Enterprise Bankruptcy Law of the People's Republic of China

中华人民共和国企业破产法

 

Promulgating Institution:  Standing Committee of the National People's Congress

Document Number:  Order No. 54 of the President of the People's Republic of China

Promulgating Date:         08/27/2006

Effective Date:        06/01/2007

颁布机关:       全国人民代表大会常务委员会

文    号:     中华人民共和国主席令第五十四号

颁布时间:       08/27/2006

实施时间:       06/01/2007

 

Order No. 54 of the President of the People's Republic of China

The Enterprise Bankruptcy Law of the People's Republic of China adopted at the 23rd Session of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on 27 August 2006 is hereby promulgated, and shall be effective as of 1 June 2007.

Hu Jintao, President of the People's Republic of China

27 August 2006

中华人民共和国主席令

第五十四号

《中华人民共和国企业破产法》已由中华人民共和国第十届全国人民代表大会常务委员会第二十三次会议于2006年8月27日通过,现予公布,自2007年6月1日起施行。

中华人民共和国主席 胡锦涛

2006年8月27日

Enterprise Bankruptcy Law of the People's Republic of China

(Adopted at the 23rd Session of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on 27 August 2006)

中华人民共和国企业破产法

(2006年8月27日第十届全国人民代表大会常务委员会第二十三次会议通过)

Contents

Chapter 1: General Provisions

Chapter 2: Application and Acceptance

   Section 1: Application

   Section 2: Acceptance

Chapter 3: Receiver

Chapter 4: Property of Debtors

Chapter 5: Expenses of Bankruptcy and Debts Incurred for the Creditors' Common Interests

Chapter 6: Declaration of Creditors' Rights

Chapter 7: Creditors' Meeting

   Section 1: General Provisions

   Section 2: Creditors' Committee

Chapter 8: Reorganization

   Section 1: Application and Period of Reorganization

   Section 2: Formulation and Approval of Reorganization Plan

   Section 3: Execution of Reorganization Plan

Chapter 9: Reconciliation

Chapter 10: Bankruptcy Liquidation

   Section 1: Declaration of Bankruptcy

   Section 2: Realization and Distribution

   Section 3: Termination of Bankruptcy Procedure

Chapter 11: Legal Liability

Chapter 12: Supplementary Provisions

   目录

   第一章 总则

   第二章 申请和受理

   第一节 申请

   第二节 受理

   第三章 管理人

   第四章 债务人财产

   第五章 破产费用和共益债务

   第六章 债权申报

   第七章 债权人会议

   第一节 一般规定

   第二节 债权人委员会

   第八章 重整

   第一节 重整申请和重整期间

   第二节 重整计划的制定和批准

   第三节 重整计划的执行

   第九章 和解

   第十章 破产清算

   第一节 破产宣告

   第二节 变价和分配

   第三节 破产程序的终结

   第十一章 法律责任

   第十二章 附则

Chapter 1: General Provisions

第一章 总则

  Article 1   This Law is formulated in order to regulate the enterprise bankruptcy procedure, clear creditor's rights and debts on the basis of fairness, protect the lawful rights and interests of creditors and debtors, and maintain the order of the socialist market economy.

    第一条 为规范企业破产程序,公平清理债权债务,保护债权人和债务人的合法权益,维护社会主义市场经济秩序,制定本法。

  Article 2   Where an enterprise legal person is incapable of paying off its due and payable debts and its property is not sufficient to pay off all the debts, or it obviously lacks the capability to pay off its debts, the debts shall be cleared in accordance with the provisions of this Law.

An enterprise legal person that falls under the circumstance specified in the preceding paragraph or obviously loses the capability of debt repayment may be subject to reorganization pursuant to the provisions of this Law.

    第二条 企业法人不能清偿到期债务,并且资产不足以清偿全部债务或者明显缺乏清偿能力的,依照本法规定清理债务。

   企业法人有前款规定情形,或者有明显丧失清偿能力可能的,可以依照本法规定进行重整。

  Article 3   Bankruptcy cases shall be under the jurisdiction of the people's court at the place where the debtor is domiciled.

    第三条 破产案件由债务人住所地人民法院管辖。

  Article 4   With regard to the procedure for trying bankruptcy cases, if it is not specified in this Law, the relevant provisions of the Civil Procedure Law shall apply.

    第四条 破产案件审理程序,本法没有规定的,适用民事诉讼法的有关规定。

  Article 5   The bankruptcy procedure initiated in accordance with this Law shall be effective in respect to the debtor's property outside the territory of the People's Republic of China.

Where an application or request is filed with a people's court to acknowledge and execute a legally effective judgment or ruling made by a foreign court for a bankruptcy case that involves the property of a debtor within the territory of the People's Republic of China, the people's court shall conduct an examination pursuant to the international treaties China has concluded or acceded to or on the basis of the principle of reciprocity. If the application or request neither violates the basic principles of the laws of the People's Republic of China, nor damages the sovereignty and security of the State or the social public interest, nor harms the lawful rights and interests of the creditors within the territory of the People's Republic of China, the people's court shall make a decision to recognize and enforce the judgment or ruling.

    第五条 依照本法开始的破产程序,对债务人在中华人民共和国领域外的财产发生效力。

   对外国法院作出的发生法律效力的破产案件的判决、裁定,涉及债务人在中华人民共和国领域内的财产,申请或者请求人民法院承认和执行的,人民法院依照中华人民共和国缔结或者参加的国际条约,或者按照互惠原则进行审查,认为不违反中华人民共和国法律的基本原则,不损害国家主权、安全和社会公共利益,不损害中华人民共和国领域内债权人的合法权益的,裁定承认和执行。

  Article 6   When trying a bankruptcy case, a people's court shall, in accordance with the law, guarantee the lawful rights and interests of the staff members of the enterprises and subject the operation management personnel of the bankrupt enterprise concerned to legal liability.

    第六条 人民法院审理破产案件,应当依法保障企业职工的合法权益,依法追究破产企业经营管理人员的法律责任。

Chapter 2: Application and Acceptance

Section 1: Application

第二章 申请和受理

第一节 申请

  Article 7   If a debtor falls under the circumstance specified in Article 2 of this Law, an application may be filed with a people's court for reorganization, reconciliation, or bankruptcy liquidation.

In the event that a debtor fails to pay off the due and payable debts, the creditor may file an application with a people's court for reorganization and bankruptcy liquidation for the debtor.

Where an enterprise legal person is dissolved but has not been liquidated or the liquidation is not completed, and the assets are not enough to pay off the debts, the person bearing liability for liquidation in accordance with the law shall apply to a people's court for bankruptcy liquidation.

    第七条 债务人有本法第二条规定的情形,可以向人民法院提出重整、和解或者破产清算申请。

   债务人不能清偿到期债务,债权人可以向人民法院提出对债务人进行重整或者破产清算的申请。

   企业法人已解散但未清算或者未清算完毕,资产不足以清偿债务的,依法负有清算责任的人应当向人民法院申请破产清算。

  Article 8   An application for bankruptcy filed with a people's court shall be subject to submission of a written application for bankruptcy and the relevant evidence.

The written application for bankruptcy shall specify the following matters:

(1) Basic information of the applicant and the respondent;

(2) Purpose of application;

(3) Facts and reasons for the application; and

(4) Other matters that the people's court deems necessary to specify.

In the event that the application is filed by a debtor, the statements on the financial conditions, list of debts, list of creditor's rights, relevant financial and accounting reports, staff member arrangement plan, and payment of the salaries of the staff members and their social insurance premiums shall also be submitted to the people's court.

    第八条 向人民法院提出破产申请,应当提交破产申请书和有关证据。

   破产申请书应当载明下列事项:

   (一)申请人、被申请人的基本情况;

   (二)申请目的;

   (三)申请的事实和理由;

   (四)人民法院认为应当载明的其他事项。

   债务人提出申请的,还应当向人民法院提交财产状况说明、债务清册、债权清册、有关财务会计报告、职工安置预案以及职工工资的支付和社会保险费用的缴纳情况。

  Article 9   Before a people's court accepts an application for bankruptcy, the applicant may request to withdraw the application.

