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

perty available in the bankruptcy.

　　Article 83　Before the disposal of the property available in the bankruptcy， a qualified appraisal institution may be designated to appraise the same. If the creditors‘meeting or the liquidation committee has any objections concerning the conclusions of the appraisal or the appraisal fee， such objections shall be handled with reference to Article 27 of the Supreme People's Court， Evidence in Civil Proceedings Several Provisions.

　　Article 84　With the consent of the people's court， an appraisal may be dispensed with， except in the case of State-owned assets， if there are no objections within the creditors' meeting as to the market value of the property available in the bankruptcy.

　　Article 85　The realization of the property available in the bankruptcy shall be effected through auction. The liquidation committee shall be responsible for engaging a qualified auction house to conduct the auction.

　　No auction shall be conducted if， according to law， the property may not be auctioned or if the proceeds of the auction would be insufficient to pay the expenses required to conduct the auction.

　　Property available in the bankruptcy that may not or cannot be put up for auction， as mentioned in the preceding paragraph， may be distributed itself or appraised and sold off during the bankruptcy distribution. If a creditor has any objection to the value of the property available in the bankruptcy as appraised by the liquidation committee in the course of the distribution of the property itself or the appraisal and selling off of the property， he may petition the people's court to conduct an examination.

　　Article 86　Complete sets of equipment forming part of the property available in the bankruptcy shall in general be sold as a whole.

　　Article 87　Property available in the bankruptcy the circulation of which is restricted by law shall be purchased by the department designated by the State or disposed of in accordance with relevant laws.

　　11. Bankruptcy Expenses

　　Article 88　Bankruptcy expenses include the following：

　　（1） the expenses required in managing， selling off and distributing the property available in the bankruptcy；

　　（2） the fee for accepting the bankruptcy case；

　　（3） the expenses of the creditors' meeting；

　　（4） the expenses required in collecting debts； and

　　（5） other expenditures made during the bankruptcy procedure in the common interest of the creditors.

　　Article 89　When accepting an enterprise bankruptcy case， the people's court may collect the case acceptance fee in advance in accordance with the Measures for the Collection of People's Court Costs Supplementary Provisions.

　　Necessary expenditures arising prio

r to the bankruptcy declaration shall be paid out of the debtor's property， subject to the approval of the people's court. If the debtor's property is insufficient to cover the same and if the bankruptcy petition was filed by a creditor， the creditor shall pay the same.

　　Article 90　The living expenses and medical expenses of the staff and workers during the liquidation period may be paid out of the property available in the bankruptcy on a preferential basis.

　　Article 91　The bankruptcy expenses may be paid at any time. If the property available in the bankruptcy is insufficient to cover the bankruptcy expenses， the people's court shall， pursuant to an application by the liquidation committee， rule to conclude the bankruptcy procedure.

　　12. Distribution of the Property Available in the Bankruptcy

　　Article 92　The liquidation committee shall be responsible for implementing the plan for the distribution of the property available in the bankruptcy once the same has been adopted by the creditors' meeting. Distribution of the property may be conducted all at once or spread over several times.

　　Article 93　The plan for the distribution of the property available in the bankruptcy shall cover the following details：

　　（1） the types and total value of property available for bankruptcy distribution， and the property that has been realized and that which has not yet been realized；

　　（2） the order in which the claims are to be discharged and the types and amounts of property in each tier， including the amounts and basis of calculation of the staff members' and workers' wages and labour insurance premiums and the taxes owed by the bankrupt enterprise； in the case of bankruptcies of enterprises restructured under State plans， the amounts and the basis of calculation of the expenses for the resettlement of the staff and workers shall also be set forth；

　　（3） the total amount of the bankruptcy claims and the repayment ratio；

　　（4） the method and time（s） of the bankruptcy distribution； and

　　（5） an explanation of the proposed follow-up distribution of property that can be recovered in future.

　　Article 94　The claims forming part of the property available in the bankruptcy may be the subject of a claim distribution. The principle governing distributions of claims shall be facilitation of the realization of the creditors' claims.

　　If the claims confirmed by the people's court are to be distributed to the creditors， the liquidation committee shall issue claim distribution notes to the creditors. The creditors may demand performance by the debtors on the strength of such claim distribution notes. If a debtor refuses to perform his obligation， the creditor may petition the people's court for enforcement.

　　Article 95　If a creditor fails to collect the property distributed to it within the designated period of time， such property may be lodged or it may be sold off and the proceeds lodged and the liquidation committee shall issue a reminder to urge the creditor to collect the same. If the creditor fails to collect the property or the proceeds realized from the sale thereof within one month after receipt of the reminder or within two months after the issuance of the reminder by the liquidation committee， the liquidation committee shall conduct a follow-up distribution of such portion of the property.

　　13. Conclusion of Bankruptcy

　　Article 96　Once the distribution of the property available in the bankruptcy is completed， the liquidation committee shall report the results of the distribution to the people's court and petition the people's court to conclude the bankruptcy procedure.

　　If the people's court holds that the report and the petition for conclusion of the bankruptcy procedure received from the liquidation committee comply with the provisions for the conclusion of bankruptcy procedures， it shall rule to conclude t

he bankruptcy procedure within seven days after the receipt thereof.

　　Article 97　Once the bankruptcy procedure is concluded， the liquidation committee shall carry out the enterprise de-registration procedures with the bankrupt enterprise's original registration department.

　　After the conclusion of the bankruptcy procedure， if there are outstanding matters such as the existence of property available in the bankruptcy that can still be recovered， follow-up distribution， etc. that require handling， the liquidation committee or certain members thereof may be retained， with the consent of the people's court.

　　Article 98　If property becomes available for distribution after the conclusion of the bankruptcy procedure， a follow-up distribution shall be conducted. In addition to property recovered by the people's court as specified in Article 40 of the Enterprise Bankruptcy Law， property distributed in a follow-up distribution shall include the following： moneys recovered from the correction of errors in bankruptcy procedure expenditures， property recovered due the recognition of the rights therein， property relinquished by creditors and rights in property realized after the conclusion of the bankruptcy procedure， etc.

　　Article 99： After the conclusion of the bankruptcy procedure， the liquidation committee shall turn over the bankrupt enterprise's files， such as account books， documents， etc. for preservation by the higher level authority in charge of bankrupt enterprise. If the bankrupt enterprise is not subject to a higher level authority in charge， its founder（s） or shareholders shall preserve the same.

　　14. Miscellaneous Provisions

　　Article 100： If the people's court discovers， during the trial of an enterprise bankruptcy case， that the original legal representative or a person directly in charge of the bankrupt enterprise has committed any of the acts listed in Article 35 of the Enterprise Bankruptcy Law， it shall propose to the relevant department that the legal representative or person directly responsible be subjected to administrative sanctions. If the legal representative or person directly responsible is suspected of having committed a criminal offence， the relevant materials shall be transferred to the relevant State authority for handling.

　　Article 101： If the bankrupt enterprise has committed any of the acts listed in Article 35 of the Enterprise Bankruptcy Law， making its property unrecoverable and causing actual losses， the liquidation committee may institute a civil action against the original legal representative or person directly responsible， demanding that he bear civil liability.

　　Article 102： If the people's court discovers， after accepting an enterprise bankruptcy case， that the whereabouts of a large amount of the enterprise's property are unknown， it shall transfer the details of and materials on the suspected criminal offence to the relevant State authority for handling.

　　Artic

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