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

the validity of the ruling shall not be affected.

　　43： The ruling of a People's Court declaring the insolvency of the enterprise shall be legally valid from the date of its issue. From this date the insolvent enterprise shall cease production and operation activities， unless the People's Court or the liquida

tion committee considers it necessary for production and operation to continue.

　　44： When a People's Court rules to declare an enterprise insolvent， it may at the same time issue a public notice. The public notice shall include the following：

　　（1） the enterprise's losses， assets and liabilities；

　　（2） reasons for and legal basis of the declaration of insolvency of the enterprise；

　　（3） date of the declaration of insolvency of the enterprise； and

　　（4） protection of the insolvent enterprise's property， account books， documents， materials and seals， etc， after the declaration of its insolvency.

　　The public notice shall be sealed with the seal of the People's Court.

　　45： After declaring an enterprise insolvent， a People's Court shall order the debtor of the insolvent enterprise or the party in possession of the property to repay the debts or deliver the property to the liquidation committee.

　　46： After the debtor of the insolvent enterprise or the party in possession of the property receives the above notice from the People's Court， it shall repay the debts or deliver the property to the liquidation committee in accordance with the amounts and times specified in the notice. If there are any objections concerning the amount of debts or the type and quantity of property， or other matters specified in the notice， within seven days， a request may be made to the People's Court to issue a ruling. Where the term expires and repayment or delivery has not been made or any objections raised， enforcement may be taken after the liquidation committee applies for and the People's Court issues a ruling.

　　47： After a People's Court declares an enterprise insolvent， it shall order （with a copy of the ruling declaring the enterprise insolvent） the bank at which the enterprise has an account to restrict access to such bank account to sole use by the liquidation committee.

　　48： After a People's Court declares an enterprise to be insolvent， it may send copies of the ruling declaring the enterprise insolvent to relevant supervisory departments and auditing departments of the government

　　49： After an enterprise is declared insolvent， a People's Court shall appoint the necessary personnel that must be retained. The legal representative of the insolvent enterprise， together with finance and accounting， statistical， maintenance and security personnel must be retained. Other personnel required to be retained and the number of personnel to be retained shall be determined by the liquidation committee.

　　PART SEVEN　INSOLVENCY LIQUIDATION

　　50： Before a liquidation committee is established， a People's Court in consultation with the people's government of the same level shall， through official letters， appoint members to a liquidation committee from among professional personnel and departments such as the superior department in charge of the enterprise and the government departments in charge of public finance， industry and commerce， planning， auditing， taxation， commodity prices， labour and personnel. Once appointed， relevant work units and relevant personnel may not make excuses to evade their duties or leave their work without authorization. Where there is a true， objective reason that they may not continue their work， the People's Court may make a new appointment.

　　The head of the liquidation committee shall be appointed by the People's Court.

　　51： The liquidation committee may appoint a certain number of accountants from an accountancy firm and other personnel.

　　52： The liquidation committee is responsible to the People's Court， shall report its work to it， and shall accept the supervision of the People's Court. Where the actions of the liquidation committee damage the interests of creditors or are in violation of the law， the People's Court shall redress the matter， and may dismiss members of the liquidation committee

that are not competent and appoint new members.

　　53： The liquidation committee shall attend creditors' meetings as non-voting participants and accept the supervision of the creditors' meeting. Where a decision of the liquidation committee violates the interests of creditors， creditors may apply to a People's Court for a ruling cancelling such decision.

　　54： After an enterprise is declared insolvent， the former legal representative of the insolvent enterprise shall organize finance and accounting personnel to complete the final financial accounting， maintenance personnel to draft a detailed list of assets， and business personnel to complete the settlement of purchases and sales. When the liquidation committee takes over the insolvent enterprise， the former legal representative of the insolvent enterprise shall conduct the handover to the liquidation committee.

　　55： Where the liquidation committee decides to cancel a contract and the other party to the contract suffers losses as a result of such cancellation that lead to disputes over compensation， the matter shall be settled through a ruling by a People's Court. The amount of compensation determined by the ruling shall be entered into insolvency claims.

　　56： After the liquidation committee takes over the insolvent enterprise， it shall organize the retained personnel of the enterprise and the liquidation committee personnel to conduct an account of the total property of the insolvent enterprise， list and register such property， and ascertain the total value of the actual assets of the enterprise.

　　57： The liquidation committee shall conduct a new appraisal of the assets available for distribution. New appraisal shall be conducted on the remaining value of fixed assets after depreciation. Defective or damaged property shall be re-valued. If re-valuation is not necessary， such property may be included at its original value.

　　58： When the liquidation committee distributes the property of the insolvent enterprise， the principle of cash distribution shall be used. Object distribution may also be used， or both methods may be used together. When claims of the insolvent enterprise are not compensated in the distribution， such claims may be distributed proportionately to the creditors of the insolvent enterprise. At the same time， debtors of the insolvent enterprise shall be notified.

　　59： When the liquidation committee disposes of the property of the insolvent enterprise， after reasonable appraisal such property may be distributed to creditors. It may also sell such property. Sale shall be conducted openly through such means as public auction. Where the circulation of assets available for distribution is restricted， such assets shall be purchased by a department designated by the state.

　　60： Where the insolvent enterprise is part of a legal person style or partnership style cooperative unit formed with other parties， assets invested by the insolvent enterprise as initial capital contribution and profit pertaining to such assets shall be recovered. What cannot be recovered may be assigned. The partner of the cooperation unit shall have a priority right of purchase under equal conditions. Where an insolvent enterprise is a partner of a partnership style cooperative unit， it shall be jointly and severally liable for the entire debts of the cooperative unit incurred before it withdrew from partnership. The creditors of the cooperative unit may participate in the insolvency process as creditors. Where the other party to the cooperative unit suffers losses due to recovery by the liquidation committee of the assets invested by the insolvent enterprise and profit pertaining to such assets， the matter shall be handled in accordance with Article 55 of this Opinion.

　　61： In accordance with Article 89 of the General Principles of Civil Law and Item 1 of Article 13 of Enterprise Insolvency Law， whenever a guarantor has

paid debts on behalf of a debtor， before the debtor is declared insolvent， the guarantor has the right to apply to the People's Court to participate in the distribution with the amount of the repayment as an insolvency claim. Whenever the guarantor has not repaid the debt on behalf of the debtor before the debtor has been declared insolvent， the matter shall be handled as follows：

　　（1） the creditor may participate in the insolvency process as a creditor and participate in the distribution with the total repayment for the debts as an insolvency claim. The creditor may also pursue claims against the guarantor for the balance that is not repaid； or

　　（2） where the guarantor learns that a creditor will not participate in the insolvency process before the expiration date of the guarantor's claims， such guarantor may participate in the distribution with the amount of the debt that is guaranteed by him as an insolvency claim.

　　62： Where the issuer or the endorser of negotiable instruments （money orders， cashier's cheques and cheques） is declared insolvent， and the payer or accepter is not aware of this situation and pays or accepts such cheques， the debts incurred shall be insolvency claims， and the payers or acceptors shall be creditors.

　　63： Where the value of the security or other objects used as a guarantee by the insolvent enterprise are insufficient for the amount of debt secured， the balance shall be taken as insolvency claims.

　　64： For insolvency claims with in

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