    第九条 人民法院受理破产申请前，申请人可以请求撤回申请。

Section 2: Acceptance

第二节 受理

  Article 10   In the case that the application for bankruptcy is filed by a creditor, the people's court shall notify the debtor within five days as of receipt of the application. The debtor shall, if having any opposition to the application, raise the opposition to the people's court within seven days as of receipt of the notice from the people's court. The people's court shall make a decision of whether or not to accept the application within ten days as of the expiry of the period of opposition.

Except for the circumstance specified in the preceding paragraph, a people's court shall make a decision on whether or not to accept the application within 15 days as of receipt of the application for bankruptcy.

Where an extension of the time limit for making a decision on acceptance is required under special circumstances, 15 days may be extended upon approval of the people's court at the next higher level.

    第十条 债权人提出破产申请的,人民法院应当自收到申请之日起五日内通知债务人。债务人对申请有异议的,应当自收到人民法院的通知之日起七日内向人民法院提出。人民法院应当自异议期满之日起十日内裁定是否受理。

   除前款规定的情形外,人民法院应当自收到破产申请之日起十五日内裁定是否受理。

   有特殊情况需要延长前两款规定的裁定受理期限的,经上一级人民法院批准,可以延长十五日。

  Article 11   A people's court shall, in the case of accepting an application for acceptance, serve the decision on the applicant within five days after the decision is made.

In the event that the application is filed by a creditor, the people's court shall serve the decision on the debtor within five days after the decision is made. The debtor shall, within 15 days after the decision is served, submit to the people's court the statement on the financial conditions, list of debts, list of creditor's rights, relevant financial and accounting reports, and payment of the salaries of the staff members and their social insurance premiums.

    第十一条 人民法院受理破产申请的,应当自裁定作出之日起五日内送达申请人。

   债权人提出申请的,人民法院应当自裁定作出之日起五日内送达债务人。债务人应当自裁定送达之日起十五日内,向人民法院提交财产状况说明、债务清册、债权清册、有关财务会计报告以及职工工资的支付和社会保险费用的缴纳情况。

  Article 12   Where a people's court decides not to accept an application for bankruptcy, it shall, within five days after the decision is made, serve it on the applicant and explain the reasons. The applicant may, if dissatisfied with the decision, file an action with a people's court at the next higher level within ten days after the decision is served.

A people's court may, after accepting the application for bankruptcy and before bankruptcy is declared, make a decision to reject the application if upon examination the debtor is found not to conform to the circumstance specified in Article 2 of this Law. The applicant may, if dissatisfied with the decision, file an action with a people's court at the next higher level within ten days after the decision is served.

    第十二条 人民法院裁定不受理破产申请的,应当自裁定作出之日起五日内送达申请人并说明理由。申请人对裁定不服的,可以自裁定送达之日起十日内向上一级人民法院提起上诉。

   人民法院受理破产申请后至破产宣告前,经审查发现债务人不符合本法第二条规定情形的,可以裁定驳回申请。申请人对裁定不服的,可以自裁定送达之日起十日内向上一级人民法院提起上诉。

  Article 13   When a people's court makes a decision to accept an application for bankruptcy, it shall meanwhile designate a receiver.

    第十三条 人民法院裁定受理破产申请的,应当同时指定管理人。

  Article 14   A people's court shall, within 25 days as of acceptance of the application for bankruptcy, notify the known creditors and make a public announcement.

The notification and public announcement shall specify the following matters:

(1) Names of the applicant and respondent;

(2) Time when the people's court accepts the application for bankruptcy;

(3) Time limit, place for declaring creditor's rights, and matters requiring attention;

(4) Name of the receiver and the address where the receiver manages affairs;

(5) Request that shall be filed by the debtors or property holders of the debtor to the receiver for repayment of debts or delivery of property;

(6) Time and place for the first creditors' meeting to be held; and

(7) Other matters that the people's court deems necessary to make a notification or public announcement about.

    第十四条 人民法院应当自裁定受理破产申请之日起二十五日内通知已知债权人,并予以公告。

   通知和公告应当载明下列事项:

   (一)申请人、被申请人的名称或者姓名;

   (二)人民法院受理破产申请的时间;

   (三)申报债权的期限、地点和注意事项;

   (四)管理人的名称或者姓名及其处理事务的地址;

   (五)债务人的债务人或者财产持有人应当向管理人清偿债务或者交付财产的要求;

   (六)第一次债权人会议召开的时间和地点;

   (七)人民法院认为应当通知和公告的其他事项。

  Article 15   During the period from the day when the decision of the people's court to accept an application for bankruptcy is served on the debtor to the date of conclusion of the bankruptcy procedure, the relevant personnel of the debtor shall bear the following obligations:

(1) Properly taking into custody the property, seals, account books, documents, and other materials that are in their possession and under their management;

(2) Proceeding with the work pursuant to the requirements of the people's court and the receiver, and truthfully answering their inquiries;

(3) Attending the creditors' meeting as non-voting participants and truthfully answering the creditors' inquiries;

(4) Not leaving their domiciles without permission of the people's court; and

(5) Not assuming the post of director, supervisor, or senior management personnel of other enterprises.

Relevant personnel specified in the preceding paragraph shall mean the legal representative of an enterprise, and may, subject to decision of the people's court, also include financial management personnel and other operation management personnel of the enterprise.

    第十五条 自人民法院受理破产申请的裁定送达债务人之日起至破产程序终结之日,债务人的有关人员承担下列义务:

   (一)妥善保管其占有和管理的财产、印章和账簿、文书等资料;

   (二)根据人民法院、管理人的要求进行工作,并如实回答询问;

   (三)列席债权人会议并如实回答债权人的询问;

   (四)未经人民法院许可,不得离开住所地;

   (五)不得新任其他企业的董事、监事、高级管理人员。

   前款所称有关人员,是指企业的法定代表人;经人民法院决定,可以包括企业的财务管理人员和其他经营管理人员。

  Article 16   After a people's court accepts an application for bankruptcy, the repayment of the debts of certain creditors by the debtor shall be invalid.

    第十六条 人民法院受理破产申请后,债务人对个别债权人的债务清偿无效。

  Article 17   After a people's court accepts an application for bankruptcy, the debtors or property holders of a debtor shall pay off the debts or deliver the property to the receiver.

If the debtors or property holders of the debtor pay off the debts or deliver property to the debtor in violation of the provisions of the preceding paragraph, thereby causing losses to the creditors, the obligations to pay off debts or deliver property shall not be exempted.

    第十七条 人民法院受理破产申请后,债务人的债务人或者财产持有人应当向管理人清偿债务或者交付财产。

   债务人的债务人或者财产持有人故意违反前款规定向债务人清偿债务或者交付财产,使债权人受到损失的,不免除其清偿债务或者交付财产的义务。

  Article 18   After a people's court accepts an application for bankruptcy, the receiver shall have the right to decide to dissolve or continue to perform a contract that remains to be fulfilled by the debtor or the other party before acceptance of the application, and notify the other party.Where the receiver fails to notify the other party within two months after acceptance of the application for bankruptcy, or fails to give a reply within 30 days as of receipt of the urge and notification of the other party, the contract shall be deemed to have been dissolved.

Where the receiver decides to continue to perform the contract, the other party shall do so. However, the other party shall have the right to require the receiver to provide guarantee. In the event that the receiver refuses to provide guarantee, the contract shall be deemed to have been dissolved.

    第十八条 人民法院受理破产申请后,管理人对破产申请受理前成立而债务人和对方当事人均未履行完毕的合同有权决定解除或者继续履行,并通知对方当事人。管理人自破产申请受理之日起二个月内未通知对方当事人,或者自收到对方当事人催告之日起三十日内未答复的,视为解除合同。

   管理人决定继续履行合同的,对方当事人应当履行;但是,对方当事人有权要求管理人提供担保。管理人不提供担保的,视为解除合同。

  Article 19   After a people's court accepts a bankruptcy application, the preservation measures for the property of the relevant debtors shall be canceled, and the enforcement procedure shall be suspended.

