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

e liquidation committee. If the creditor is also dissatisfied with the liquidation committee's handling of his objection， he may submit his objection to the people's court. The people's court shall render its ruling thereon in accordance with the law after ascertaining the facts.

　　9. Property Available in the Bankruptcy

　　Article 64　Property available in the bankruptcy shall consist of the following property：

　　（1） all property that is owned by the debtor， or with which the debtor carries on business， or that is managed by the debtor， at the time of the bankruptcy declaration；

　　（2） property obtained by the debtor durin

g the period between the bankruptcy declaration and the conclusion of the bankruptcy procedure； and

　　（3） other property rights exercisable by the debtor.

　　Article 65　Such property as things， claims， intellectual property， etc. or property rights owned in common by the debtor and third parties shall be divided during the bankruptcy liquidation and the portion obtained by the debtor from the division shall become part of the property available in the bankruptcy. In the case of non-divisible property or property rights， the portion obtainable by the debtor shall be assigned and the proceeds from the assignment shall become part of the property available in the bankruptcy.

　　Article 66　If the registered capital to be invested by the founder（s） of the debtor is not fully paid in， the founder（s） shall make up the shortfall and such made-up shortfall shall become part of the property available in the bankruptcy.

　　Article 67　If the enterprise was assigned property by a third party and lawfully obtained ownership thereof or leaseholds thereto prior to going bankrupt， such property shall become part of the property available in the bankruptcy even if it has failed to pay or fully pay the consideration therefor.

　　Article 68　If property of the debtor is subject to civil enforcement measures and， after the bankruptcy case has been accepted， a portion remains against which enforcement measures have not been taken or not completed， such portion shall become part of the property available in the bankruptcy once the enterprise has been declared bankrupt. Property subject to reversal of enforcement due to erroneous enforcement shall become part of the property available in the bankruptcy after the reversal of enforcement.

　　Article 69　If the debtor obtains a right of subrogation in accordance with the law， the claim enjoyed as a result of such right shall become part of the property available in the bankruptcy.

　　Article 70　Unmatured claims shall be deemed matured upon the debtor being declared bankrupt and shall become part of the property available in the bankruptcy. However， the unmatured interest shall be subtracted therefrom.

　　Article 71　The following property shall not be available in the bankruptcy：

　　（1） third party property in the possession of， or used by， the debtor based on a warehousing， custodial， processing contract， consignment trade， commissioned sale， loan， deposit， lease or other such legal relationship；

　　（2） things encumbered by a mortgage， lien or pledge， except where the rights holder has waived his right of priority repayment and except for any portion thereof remaining after priority payment of the claim secured thereby；

　　（3） such substitute as insurance benefits， compensation， indemnity， etc. arising from the destruction or loss of the property used as security；

　　（4） property that， in accordance with the law， is encumbered by a priority right， except where the rights holder has waived his right of priority repayment and except for any portion thereof remaining from priority payment of the specific claim；

　　（5） specific things being sold and purchased， where possession thereof has not yet passed to， but the price therefor has been paid in full by， the other party；

　　（6） property that has been delivered to the buyer but for which the procedures for a certificate of title or registration of the passage of title have not yet been carried out；

　　（7） property that is the subject of a sales and purchase transaction in which ownership is retained， where the debtor has not yet obtained ownership thereof；

　　（8） property the ownership of which vests exclusively in the State and which may not be assigned； or

　　（9） property owned by the bankrupt enterprise's labour union.

　　Article 72　The holder of rights in the property specified in Item （1） of Article 71 hereof shall have the right

to repossess the same.

　　If the property mentioned in the preceding paragraph was damaged， destroyed or lost prior to the bankruptcy declaration， the claim filed by the holder of the rights in the property shall be limited to the amount of the direct loss. If the property is damaged， destroyed or lost after the bankruptcy declaration and the liquidation committee is responsible for such damage， loss or destruction， the holder of the rights in the property shall have the right to obtain compensation of equal value.

　　If the debtor assigns the afore-mentioned property at a profit， the holder of the rights in such property shall have the right to claim compensation of equal value from the debtor.

　　10. Recovery， Disposal and Realization of Property Available in the Bankruptcy

　　Article 73　The liquidation committee shall issue written notices to the debtors of the bankrupt enterprise and holders of the bankrupt enterprise's property demanding that they discharge their debts or deliver the property to the liquidation committee within a specified period of time.

　　If a debtor of the bankrupt enterprise or a holder of the bankrupt enterprise's property has an objection， it shall submit the same within seven days after receipt of the notice and the people's court shall render a ruling thereon.

　　If after receipt of the notice a debtor of the bankrupt enterprise or a holder of the bankrupt enterprise's property not only fails to discharge the debt or deliver the property to the liquidation committee but also fails， without just cause， to submit an objection within the time limit specified for objections， the liquidation committee shall submit a petition to the people's court and enforcement measures shall be taken after the issuance of a ruling to that effect by the people's court.

　　The bankrupt enterprise's property that is located abroad shall be recovered by the liquidation committee.

　　Article 74　From the date on which the people's court accepts the debtor's bankruptcy petition， the period for prescription of actions in respect of claims enjoyed by the debtor shall be governed by Article 140 of the PRC， Civil Law General Principles on the interruption of the period for prescription of actions. If the debtor and its creditors reach a settlement agreement and the bankruptcy procedure is stayed， the calculation of the period for prescription of actions shall commence anew from the date of the ruling of the people's court staying the bankruptcy procedure.

　　Article 75　With the consent of the people's court， the liquidation committee may engage lawyers or persons from other intermediary organizations to pursue claims.

　　Article 76　The property of branches， and wholly-owned organizations without legal person status， established by the debtor shall be included in the bankruptcy procedure and inventoried.

　　Article 77　The rights and interests attaching to the debtor's investments in wholly-owned enterprises established by it shall be pursued.

　　If the wholly-owned enterprises' assets are insufficient to offset their liabilities， the liquidation committee shall halt its recovery efforts.

　　Article 78　Recovery of the equity formed by the debtor's investment in third party entities and the returns thereon shall be pursued. If such equity can be sold or assigned， the proceeds from such sale or assignment shall be included as part of the property available in the bankruptcy and distributed.

　　If the value of such equity is negative， the liquidation committee shall halt its recovery efforts.

　　Article 79　A separate bankruptcy petition shall be filed for a wholly-owned enterprise that the debtor has established or an enterprise in which it has an equity participation or has a controlling interest if such enterprise is insolvent and is required to undergo bankruptcy to pay its debts.

　　Article 80　When the liquidation co

mmittee disposes of leaseholds to collectively owned land， it shall comply with relevant laws. Leaseholds to collectively owned land for which no requisition procedures were carried out shall be assigned within the collective.

　　Article 81　Housing of the bankrupt enterprise's staff and workers for which contracts have been executed， the price of which has been paid and which has been granted to individuals through housing reform is not part of the property available in the bankruptcy. If no housing reform has been carried out， the liquidation committee may apply to the relevant department to carry out housing reform related matters and sell the housing to the staff and workers. Housing that， according to State provisions， does not qualify for housing reform and housing that was not purchased by staff and workers during the course of housing reform shall be disposed by the liquidation committee according to the actual circumstances.

　　Article 82　Public welfare facilities such as kindergartens， schools， hospitals， etc. owned by the debtor shall be disposed of in accordance with relevant State provisions and shall not be distributed as pro

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