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

　　（1） assuming control of the bankrupt enterprise： receiving from the bankrupt enterprise's original legal representative and personnel who stayed on the original list of registered assets and list of tangible assets， assuming control of all property， account books， document files， seals， certificates， licenses and relevant materials； if an enterprise supervisory committee was established prior to the declaration of bankruptcy， the foregoing shall be handed over to the liquidation committee by the enterprise supervisory committee and the enterprise's original legal representative；

　　（2） inventorying the bankrupt enterprise's property， preparing a property list， balance sheet and lists of assets and liabilities and arranging for the appraisal， auction and realization of the property available in the bankruptcy；

　　（3） recovering the bankrupt enterprise's property and exercising property rights against the bankrupt enterprise's debtors and property holders in accordance with the law；

　　（4） managing and disposing of the property available in the bankruptcy， deciding whether to perform contracts； carrying out business activities within the liquidation scope and confirming rights of exclusion， set-off rights and rights of repossession；

　　（5） commissioning the appraisal， auction， and realization by other means， of the property available in the bankruptcy；

　　（6） proposing and implementing， in accordance with the law， the plans for disposal and distribution of the property available in the bankruptcy；

　　（7） submitting the liquidation report；

　　（8） participating in litigation and arbitration on behalf of the bankrupt enterprise；

　　（9） handling matters to be carried out at the conclusion of the bankruptcy， such as enterprise de-registration， etc.； and

　　（10） completing other matters specified by the people's court in accordance with the law.

　　Article 51　The liquidation committee shall be accountable and report to， and be subject to the supervision of， the people's court. The people's court shall guide the liquidation committee in its work in a timely manner， define the liquidation committee's functions， powers and responsibilities， assist the liquidation committee in drafting its work plan and listen to the liquidation committee's reports.

　　If the liquidation committee commits an act that prejudices the interests of a creditor or otherwise violates the law， the people

's court may rectify such act pursuant to an application by a creditor or ex officio.

　　The people's court may replace an incompetent member of the liquidation committee pursuant to an application by a creditor or ex officio.

　　Article 52　The members of the liquidation committee shall， as non-voting participants， attend meetings of， and entertain questions from， the creditors' meeting. Creditors have the right to review relevant information and inquire about relevant matters. If a decision of the liquidation committee is contrary to the interests of a creditor， it may apply to the people's court for a ruling nullifying the decision.

　　Article 53　The liquidation committee shall register， inventory， audit and appraise the property available in the bankruptcy and sell it at its current value in a timely manner. If necessary， it may petition the people's court for preservation of the property of the bankrupt enterprise.

　　Article 54　The liquidation committee shall take effective measures to protect the bankrupt enterprise's property. If the debtor's property rights would be extinguished if not registered in accordance with the law or if not exercised promptly， such rights shall be registered or exercised promptly. Property that is fragile， perishable or declining in value or the custodial expenses of which are relatively high shall be sold off promptly.

　　8. Bankrupcty Claims

　　Article 55　The following claims are bankruptcy claims：

　　（1） unsecured claims arising prior to the bankruptcy declaration；

　　（2） secured claims arising prior to the bankruptcy declaration but the priority payment of which has been waived by the creditor；

　　（3） the part of secured claims arising prior to the bankruptcy declaration that exceeds the value of the security provided；

　　（4） where the drawer of a negotiable instrument is declared bankrupt， claims arising from the drawee's making payment to the holder or the acceptor's acceptance of the instrument while unaware of the fact that the drawer has been declared bankrupt；

　　（5） where the liquidation committee terminates a contract， claims， to which a monetary value can be attached， of the other party against the debtor arising by operation of law or under the contract；

　　（6） claims of the trustees of the debtor arising from the disposition of entrusted matters in the interest of the debtor after the bankruptcy of the debtor；

　　（7） claims arising from the issuance of bonds by the debtor；

　　（8） claims that the law permits guarantors of the debtor to pursue against the debtor after having discharged debts on behalf of the debtor；

　　（9） claims filed by guarantors of the debtor when exercising their rights of recourse in advance in accordance with Article 32 of the PRC Security Law；

　　（10） where the debtor is a guarantor， guarantee liabilities that， prior to the bankruptcy declaration， an effective legal document determined to be borne by the debtor；

　　（11） liability for damages arising from losses to the property of a third party caused by tort or breach of contract on the part of the debtor prior to the bankruptcy declaration； and

　　（12） other claims approved by the people's court.

　　For the purposes of Item （5） above， actual losses shall be the principle for calculating the claims， liquidated damages shall not be treated as bankruptcy claims and deposits shall no longer be governed by stipulations on deposit penalties.

　　Article 56　When a labour contract is terminated due to the bankruptcy of the enterprise， the severance pay that the worker has the right to claim against the enterprise by operation of law or under his labour contract shall be discharged with reference to the sequence specified in Item （1） of the second paragraph of Article 37 of the Enterprise Bankruptcy Law.

　　Article 57　Labour compensation owed by the debtor to non-regular

staff and workers （including temporary workers） shall be discharged with reference to the sequence specified in Item （1） of the second paragraph of Article 37 of the Enterprise Bankruptcy Law.

　　Article 58　The pooled funds of the enterprise's staff and workers owed by the debtor shall be repaid with reference to the sequence specified in Item （1） of the second paragraph of Article 37 of the Enterprise Bankruptcy Law. However， any high interest part thereof that accrued in violation of the law shall not be accorded protection.

　　Investments in the enterprise by its staff and workers are not bankruptcy claims.

　　Article 59　If the debtor is liable for the debts of a jointly operated enterprise following its withdrawal therefrom， the claims of the jointly operated enterprise's creditors against the debtor are bankruptcy claims.

　　Article 60　Creditors who have claims against and owe debts to the debtor may apply to the liquidation committee to exercise their right of set-off. The exercise of the right of set-off shall be subject to the following conditions：

　　（1） the creditors' claims have been confirmed； and

　　（2） all the claims and debts for which the right of set-off is asserted arose prior to the bankruptcy declaration.

　　Bankruptcy claims that have been confirmed may be assigned. The people's court will not support an assignee's setoff of the assigned claim against the debt it owes the debtor.

　　Article 61　The following claims are not bankruptcy claims：

　　（1） fines imposed on the bankrupt enterprise by administrative and judicial authorities and other related charges；

　　（2） late payment fines on payable amounts not paid by the debtor， including doubled late payment interest payable as a result of the debtor's failure to perform an effective legal document and late payment fines on labour insurance premiums， incurred after acceptance of the bankruptcy case by the people's court；

　　（3） debt interest accrued after the bankruptcy declaration；

　　（4） the expenses incurred by creditors in participating in the bankruptcy procedure；

　　（5） rights of the holders of equity and stock in the bankrupt enterprise that attach to such equity and stock；

　　（6） claims filed with the liquidation committee after commencement of the distribution of the bankruptcy assets；

　　（7） claims in respect of which the period for prescription of actions has expired； or

　　（8） management fees and contracting fees not collected from the debtor by the founder（s） of the debtor.

　　The filing of the above-mentioned non-bankruptcy rights by the parties concerned shall also be registered by the people's court or liquidation committee.

　　Article 62　Funds allocated to the debtor by the government without consideration are not bankruptcy claims. However， funds allocated by financial， poverty relief， science and technology administration and other such administrative departments subsequent to the execution of contracts and based on the principle of use for consideration and scheduled repayment may be treated as bankruptcy claims.

　　Article 63　If a creditor has any objection to the confirmation or rejection of his claim by the liquidation committee， he may raise the same with th

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