    第十九条 人民法院受理破产申请后,有关债务人财产的保全措施应当解除,执行程序应当中止。

  Article 20   After a people's court accepts an application for bankruptcy, a civil action or arbitration involving the relevant debtor that remains to be concluded shall be suspended; after a receiver takes over the property of the debtor, the action or arbitration shall be resumed.

    第二十条 人民法院受理破产申请后,已经开始而尚未终结的有关债务人的民事诉讼或者仲裁应当中止;在管理人接管债务人的财产后,该诉讼或者仲裁继续进行。

  Article 21   After a people's court accepts an application for bankruptcy, the civil action involving the relevant debtor may only be filed with that people's court that accepts the application for bankruptcy.

    第二十一条 人民法院受理破产申请后,有关债务人的民事诉讼,只能向受理破产申请的人民法院提起。

Chapter 3: Receivers

第三章 管理人

  Article 22   A receiver shall be subject to designation by a people's court.

Where the creditors' meeting believes that the receiver cannot perform its/his duties legally or impartially or is incapable of fulfilling its/his duties due to other circumstances, an application may be filed with the people's court for replacement.

The measures on designating receivers or determining the remuneration for a receiver shall be specified by the Supreme People's Court.

    第二十二条 管理人由人民法院指定。

   债权人会议认为管理人不能依法、公正执行职务或者有其他不能胜任职务情形的,可以申请人民法院予以更换。

   指定管理人和确定管理人报酬的办法,由最高人民法院规定。

  Article 23   A receiver shall perform its/his duties according to the provisions of this Law, report on its/his work to the people's court and accept the supervision of the creditors' meeting and the creditors' committee.

A receiver shall attend the creditors' meeting as a non-voting participant, and report on the performance of its/his duties and answer inquiries.

    第二十三条 管理人依照本法规定执行职务,向人民法院报告工作,并接受债权人会议和债权人委员会的监督。

   管理人应当列席债权人会议,向债权人会议报告职务执行情况,并回答询问。

  Article 24   A liquidation group composed of personnel from the relevant department or authorities, or a legally established law firm, accounting firm, bankruptcy liquidation firm, and other social intermediary agency may serve as the receiver.

A people's court may, according to the actual conditions of a debtor and after consulting the relevant public intermediary agencies, designate the personnel that have the necessary professional knowledge and have obtained the qualifications to practice to serve as the receiver.

A person shall not serve as a receiver under any of the following circumstances:

(1) He/it has been subject to criminal sanction for intentional offense;

(2) He/it has had its relevant certificate for practice qualification revoked;

(3) He/it is an interested party to the case concerned; or

(4) Other circumstances where the people's court deems that he/it shall not serve as a receiver.

An individual that serves as the receiver shall participate in responsibility insurance for the practice.

    第二十四条 管理人可以由有关部门、机构的人员组成的清算组或者依法设立的律师事务所、会计师事务所、破产清算事务所等社会中介机构担任。

   人民法院根据债务人的实际情况,可以在征询有关社会中介机构的意见后,指定该机构具备相关专业知识并取得执业资格的人员担任管理人。

   有下列情形之一的,不得担任管理人:

   (一)因故意犯罪受过刑事处罚;

   (二)曾被吊销相关专业执业证书;

   (三)与本案有利害关系;

   (四)人民法院认为不宜担任管理人的其他情形。

   个人担任管理人的,应当参加执业责任保险。

  Article 25   A receiver shall perform the following duties:

(1) Taking over the property, seals, account books, documents, and other materials of the debtor;

(2) Investigating the financial status of the debtor, and preparing a report on financial status;

(3) Making decisions on the internal management affairs of the debtor;

(4) Making decisions on the daily expenses and other necessary expenses of the debtor;

(5) Making a decision of continuing or suspending the business of the debtor before the first creditors' meeting is convened;

(6) Managing and disposing of the property of the debtor;

(7) Participating in litigation, arbitration, and other legal procedure on behalf of the debtor;

(8) Making proposals on convening a creditors' meeting; and

(9) Other duties that shall be performed by the receiver as believed by the people's court.

If it is otherwise specified in this Law regarding the duties of a receiver, those provisions shall prevail.

    第二十五条 管理人履行下列职责:

   (一)接管债务人的财产、印章和账簿、文书等资料;

   (二)调查债务人财产状况,制作财产状况报告;

   (三)决定债务人的内部管理事务;

   (四)决定债务人的日常开支和其他必要开支;

   (五)在第一次债权人会议召开之前,决定继续或者停止债务人的营业;

   (六)管理和处分债务人的财产;

   (七)代表债务人参加诉讼、仲裁或者其他法律程序;

   (八)提议召开债权人会议;

   (九)人民法院认为管理人应当履行的其他职责。

   本法对管理人的职责另有规定的,适用其规定。

  Article 26   Before the first creditors' meeting is convened, the receiver's decision to continue or suspend the business of a debtor or its/his commitment of any of the acts specified in Article 69 of this Law shall be subject to permission of the people's court.

    第二十六条 在第一次债权人会议召开之前,管理人决定继续或者停止债务人的营业或者有本法第六十九条规定行为之一的,应当经人民法院许可。

  Article 27   A receiver shall be diligent in performing its/his duties and shall faithfully fulfill the duties

    第二十七条 管理人应当勤勉尽责,忠实执行职务。

  Article 28   A receiver may, subject to permission of a people's court, employ necessary staff.

The remuneration for a receiver shall be determined by the people's court. The creditors' meeting having an opposition to the remuneration of a receiver may raise the opposition to the people's court.

    第二十八条 管理人经人民法院许可,可以聘用必要的工作人员。

   管理人的报酬由人民法院确定。债权人会议对管理人的报酬有异议的,有权向人民法院提出。

  Article 29   A receiver shall not resign from its/his post without justifiable reasons. The resignation of a receiver from its/his post shall be subject to permission of the people's court.

    第二十九条 管理人没有正当理由不得辞去职务。管理人辞去职务应当经人民法院许可。

Chapter 4: Property of Debtors

第四章 债务人财产

  Article 30   All the property of a debtor when the application for bankruptcy is accepted, and the property obtained by the debtor after the application for bankruptcy is accepted and before the bankruptcy procedure is concluded, shall be regarded as the property of the debtor.

    第三十条 破产申请受理时属于债务人的全部财产,以及破产申请受理后至破产程序终结前债务人取得的财产,为债务人财产。

  Article 31   Within one year before a people's court accepts an application for bankruptcy, a receiver shall have the right to request a people's court to cancel any of the following acts involving the debtor's property:

(1) Transferring the property gratis;

(2) Making deals at an obviously unreasonable price;

(3) Providing property guarantee to unsecured debts;

(4) Paying off the debts that are not due; or

(5) Waiving the creditor's rights.

    第三十一条 人民法院受理破产申请前一年内,涉及债务人财产的下列行为,管理人有权请求人民法院予以撤销:

   (一)无偿转让财产的;

   (二)以明显不合理的价格进行交易的;

   (三)对没有财产担保的债务提供财产担保的;

   (四)对未到期的债务提前清偿的;

   (五)放弃债权的。

  Article 32   Within six months before a people's court accepts an application for bankruptcy, if the debtor is under the circumstance specified in Paragraph 1 of Article 2 of this Law but still makes repayment to certain creditors, the receiver shall have the right to request the people's court for cancellation of such act, except that the repayment of debts is beneficial to the debtor's property.

    第三十二条 人民法院受理破产申请前六个月内,债务人有本法第二条第一款规定的情形,仍对个别债权人进行清偿的,管理人有权请求人民法院予以撤销。但是,个别清偿使债务人财产受益的除外。

  Article 33   The following acts involving the property of a debtor shall be deemed invalid:

(1) Concealing or transferring the property in order to avoid repayment of debts; and

(2) Fabricating debts or acknowledging unreal debts.

    第三十三条 涉及债务人财产的下列行为无效:

   (一)为逃避债务而隐匿、转移财产的;

   (二)虚构债务或者承认不真实的债务的。

  Article 34   A receiver shall have the right to recover the property of a debtor that is obtained through the act specified in Article 31, 32, or 33 of this Law.

