting them to protect the property of the enterprise and not to allow illegal disposal of

account books， documents， materials or seals of the enterprise， or concealment， illicit distribution， gratuitous transfer or underselling of the property of the enterprise.

　　Where， prior to the conclusion of the insolvency process， the legal representative of the insolvent enterprise leaves his post without authorization or otherwise evades his responsibilities， or refuses to handle handover procedures for the liquidation committee， or engages in any of the actions listed in Article 102 of the Civil Procedure Law， a People's Court may impose fines or detainment in accordance with the seriousness of the case. If the matter constitutes a crime， criminal liability shall be pursued.

　　PART FOUR　CREDITORS' MEETINGS

　　23： The first creditors' meeting shall be presided over by a People's Court. Succeeding creditors' meetings shall be presided over by the chairman of the creditors' meetings.

　　24： When convening the first creditors' meeting， the People's Court shall announce the results of the investigation of the qualifications of creditors， and shall appoint and announce the chairman of the creditors' meetings， the authority of the creditors' meetings and other relevant matters. Such court shall also circulate a notice concerning the basic condition of the production， operation， assets and liabilities of the debtor.

　　25： Where the chairman of the creditors' meetings convenes a creditors' meeting， he shall notify the People's Court three days prior to issuing a notice to convene a meeting.

　　26： Creditors may commission an agent to attend creditors' meetings and exercise such creditors right to vote. The agent shall submit to the People's Court or to the chairman of the creditors' meetings， power of attorney signed and sealed by the commissioning creditor.

　　27： Seven days before the convening of a creditors's meeting （20 days if in another area）， the convener shall notify creditors of such matters as the time， place， content and purpose of the meeting.

　　28： For votes on resolutions at a creditors' meeting， the number of votes shall be calculated on the basis of the number of creditors attending the meeting that have the right to vote， and the quantity of creditors' rights represented by the votes shall be calculated on the basis of the quantity of creditors' rights held by the creditors.

　　29： In Paragraph 1 of Article 16 of the Enterprise Insolvency Law， the phrases “at least half” and “at least two-thirds” shall include half and two-thirds respectively， but the phrase “more than half” shall not include half.

　　30： The quantity of creditors' rights represented by a creditor that exercises its right to vote shall be calculated on the basis of the quantity of its creditors' rights determined by the creditors' meeting. If disputes arise concerning the quantity of creditors' rights determined by the creditors' meeting， a People's Court shall make a ruling after investigation and shall calculate such rights on the basis of the creditors' rights confirmed by such ruling.

　　31： Where an assets available for distribution plan submitted by a liquidation committee has still not been passed after being discussed several times by creditors' meetings， a People's Court shall make a ruling based on the specific details of the case in a timely manner.

　　32： The superior department in charge of the debtor may assign someone to attend creditors' meetings as a non-voting participant. The legal representative of the debtor must attend creditors' meetings as a non-voting participant and has an obligation to respond to the queries of creditors. Where such legal representative refuses to attend meetings as a non-voting participant， the People's Court may subpoena him in accordance with Article 100 of the Civil Procedure Law.

　　PART FIVE　RECONCILIATION AND REORGANIZATION

　　33： Where an enterprise has been petitioned for insolvency by its cred

itors， and the superior department in charge of it applies for such enterprise to undergo reorganization， a reorganization plan shall be submitted to a People's Court or to a creditors' meeting. The reorganization plan shall include the following：

　　（1） analysis of the reasons for the enterprise having reached the edge of insolvency；

　　（2） plan for the adjustment or establishment of a new leading group for the enterprise；

　　（3） feasibility concerning measures and reforms to be taken for the improvement of business management and measures to be taken for changes in production；

　　（4） methods of reducing losses and increasing profits； and

　　（5） term of reorganization （not to exceed two years） and objectives， etc.

　　34： Where an application for reorganization of an enterprise is made， a draft reconciliation agreement shall be submitted to a creditors' meeting. The draft reconciliation agreement shall include the following：

　　（1） sources of capital for debt repayment；

　　（2） method of debt repayment； and

　　（3） term of debt repayment.

　　If enterprises that apply for reorganization require a reduction of debts， the application shall also clearly state the amount of reduction requested.

　　35： Where the enterprise and the creditors reach a reconciliation agreement， after approval and publication of a notice by a People's Court， the insolvency process shall be suspended. Where an enterprise is unable to reach a reconciliation agreement with its creditors， a People's Court shall declare the enterprise insolvent.

　　36： During the reorganization period of an enterprise， the superior department in charge of the enterprise shall report the circumstances of the reorganization and the implementation of the reconciliation agreement periodically to creditors' meetings or to a People's Court.

　　37： During the reorganization period of an enterprise， where one of the conditions listed in Items 1 and 3 of Article 21 of the Enterprise Insolvency Law pertains to the enterprise， a portion of the creditors or all the creditors in the creditors' meetings have the right to apply for termination of reorganization.

　　38： During the reorganization period of an enterprise， where a People's Court discovers that one of the conditions listed in Article 21 of the Enterprise Insolvency Law pertains to the enterprise， such court shall rule to terminate reorganization of the enterprise and declare such enterprise insolvent.

　　39： After reorganization， where an enterprise is able to repay debts on time， it may only repay them in accordance with the term and amounts in the reconciliation agreement. However， the repayment of debts that are secured with property and for which priority rights have not been renounced shall not be so restricted.

　　During the time after an insolvency case has been accepted by the court but before insolvency has been declared without the consent of the People's Court， the creditor of a loan secured may not exercise priority rights.

　　40： After a People's Court has accepted an insolvency case， where the superior department in charge of an enterprise does not apply for reorganization， the People's Court may declare the enterprise insolvent in accordance with the law.

　　PART SIX　DECLARATION OF INSOLVENCY

　　41： A People's Court shall publicly declare an enterprise insolvent.

　　42： Where a People's Court declares an enterprise insolvent， it shall order the creditors and the debtors to come to the court， where a ruling shall be issued. Where a party refuses to come to the court，

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