最高人民法院《关于审理企业破产案件若干问题的规定》 Several Issues on Trial of Enterprise Bankruptcy Cases Provisions

g the unauthorized disposal of the enterprise's account books， documents， information and seals and prohibiting the concealment， unauthorized distribution， transfer or sale of enterprise property；

　　（3） notify the debtor to promptly cease the discharging of its debts and prohibit it from expending any moneys without the permission of the people's court； and

　　（4） notify the debtor's banks to halt the debtor's settlement activities and prohibit them from debiting any of the debtor's funds to set off debts unless given permission to do so by the people's court.

　　Article 16　After accepting an enterprise bankruptcy case instituted by a creditor， the people's court shall notify the debtor to submit to the people's court within 15 days relevant accounting statements， lists of claims and liabilities， a list of the enterprise's assets and other information the submission of which the people's court considers necessary.

　　Article 17　In addition to notifying known creditors in accordance with Article 9 of the Enterprise Bankruptcy Law， the people's court shall， after accepting an enterprise bankruptcy case， publish an announcement in influential national and local newspapers within 30 days， the content of which shall be identical to that specified in Item （1） of Article 15 hereof.

　　Article 18　In addition to promptly proceeding to a declaration of bankruptcy and establishing a liquidation committee， the people's court may， after accepting an enterprise bankruptcy case， establish an enterprise supervisory committee if the enterprise's original management organization is unable to perform its management duties and responsibilities normally. Members of the enterprise supervisory committee shall be selected from the higher level department in charge of the enterprise or shareholders' meeting representatives， the enterprise's original management personnel and major creditors. In addition， accountants， lawyers and persons from other such intermediary institutions may be engaged to participate in the supervisory committee. The enterprise supervisory committee shall chiefly be responsible for handling the following matt

ers：

　　（1） itemizing and safeguarding the enterprise's property；

　　（2） verifying the enterprise's claims；

　　（3） carrying out the business activities required in the interest of the enterprise；

　　（4） making the necessary expenditures permitted by the people's court； and

　　（5） other tasks permitted by the people's court.

　　The enterprise supervisory committee shall be accountable to， and subject to the guidance and supervision of， the people's court.

　　Article 19　After the people's court accepts an enterprise bankruptcy case， any other civil dispute case still at the stage of first instance in which the debtor is named as the plaintiff shall be transferred by the people's court that accepted the suit to the people's court that accepted the bankruptcy case. The people's court that accepted the suit shall continue to try the same in the event that such a case has progressed to the second instance.

　　Article 20　After the people's court accepts an enterprise bankruptcy case， all other civil enforcement procedures against the property of the debtor shall be stayed.

　　Other debt dispute cases in which the debtor is named as the defendant shall， depending on the different circumstances set forth below， be handled as follows：

　　（1） if the trial of the case has been completed but enforcement remains pending， the enforcement shall be stayed and the creditor shall， on the strength of the effective legal document， file his claim with the people's court that accepted the bankruptcy case；

　　（2） if the trial of the case has not been completed and there are no other defendants or intervenors without independent right of claim， the proceedings shall be stayed and the creditor shall file his claim with the people's court that accepted the bankruptcy case； the proceedings shall be concluded upon the enterprise being declared bankrupt；

　　（3） if the trial of the case has not been completed and there are other defendants or intervenors without independent right of claim， the proceedings shall be stayed and the creditor shall file his claim with the people's court that accepted the bankruptcy case； the trial of the case shall resume upon conclusion of the bankruptcy procedure；

　　（4） the trial of debt dispute cases in which the debtor is an accessory debtor shall continue.

　　3. Filing of Claims

　　Article 21　When filing claims， creditors shall submit proof of their claims and legally valid proofs of identity. Persons acting as agents in the filing of claims shall submit valid proof of the identity of their principals， powers of attorney and proofs of claim.

　　If a filed claim is secured， evidence of the security shall be submitted.