    第三十四条 因本法第三十一条、第三十二条或者第三十三条规定的行为而取得的债务人的财产,管理人有权追回。

  Article 35   After a people's court accepts an application for bankruptcy, if the capital contributor of a debtor fails to make full capital contribution, the receiver shall request that capital contributor to pay for the subscribed capital contribution without being subject to time limit for capital contribution.

    第三十五条 人民法院受理破产申请后,债务人的出资人尚未完全履行出资义务的,管理人应当要求该出资人缴纳所认缴的出资,而不受出资期限的限制。

  Article 36   Abnormal gains obtained, and property of an enterprise misappropriated by a director, supervisor, and senior management personnel of a debtor shall be recovered by the receiver.

    第三十六条 债务人的董事、监事和高级管理人员利用职权从企业获取的非正常收入和侵占的企业财产,管理人应当追回。

  Article 37   After a people's court accepts an application for bankruptcy, the receiver may recover the pledged or retained property through debt repayment or providing security acceptable to the creditor.

With regard to debt repayment or provision of security as a substitution mentioned in the preceding paragraph, if the value of the pledged or retained property is lower than the amount of the secured creditor's rights, the value of the pledge or lien shall be limited to the then current market value of that pledged or retained property.

    第三十七条 人民法院受理破产申请后,管理人可以通过清偿债务或者提供为债权人接受的担保,取回质物、留置物。

   前款规定的债务清偿或者替代担保,在质物或者留置物的价值低于被担保的债权额时,以该质物或者留置物当时的市场价值为限。

  Article 38   After a people's court accepts an application for bankruptcy, the property misappropriated by a debtor that does not belong thereto may be recovered through the receiver by the right-owner of that property, unless otherwise specified in this Law.

    第三十八条 人民法院受理破产申请后,债务人占有的不属于债务人的财产,该财产的权利人可以通过管理人取回。但是,本法另有规定的除外。

  Article 39   When a people's court accepts an application for bankruptcy, if the seller has sent the subject matter for sale to the debtor who is also the buyer, and the debtor fails to receive the goods or fails to make full payment, the seller may retrieve the subject matter being transported. However, the receiver may make full payment and request the seller to deliver the subject matter.

    第三十九条 人民法院受理破产申请时,出卖人已将买卖标的物向作为买受人的债务人发运,债务人尚未收到且未付清全部价款的,出卖人可以取回在运途中的标的物。但是,管理人可以支付全部价款,请求出卖人交付标的物。

  Article 40   Where a creditor is in debt to the debtor before the application for bankruptcy is accepted, the creditor may file a claim with the receiver for offsetting the debts. However, the debts shall not be offset for any of the following circumstances:

(1) The creditor is in debt to the debtor and obtains the creditor's rights of another person against the debtor after the application for bankruptcy is accepted.

(2) The creditor assumes the debts for the debtor while already knowing the fact that the debtor is incapable of paying off the debts due and payable or has filed an application for bankruptcy; unless the creditor bears the debts due to the provisions of the law or for any cause occurring within one year before the application for bankruptcy is filed; or

(3) The creditor is in debt to the debtor and obtains the creditor's rights while already knowing the fact that the debtor is incapable of paying off the debts due and payable or has filed an application for bankruptcy; unless the creditor obtains the creditor's rights due to the provisions of the law or for any cause occurring within one year before the application for bankruptcy is filed.

    第四十条 债权人在破产申请受理前对债务人负有债务的,可以向管理人主张抵销。但是,有下列情形之一的,不得抵销:

   (一)债务人的债务人在破产申请受理后取得他人对债务人的债权的;

   (二)债权人已知债务人有不能清偿到期债务或者破产申请的事实,对债务人负担债务的;但是,债权人因为法律规定或者有破产申请一年前所发生的原因而负担债务的除外;

   (三)债务人的债务人已知债务人有不能清偿到期债务或者破产申请的事实,对债务人取得债权的;但是,债务人的债务人因为法律规定或者有破产申请一年前所发生的原因而取得债权的除外。

Chapter 5: Expenses of Bankruptcy and Debts Incurred for the Creditors' Common Interests

第五章 破产费用和共益债务

  Article 41   The following expenses incurred after a people's court accepts an application for bankruptcy shall be expenses of bankruptcy:

(1) Litigation expenses of the bankruptcy cases;

(2) Expenses of management, realization of properties, and distribution of the property of the debtor; and

(3) Expenses of the receiver to perform its/his duties, and the remuneration thereof, and the expenses of recruiting staff.

    第四十一条 人民法院受理破产申请后发生的下列费用,为破产费用:

   (一)破产案件的诉讼费用;

   (二)管理、变价和分配债务人财产的费用;

   (三)管理人执行职务的费用、报酬和聘用工作人员的费用。

  Article 42   The following debts incurred after a people's court accepts an application for bankruptcy shall be debts incurred for the creditors' common interests:

(1) Debts incurred because the receiver or debtor requests the other party to fulfill a contract that both parties fail to fulfill;

(2) Debts incurred due to non-cause management of the property of the debtor;

(3) Debts incurred due to unjustified benefits of the debtor;

(4) Remuneration for work and social insurance premiums payable for sustaining the business operation of the debtor, and the expenses incurred therefrom;

(5) Debts incurred by the receiver or the relevant personnel that causes losses to others when performing their duties; and

(6) Debts incurred by the debtor's property for causing losses to others.

    第四十二条 人民法院受理破产申请后发生的下列债务,为共益债务:

   (一)因管理人或者债务人请求对方当事人履行双方均未履行完毕的合同所产生的债务;

   (二)债务人财产受无因管理所产生的债务;

   (三)因债务人不当得利所产生的债务;

   (四)为债务人继续营业而应支付的劳动报酬和社会保险费用以及由此产生的其他债务;

   (五)管理人或者相关人员执行职务致人损害所产生的债务;

   (六)债务人财产致人损害所产生的债务。

  Article 43   The expenses of bankruptcy and debts incurred for the creditors' common interests shall be paid off with the property of the debtor at any time.

Where the debtor's property is not sufficient to pay off all the expenses of bankruptcy and the debts incurred for the creditors' common interests, the expenses of bankruptcy shall be paid off first.

Where the debtor's property is not sufficient to pay off all the expenses of bankruptcy and the debts incurred for the creditors' common interests, such repayment shall be made on a pro rata basis.

Where the debtor's property is not sufficient to pay off all the expenses of bankruptcy, the receiver shall request a people's court to close the bankruptcy procedure. The people's court shall, within 15 days as of receipt of the request, make a decision to close the bankruptcy procedure and make a public announcement.

    第四十三条 破产费用和共益债务由债务人财产随时清偿。

   债务人财产不足以清偿所有破产费用和共益债务的,先行清偿破产费用。

   债务人财产不足以清偿所有破产费用或者共益债务的,按照比例清偿。

   债务人财产不足以清偿破产费用的,管理人应当提请人民法院终结破产程序。人民法院应当自收到请求之日起十五日内裁定终结破产程序,并予以公告。

Chapter 6:  Declaration of Debts

第六章 债权申报

  Article 44   When a people's court accepts an application for bankruptcy, a creditor that enjoys creditor's rights against the debtor may exercise its/his right according to the procedures specified in this Law.

    第四十四条 人民法院受理破产申请时对债务人享有债权的债权人,依照本法规定的程序行使权利。

  Article 45   After a people's court accepts an application for bankruptcy, the time limit for a creditor to declare its creditor's rights shall be determined. The time limit for declaring creditor's rights, which shall commence as of the day when the people's court makes the public announcement on acceptance of the application for bankruptcy, shall not be shorter than 30 days or longer then three months.

    第四十五条 人民法院受理破产申请后,应当确定债权人申报债权的期限。债权申报期限自人民法院发布受理破产申请公告之日起计算,最短不得少于三十日,最长不得超过三个月。

  Article 46   Creditor's rights undue shall be deemed to be due when the application for bankruptcy is accepted.

Calculation of the interest for creditor's rights shall end as of the acceptance of the application for acceptance.

    第四十六条 未到期的债权,在破产申请受理时视为到期。

   附利息的债权自破产申请受理时起停止计息。

  Article 47   A creditor may declare its/his creditor's rights which have certain conditions or time limits attached and its/his creditor's rights for which an action or arbitration remain to be closed.

    第四十七条 附条件、附期限的债权和诉讼、仲裁未决的债权,债权人可以申报。

  Article 48   A creditor shall declare its/his creditor's rights to the receiver within the time limit for declaration of creditor's rights as determined by the people's court.

It is not necessary for the debtor to declare the salaries, subsidies for medical care, injuries and disability, and the pensions for the disabled and the families of the deceased that are payable, the basic life insurance premiums and medical insurance premiums payable that fail to be entered into the employees' personal accounts, and the compensations payable which shall be paid to the employees as specified by relevant laws and administrative regulations, for all of which the receiver shall compile a list after investigation and have it published. Any employee that raises oppositions to the record of the list may request the receiver to make corrections. If the administrator refuses to do so, the employee may file an action with a people's court.

    第四十八条 债权人应当在人民法院确定的债权申报期限内向管理人申报债权。

   债务人所欠职工的工资和医疗、伤残补助、抚恤费用,所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用,以及法律、行政法规规定应当支付给职工的补偿金,不必申报,由管理人调查后列出清单并予以公示。职工对清单记载有异议的,可以要求管理人更正;管理人不予更正的,职工可以向人民法院提起诉讼。

  Article 49   When a creditor declares its/his creditor's rights, it/he shall, in writing, explain the amount of the creditor's rights and whether or not there is any property guaranty, and present the relevant evidence. If the creditor's rights declared are joint and several creditor's rights, the creditor shall give an explanation.

    第四十九条 债权人申报债权时,应当书面说明债权的数额和有无财产担保,并提交有关证据。申报的债权是连带债权的,应当说明。

  Article 50   Joint and several creditors may choose one of them to declare their creditor's rights on their behalf, and they may also declare their creditor's rights jointly.

    第五十条 连带债权人可以由其中一人代表全体连带债权人申报债权,也可以共同申报债权。

  Article 51   The debtor's warrantor or any joint and several debtor that has paid off the debts on behalf of the debtor may declare its/his creditor's rights on the basis of its/his right of recourse to the debtor.

The debtor's warrantor or any joint and several debtor that fails to pay off the debts on behalf of the debtor may declare creditor's rights on the basis of its/his future right of recourse to the debtor, except that the creditors have declared all their creditor's rights to the receiver.

    第五十一条 债务人的保证人或者其他连带债务人已经代替债务人清偿债务的,以其对债务人的求偿权申报债权。

   债务人的保证人或者其他连带债务人尚未代替债务人清偿债务的,以其对债务人的将来求偿权申报债权。但是,债权人已经向管理人申报全部债权的除外。

  Article 52   Where the procedures specified in this Law shall be applicable to more than one joint and several debtor, the creditors shall have the right to declare all of their creditor's rights in each of the bankruptcy cases.

    第五十二条 连带债务人数人被裁定适用本法规定的程序的,其债权人有权就全部债权分别在各破产案件中申报债权。

  Article 53   Where a receiver or debtor dissolves a contract in accordance with the provisions of this Law, the other party may declare its/his creditor's rights on the basis of its/his right to compensation for the damages caused by dissolving the contract.

    第五十三条 管理人或者债务人依照本法规定解除合同的,对方当事人以因合同解除所产生的损害赔偿请求权申报债权。

  Article 54   Where a debtor is the entrusting party of an entrustment contract, and a decision is made to apply the procedure specified in this Law, and the entrusted party, without knowledge of the fact, continues to deal with the entrusted matter, the entrusted party may declare its/his creditor's rights on the basis of the right of claim derived therefrom.

    第五十四条 债务人是委托合同的委托人,被裁定适用本法规定的程序,受托人不知该事实,继续处理委托事务的,受托人以由此产生的请求权申报债权。

  Article 55   Where a debtor is the producer of a negotiable instrument, and a decision is made to apply the procedures specified in this Law, and the payer of the negotiable instrument continues its/his payment or acceptance, the payer may declare its/his creditor's rights on the basis of the right of claim derived therefrom.

    第五十五条 债务人是票据的出票人,被裁定适用本法规定的程序,该票据的付款人继续付款或者承兑的,付款人以由此产生的请求权申报债权。

  Article 56   A creditor that fails to declare its/his creditor's rights within the time limit for declaration of creditor's rights as specified by a people's court may declare such creditor's rights before the final distribution of the bankruptcy property. However, if the property has been distributed earlier, no more distribution shall be made to that creditor. The expenses of examining and confirming the creditor's rights declared afterwards shall be borne by the party that makes such declaration.

A creditor that fails to declare its/his creditor's rights in accordance with the provisions of this Law shall not exercise its/his right according to the procedure specified in this Law.

    第五十六条 在人民法院确定的债权申报期限内,债权人未申报债权的,可以在破产财产最后分配前补充申报;但是,此前已进行的分配,不再对其补充分配。为审查和确认补充申报债权的费用,由补充申报人承担。

   债权人未依照本法规定申报债权的,不得依照本法规定的程序行使权利。

  Article 57   Upon receipt of the materials for declaration of creditor's rights, the receiver shall register the same, examine the creditor's rights declared, and formulate a form of creditor's rights.

The form of creditor's rights and the materials for declaration of creditor's rights shall be preserved by the receiver to be made available for the interested parties to consult.

    第五十七条 管理人收到债权申报材料后,应当登记造册,对申报的债权进行审查,并编制债权表。

   债权表和债权申报材料由管理人保存,供利害关系人查阅。

  Article 58   The form of creditor's rights formulated in accordance with the provisions of Article 57 of this Law shall be submitted to the first creditors' meeting for verification and examination.

Where the debtor and creditor have no oppositions to the creditor's rights recorded in the form of creditor's rights, the people's court shall make a decision to confirm it.

Any debtor or creditor that has oppositions to the creditor's rights recorded in the form of creditor's rights may file an action with a people's court that has accepted the application for bankruptcy.

    第五十八条 依照本法第五十七条规定编制的债权表,应当提交第一次债权人会议核查。

   债务人、债权人对债权表记载的债权无异议的,由人民法院裁定确认。

   债务人、债权人对债权表记载的债权有异议的,可以向受理破产申请的人民法院提起诉讼。

Chapter 7: Creditors' Meeting

Section 1: General Provisions

第七章 债权人会议

第一节 一般规定

  Article 59   A creditor that declares its/his creditor's rights in accordance with the law is a member of the creditors' meeting and has the right to attend the meetings of the creditors, and shall enjoy the voting rights.

A creditor whose creditor's rights are not determined shall not exercise its/his voting rights unless the people's court can temporarily determine the amount of its/his creditor's rights for him to exercise the voting rights.

A creditor that enjoys the secured right to the specific property of the debtor and has not waived its/his priority to repayment shall not enjoy voting rights for the matters specified in Items (7) and (10) of Paragraph 1 of Article 61 of this Law.

A creditor may entrust its/his agent to attend the creditors' meeting and exercise its/his voting rights. To attend the creditors' meeting, the agent shall submit a power of attorney of the creditor to the people's court or to the chairman of the creditors' meeting.

The representatives of the staff members and labor union of the debtor shall attend the creditors' meeting and may express their opinions on relevant matters.

    第五十九条 依法申报债权的债权人为债权人会议的成员,有权参加债权人会议,享有表决权。

   债权尚未确定的债权人,除人民法院能够为其行使表决权而临时确定债权额的外,不得行使表决权。

   对债务人的特定财产享有担保权的债权人,未放弃优先受偿权利的,对于本法第六十一条第一款第七项、第十项规定的事项不享有表决权。

   债权人可以委托代理人出席债权人会议,行使表决权。代理人出席债权人会议,应当向人民法院或者债权人会议主席提交债权人的授权委托书。

   债权人会议应当有债务人的职工和工会的代表参加,对有关事项发表意见。

  Article 60   The creditors' meeting shall have one chairman that shall be designated by the people's court from the creditors with voting rights.

The chairman of the creditors' meeting shall preside over such meetings.