　　Article 22　When the people's court registers filed claims， it shall record the creditor's name， domicile and bank， the amount of the filed claim， the evidence of the filed claim， details on security， the filing date， the contact method and other necessary information.

　　If a liquidation committee has been established， the afore-mentioned claim registration shall be carried out by the liquidation committee.

　　Article 23　If one or more joint and several debtors go bankrupt， the creditor may exercise his rights in respect of the entire claim， and file the entire claim， against the said debtor（s） or against all the debtors. If the creditor fails to file his claim， the other joint and several debtors may file a claim in respect of a future debt that they may be required to bear.

　　Article 24　A creditor that failed to file his claim within the statutory time limit may file his claim with the liquidation committee before the distribution of the property available in the bankruptcy if he is affected by circumstances specified in Article 76 of the Civil Procedure Law. The liquidation committee shall be responsible for examining the claim that such creditor filed and the peopl

e's court shall examine and confirm the same. If the creditors‘meeting objects to the people's court's consent to the said creditor's participation in the distribution of the property available in the bankruptcy， it may apply to the people's court for reconsideration.

　　4. Bankruptcy Settlement and Reorganization of Bankruptcy Enterprises

　　Article 25　After the people's court accepts an enterprise bankruptcy case and before the bankruptcy procedure is concluded， the debtor may apply to the people's court for mediation. While trying a bankruptcy case， the people's court may， depending on the specific circumstances of the creditor and debtor， propose a settlement to the parties.

　　If the creditors' meeting and the debtor reach a settlement agreement and the people's court rules to approve such agreement before the people's court has issued a bankruptcy declaration ruling， the people's court shall announce the staying of the bankruptcy procedure.

　　If the creditors' meeting and the debtor reach a settlement agreement and the people's court rules to approve such agreement after the people's court has ruled to declare the debtor bankrupt， the people's court shall rule to stay enforcement of the bankruptcy declaration ruling and announce the staying of the bankruptcy procedure.

　　Article 26　If the debtor fails to discharge all of its debts in accordance with the terms of the settlement agreement， the concerned creditors may apply to the people's court for enforcement.

　　Article 27　If the debtor fails or is unable to perform the settlement agreement， the people's court shall， upon application by the creditor， rule to resume the bankruptcy procedure. If the settlement agreement was reached prior to the bankruptcy declaration， the people's court shall simultaneously rule to declare the debtor bankrupt when ruling to resume the bankruptcy procedure.

　　Article 28　If the bankruptcy petition against an enterprise was filed by a creditor and the enterprise is a State-owned enterprise， the higher level department in charge of such enterprise may apply for reorganization of the same pursuant to Part Four of the Enterprise Bankruptcy Law. An application for reorganization shall be submitted prior to the debtor being declared bankrupt.

　　If the enterprise is not subject to a higher level department in charge， the enterprise's shareholders' meeting may pass a resolution and apply for reorganization of the enterprise in the name of the shareholders' meeting. The reorganization shall be undertaken by persons designated by the shareholders' meeting.

　　Article 29　During the reorganization， the higher level department in charge of the enterprise or the persons responsible for implementing the reorganization program shall periodically report on the reorganization and the implementation of the settlement agreement to the creditors' meeting and the people's court.

　　Article 30　During the reorganization， any enforcement against the debtor's property shall continue to be governed by Article 11 of the Enterprise Bankruptcy Law.

　　5. Bankruptcy Declaration

　　Article 31　For the purposes of the first paragraph of Article 3 of the Enterprise Bankruptcy Law， the word “insolvent” means that：

　　（1） the time limit for performance of the obligation has expired； and

　　（2） the debtor manifestly lacks the capability to discharge the debt.

　　If the debtor has ceased to discharge its due debts and such state persists， it may， in the absence of evidence to the contrary， be deemed to be “insolvent”。

　　Article 32　After accepting a

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