    第六十条 债权人会议设主席一人,由人民法院从有表决权的债权人中指定。

   债权人会议主席主持债权人会议。

  Article 61   The creditors' meeting shall exercise the following powers:

(1) Checking the creditor's rights;

(2) Filing applications with the people's court for replacing the receiver and examining the expenses and remuneration of the receiver;

(3) Supervising the receiver;

(4) Selecting and replacing members of the creditors' committee;

(5) Making decisions on continuing or discontinuing the business operation of the debtor;

(6) Adopting a reorganization plan;

(7) Adopting a reconciliation agreement;

(8) Adopting a management scheme for the property of the debtor;

(9) Adopting a realization scheme for the bankruptcy property;

(10) Adopting a distribution scheme for the bankruptcy property; and

(11) Other powers that the people's court deems that the creditors' meeting shall exercise.

Minutes shall be prepared by the creditors' meeting for the resolutions made on the matters discussed at the creditors' meeting.

    第六十一条 债权人会议行使下列职权:

   (一)核查债权;

   (二)申请人民法院更换管理人,审查管理人的费用和报酬;

   (三)监督管理人;

   (四)选任和更换债权人委员会成员;

   (五)决定继续或者停止债务人的营业;

   (六)通过重整计划;

   (七)通过和解协议;

   (八)通过债务人财产的管理方案;

   (九)通过破产财产的变价方案;

   (十)通过破产财产的分配方案;

   (十一)人民法院认为应当由债权人会议行使的其他职权。

   债权人会议应当对所议事项的决议作成会议记录。

  Article 62   The first creditors' meeting shall be convened by the people's court, and shall be held within 15 days before the expiration date of the time limit for declaration of creditor's rights.

Creditors' meetings thereafter may be held when the people's court deems it necessary, or when the receiver, the creditors' committee, or creditors holding one quarter or more of the total amount of the creditor's rights propose to the chairman of the creditors' meeting to hold such a meeting.

    第六十二条 第一次债权人会议由人民法院召集,自债权申报期限届满之日起十五日内召开。

   以后的债权人会议,在人民法院认为必要时,或者管理人、债权人委员会、占债权总额四分之一以上的债权人向债权人会议主席提议时召开。

  Article 63   To convene a creditors' meeting, the receiver shall notify the known creditors 15 days in advance.

    第六十三条 召开债权人会议,管理人应当提前十五日通知已知的债权人。

  Article 64   The resolution of a creditors' meeting shall be subject to adoption by not less than half of the creditors with voting rights that are present at the meeting and represent half or more of the total amount of the unsecured creditor's rights, unless otherwise specified by this Law.

Where a creditor believes that a resolution adopted at a creditors' meeting violates the provisions of the law and harms its/his interest, the creditor may, within 15 days after the resolution is made at the creditors' meeting, request the people's court to make a decision to cancel that resolution and order the creditors' meeting to make a resolution anew in accordance with the law.

A resolution adopted at the creditors' meeting shall be binding on all the creditors.

    第六十四条 债权人会议的决议,由出席会议的有表决权的债权人过半数通过,并且其所代表的债权额占无财产担保债权总额的二分之一以上。但是,本法另有规定的除外。

   债权人认为债权人会议的决议违反法律规定,损害其利益的,可以自债权人会议作出决议之日起十五日内,请求人民法院裁定撤销该决议,责令债权人会议依法重新作出决议。

   债权人会议的决议,对于全体债权人均有约束力。

  Article 65   Matters listed in Items (8) and (9) of Paragraph 1 of Article 61 of this Law shall, if not adopted through voting at the creditors' meeting, be subject to a decision of the people's court.

Matters listed in Item (10) of Paragraph 1 of Article 61 of this Law shall, if not adopted through the second voting at the creditors' meeting, be subject to a decision of a people's court.

Decisions specified in the preceding two paragraphs shall be announced at the creditors' meeting by the people's court or notified to the creditors separately.

    第六十五条 本法第六十一条第一款第八项、第九项所列事项,经债权人会议表决未通过的,由人民法院裁定。

   本法第六十一条第一款第十项所列事项,经债权人会议二次表决仍未通过的,由人民法院裁定。

   对前两款规定的裁定,人民法院可以在债权人会议上宣布或者另行通知债权人。

  Article 66   Where a creditor is dissatisfied with the decision made pursuant to Paragraph 1 of Article 65 of this Law by the people's court, or creditors whose total amount of creditor's rights is not less than a half of the unsecured creditor's rights are dissatisfied with the decision made pursuant to Paragraph 2 of Article 65 by the people's court, they may, after the decision is announced or within 15 days of receipt of the notice, file an application with a people's court for reconsideration. The execution of the decision shall not be terminated during the period of reconsideration.

    第六十六条 债权人对人民法院依照本法第六十五条第一款作出的裁定不服的，债权额占无财产担保债权总额二分之一以上的债权人对人民法院依照本法第六十五条第二款作出的裁定不服的，可以自裁定宣布之日或者收到通知之日起十五日内向该人民法院申请复议。复议期间不停止裁定的执行。

Section 2: Creditors' Committee

第二节 债权人委员会

  Article 67   The creditors' meeting may establish a creditors committee. The creditors' committee shall be composed of the representatives of creditors selected by the creditors' meeting and one representative of the staff members or labor union of the debtor. The creditors' committee shall not have more than nine members.

The members of the creditors' committee shall be subject to recognition by decision of the people's court in writing.

    第六十七条 债权人会议可以决定设立债权人委员会。债权人委员会由债权人会议选任的债权人代表和一名债务人的职工代表或者工会代表组成。债权人委员会成员不得超过九人。

   债权人委员会成员应当经人民法院书面决定认可。

  Article 68   The creditors' committee shall exercise the following powers:

(1) Supervising the management and disposition of the debtor's property;

(2) Supervising the distribution of the bankruptcy property;

(3) Proposing to hold the creditors' meeting; and

(4) Other powers entrusted by the creditors' meeting.

The creditors' committee shall, when performing its/his duties, have the right to require the receiver, relevant personnel of the debtor to give explanations or provide relevant documents for the matters that fall within the scope of its/his powers.

Where the receiver or the relevant personnel of the debtor, in violation of the provisions of this Law, refuse to accept supervision, the creditors' committee shall have the right to request the people's court to make a decision concerning supervision matters, and the people's court shall make a decision within five days.

    第六十八条 债权人委员会行使下列职权:

   (一)监督债务人财产的管理和处分;

   (二)监督破产财产分配;

   (三)提议召开债权人会议;

   (四)债权人会议委托的其他职权。

   债权人委员会执行职务时,有权要求管理人、债务人的有关人员对其职权范围内的事务作出说明或者提供有关文件。

   管理人、债务人的有关人员违反本法规定拒绝接受监督的,债权人委员会有权就监督事项请求人民法院作出决定;人民法院应当在五日内作出决定。

  Article 69   The receiver shall, when carrying out the following acts, report to the creditors' committee in a timely manner:

(1) Transferring of the rights and interests in land, houses, and other real property;

(2) Transferring of mineral exploration rights, mining rights, intellectual property rights, and other property rights;

(3) Transferring of all the inventory or business operations;

(4) Borrowing of money;

(5) Creating property security;

(6) Transferring of creditor's rights and negotiable instruments;

(7) Performing of the contract that the debtor or the other party fails to perform;

(8) Waiver of rights;

(9) Recovery of secured property; and

(10) Other acts of disposing of the property that has a major impact on the interests of the creditors.

In the event that no creditors' committee is established, the receiver shall, when carrying out the acts specified in the preceding paragraph, report to the people's court in a timely manner.

    第六十九条 管理人实施下列行为,应当及时报告债权人委员会:

   (一)涉及土地、房屋等不动产权益的转让;

   (二)探矿权、采矿权、知识产权等财产权的转让;

   (三)全部库存或者营业的转让;

   (四)借款;

   (五)设定财产担保;

   (六)债权和有价证券的转让;

   (七)履行债务人和对方当事人均未履行完毕的合同;

   (八)放弃权利;

   (九)担保物的取回;

   (十)对债权人利益有重大影响的其他财产处分行为。

   未设立债权人委员会的,管理人实施前款规定的行为应当及时报告人民法院。

Chapter 8: Reorganization

Section 1: Application and Period of Reorganization

第八章 重整

第一节 重整申请和重整期间

  Article 70   A debtor or creditor may, in accordance with the provisions of this Law, directly file an application with the people's court for reorganization of the debtor.

Where a creditor applies to conduct bankruptcy liquidation of the debtor, the debtor or its/his capital contributor whose capital contribution is no less than one tenth of the debtor's registered capital may, after the people's court accepts the application for bankruptcy and before it declares the debtor bankrupt, file an application with the people's court for reorganization.

    第七十条 债务人或者债权人可以依照本法规定,直接向人民法院申请对债务人进行重整。

   债权人申请对债务人进行破产清算的,在人民法院受理破产申请后、宣告债务人破产前,债务人或者出资额占债务人注册资本十分之一以上的出资人,可以向人民法院申请重整。

  Article 71   A people's court shall, if believing that the application for reorganization complies with the provisions of this Law after examination, make a decision to reorganize the debtor and make a public announcement.

    第七十一条 人民法院经审查认为重整申请符合本法规定的,应当裁定债务人重整,并予以公告。

  Article 72   The period of reorganization shall commence as of the day when the people's court makes a decision to reorganize the debtor until the termination of the reorganization procedure.

    第七十二条 自人民法院裁定债务人重整之日起至重整程序终止,为重整期间。

  Article 73   During the period of reorganization, the debtor may, by filing an application and subject to approval by the people's court, manage its/his property and business operations at its/his own discretion under the supervision of the receiver.

Under the circumstance specified in the preceding paragraph, the receiver that has taken over the property and business operation of the debtor in accordance with the provisions of this Law shall hand over the property and business operation to the debtor, and the powers of a receiver specified in this Law shall be exercised by the debtor.

    第七十三条 在重整期间,经债务人申请,人民法院批准,债务人可以在管理人的监督下自行管理财产和营业事务。

   有前款规定情形的,依照本法规定已接管债务人财产和营业事务的管理人应当向债务人移交财产和营业事务,本法规定的管理人的职权由债务人行使。

  Article 74   The receiver that is responsible for managing the property and business operation may engage business operation management personnel of the debtor to be responsible for the business operation.

    第七十四条 管理人负责管理财产和营业事务的,可以聘任债务人的经营管理人员负责营业事务。

  Article 75   During the period of reorganization, the secured right for the specific property of the debtor shall cease to be exercised. However, in the case of possible damage or obvious depreciation of value of the secured property, which may harm the rights of the owner of the secured right, the owner of the secured right may request the people's court to allow the resumption of the exercise of its/his secured right.

During the period of reorganization, the debtor or receiver that borrows money for continuing business operations may create a security for the loan.

    第七十五条 在重整期间,对债务人的特定财产享有的担保权暂停行使。但是,担保物有损坏或者价值明显减少的可能,足以危害担保权人权利的,担保权人可以向人民法院请求恢复行使担保权。

   在重整期间,债务人或者管理人为继续营业而借款的,可以为该借款设定担保。

  Article 76   With regard to other's property that is legally obtained by a debtor, if the right-owner of the property requests to recover the property during the period of reorganization, the request shall be in conformity with the conditions agreed upon earlier.

    第七十六条 债务人合法占有的他人财产,该财产的权利人在重整期间要求取回的,应当符合事先约定的条件。

  Article 77   During the period of reorganization, the capital contributor of the debtor may not request distribution of investment proceeds.

During the period of reorganization, the director, supervisor, or senior management personnel of a debtor may not transfer to a third party the equity interest of the debtor it/he holds, unless permitted by the people's court.

    第七十七条 在重整期间,债务人的出资人不得请求投资收益分配。

   在重整期间,债务人的董事、监事、高级管理人员不得向第三人转让其持有的债务人的股权。但是,经人民法院同意的除外。

  Article 78   During the period of reorganization, the people's court shall, upon request of a receiver or an interested party, make a decision to terminate the reorganization procedure and declare the debtor bankrupt in any of the following circumstances:

(1) The business operation status and financial status of the debtor continue to deteriorate and there is no possibility of retrieval;

(2) The debtor conducts fraud or maliciously decreases its/his property, or commits any other act that is obviously disadvantageous to the creditors; or

(3) The receiver cannot perform its/his duties due to the act of the debtor.

    第七十八条 在重整期间,有下列情形之一的,经管理人或者利害关系人请求,人民法院应当裁定终止重整程序,并宣告债务人破产:

   (一)债务人的经营状况和财产状况继续恶化,缺乏挽救的可能性;

   (二)债务人有欺诈、恶意减少债务人财产或者其他显著不利于债权人的行为;

   (三)由于债务人的行为致使管理人无法执行职务。

Section 2: Formulation and Approval of Reorganization Plan

第二节 重整计划的制定和批准

  Article 79   The debtor or receiver shall, within six months after the people's court makes a decision on reorganizing the debtor, submit the draft reorganization plan to the people's court and the creditors' meeting at the same time.

Upon the expiration of the time limit specified in the preceding paragraph, the people's court may make a decision to extend the time limit for three months upon a request made by a debtor or receiver on justifiable grounds.

Where a debtor or receiver fails to submit a draft plan for reorganization on schedule, the people's court shall make a decision to terminate the reorganization procedure and declare the debtor bankrupt.

    第七十九条 债务人或者管理人应当自人民法院裁定债务人重整之日起六个月内,同时向人民法院和债权人会议提交重整计划草案。

   前款规定的期限届满,经债务人或者管理人请求,有正当理由的,人民法院可以裁定延期三个月。

   债务人或者管理人未按期提出重整计划草案的,人民法院应当裁定终止重整程序,并宣告债务人破产。

  Article 80   In the event that a debtor manages property and business operations at its/his own discretion, it/he shall formulate a draft plan for reorganization.

In the event that a receiver is responsible for managing the property and business operations, the receiver shall formulate a draft plan for reorganization.

    第八十条 债务人自行管理财产和营业事务的,由债务人制作重整计划草案。

   管理人负责管理财产和营业事务的,由管理人制作重整计划草案。

  Article 81   The draft plan for reorganization shall include the following contents:

(1) Business operations scheme of the debtor;

(2) Classification of creditor's rights;

(3) Scheme for creditor's rights adjustment;

(4) Scheme for creditor's rights repayment;

(5) Time limit for execution of the reorganization plan;

(6) Time limit for supervising the execution of the reorganization plan; and

(7) Other plans that are conducive to the reorganization of the debtor.

    第八十一条 重整计划草案应当包括下列内容:

   (一)债务人的经营方案;

   (二)债权分类;

   (三)债权调整方案;

   (四)债权受偿方案;

   (五)重整计划的执行期限;

   (六)重整计划执行的监督期限;

   (七)有利于债务人重整的其他方案。

  Article 82   The creditors holding creditor's rights of the following categories that attend the creditors' meeting for discussing the draft plan for reorganization shall be divided into groups according to the following categories of creditor's rights, and vote on the draft plan for reorganization:

(1) The secured creditor's rights for the specific property of the debtor;

(2) The salaries, subsidies for medical care, injuries, and disability, and pensions for the disabled and the families of the deceased that are payable, the basic life insurance premiums and medical insurance premiums payable that fail to be entered into the employee's personal account, and the compensations payable which shall be paid to the employees as specified by relevant laws and administrative regulations;

(3) Taxes payable by the debtor; and

(4) Common creditor's rights.

A people's court may, when necessary, decide to form a small-amount creditor's rights group under the category of the common creditor's rights to vote on the draft plan for reorganization.

    第八十二条 下列各类债权的债权人参加讨论重整计划草案的债权人会议,依照下列债权分类,分组对重整计划草案进行表决:

   (一)对债务人的特定财产享有担保权的债权;

   (二)债务人所欠职工的工资和医疗、伤残补助、抚恤费用,所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用,以及法律、行政法规规定应当支付给职工的补偿金;

   (三)债务人所欠税款;

   (四)普通债权。

   人民法院在必要时可以决定在普通债权组中设小额债权组对重整计划草案进行表决。

  Article 83   The reorganization plan shall not specify that the social insurance premiums other than those specified in Item (2) of Paragraph 1 of Article 82 of this Law that the debtor fails to pay may be reduced or exempted. The creditor of the said expense shall not participate in the voting on the draft plan for reorganization.

    第八十三条 重整计划不得规定减免债务人欠缴的本法第八十二条第一款第二项规定以外的社会保险费用;该项费用的债权人不参加重整计划草案的表决。

  Article 84   The people's court shall, within 30 days of receipt of the draft plan for reorganization, convene a creditors' meeting to vote on the draft for reorganization.

Where more than half of the creditors in the same voting group that are present at the creditors' meeting agree to a the draft plan for reorganization and they represent two-thirds or more of the total amount of the said category of creditor's rights, the draft plan shall be deemed to have been adopted by that group.

The debtor or receiver shall give an explanation to the draft plan for reorganization at the creditors' meeting and answer inquiries.

    第八十四条 人民法院应当自收到重整计划草案之日起三十日内召开债权人会议,对重整计划草案进行表决。

   出席会议的同一表决组的债权人过半数同意重整计划草案,并且其所代表的债权额占该组债权总额的三分之二以上的,即为该组通过重整计划草案。

   债务人或者管理人应当向债权人会议就重整计划草案作出说明,并回答询问。

  Article 85   The representative of the capital contributor of the debtor may attend the creditors' meeting on discussing the draft plan for reorganization as non-voting participants.

Where the draft plan for reorganization involves the adjustment of the rights and interests of capital contributors, a group of capital contributors shall be formed to vote on that matter.

    第八十五条 债务人的出资人代表可以列席讨论重整计划草案的债权人会议。

   重整计划草案涉及出资人权益调整事项的,应当设出资人组,对该事项进行表决。

  Article 86   Where all the voting groups agree to adopt a draft plan for reorganization, the plan shall be deemed to have been adopted.

The debtor or receiver shall, within ten days of the day when the plan for reorganization is adopted, file an application with the people's court for approval of the plan. Where the people's court believes that the application complies with the provisions of this Law upon examination, it shall, within 30 days of receipt of the application, make a decision to approve the plan, terminate the procedure for reorganization and make a public announcement.

    第八十六条 各表决组均通过重整计划草案时,重整计划即为通过。

   自重整计划通过之日起十日内,债务人或者管理人应当向人民法院提出批准重整计划的申请。人民法院经审查认为符合本法规定的,应当自收到申请之日起三十日内裁定批准,终止重整程序,并予以公告。

  Article 87   Where a draft plan for reorganization is not adopted by part of the voting groups, the debtor or receiver may conduct consultation with those groups. The said groups may hold another vote after the consultation. The result of the consultation shall not harm the interests of other voting groups.

Where a voting group that does not adopt a draft plan for reorganization refuses to hold another vote on it or the draft plan is not adopted through a second vote, the debtor or receiver may file an application with the people's court for approving the draft plan provided that the plan meets the following conditions:

(1) According to the draft plan for reorganization, the creditor's rights listed in Item (1) of Paragraph 1 of Article 82 of this Law will be repaid in full for the specific property concerned, the losses due to delayed payment will be compensated in a fair manner, and its/his secured right is not substantially impaired, or the corresponding voting group has adopted the draft plan for reorganization;

(2) According to the draft plan for reorganization, the creditor's rights listed in Items (2) and (3) of Paragraph 1 of Article 82 of this Law will be repaid in full, or the corresponding voting groups have adopted the draft plan for reorganization;

(3) According to the draft plan for reorganization, the proportion of repayment of the common creditor's rights is not lower than the proportion of repayment according to the bankruptcy liquidation procedure when the draft plan is submitted for approval, or the corresponding voting group has adopted the draft plan;

(4) The adjustment of the rights and interests of capital contributors in the draft plan for reorganization is fair and impartial, and the corresponding group of capital contributors has adopted the draft plan;

(5) The draft plan for reorganization treats the members of the same voting group fairly, and the order of debt repayment specified therein does not violate the provisions of Article 113 of this Law; and

(6) The business operation plan of the debtor is feasibile.

Where upon examination a people's court believes that the draft plan for reorganization complies with the provisions of the preceding paragraph, it shall, within 30 days of receipt of the application, make a decision to approve the plan, terminate the procedure for reorganization, and make a public announcement.

    第八十七条 部分表决组未通过重整计划草案的,债务人或者管理人可以同未通过重整计划草案的表决组协商。该表决组可以在协商后再表决一次。双方协商的结果不得损害其他表决组的利益。

   未通过重整计划草案的表决组拒绝再次表决或者再次表决仍未通过重整计划草案,但重整计划草案符合下列条件的,债务人或者管理人可以申请人民法院批准重整计划草案:

   (一)按照重整计划草案,本法第八十二条第一款第一项所列债权就该特定财产将获得全额清偿,其因延期清偿所受的损失将得到公平补偿,并且其担保权未受到实质性损害,或者该表决组已经通过重整计划草案;

   (二)按照重整计划草案,本法第八十二条第一款第二项、第三项所列债权将获得全额清偿,或者相应表决组已经通过重整计划草案;

   (三)按照重整计划草案,普通债权所获得的清偿比例,不低于其在重整计划草案被提请批准时依照破产清算程序所能获得的清偿比例,或者该表决组已经通过重整计划草案;

   (四)重整计划草案对出资人权益的调整公平、公正,或者出资人组已经通过重整计划草案;

   (五)重整计划草案公平对待同一表决组的成员,并且所规定的债权清偿顺序不违反本法第一百一十三条的规定;

   (六)债务人的经营方案具有可行性。

   人民法院经审查认为重整计划草案符合前款规定的,应当自收到申请之日起三十日内裁定批准,终止重整程序,并予以公告。

  Article 88   Where a draft plan for reorganization is not adopted and is not approved pursuant to the provisions of Article 87 of this Law, or a draft plan that is adopted fails to be approved, the people's court shall make a decision to terminate the procedure for reorganization, and declare the debtor bankrupt.

    第八十八条 重整计划草案未获得通过且未依照本法第八十七条的规定获得批准,或者已通过的重整计划未获得批准的,人民法院应当裁定终止重整程序,并宣告债务人破产。

Section 3: Execution of the Reorganization Plan

第三节 重整计划的执行

  Article 89   The debtor shall be responsible for the execution of the reorganization plan.

After a people's court has made a decision to approve the reorganization plan, the receiver that has taken over the property and business operation shall hand over the same to the debtor.

    第八十九条 重整计划由债务人负责执行。

   人民法院裁定批准重整计划后,已接管财产和营业事务的管理人应当向债务人移交财产和营业事务。

  Article 90   After the day when the people's court makes a decision to approve the reorganization plan, the receiver shall, during the supervision period specified in the reorganization plan, supervise the execution of the reorganization plan.

During the supervision period, the debtor shall report to the receiver the execution of the reorganization plan and the financial status of the debtor.

    第九十条 自人民法院裁定批准重整计划之日起,在重整计划规定的监督期内,由管理人监督重整计划的执行。

   在监督期内,债务人应当向管理人报告重整计划执行情况和债务人财务状况。

  Article 91   The receiver shall submit a supervision report to the people's court upon expiry of the supervision period. The supervision duty of the receiver shall terminate after the supervision report is submitted.

The interested parties to the reorganization plan shall have the right to inquire on the supervision report submitted by the receiver to the people's court.

The people's court may, upon application of the receiver, make a decision to extend the supervision period for the execution of the reorganization plan.

    第九十一条 监督期届满时,管理人应当向人民法院提交监督报告。自监督报告提交之日起,管理人的监督职责终止。

   管理人向人民法院提交的监督报告,重整计划的利害关系人有权查阅。

   经管理人申请,人民法院可以裁定延长重整计划执行的监督期限。

  Article 92   The reorganization plan that is approved by decision of the people's court shall be binding on the debtor and all the creditors.

A creditor that fails to declare its creditor's rights in accordance with the provisions of this Law shall not exercise its/his rights during the period when the reorganization plan is being executed. After the execution of the plan is completed, the creditor may exercise its/his rights pursuant to the repayment conditions for the same category of creditor's rights as specified in the reorganization plan.

The right enjoyed by a creditor against the debtor's guarantor and all the joint and several debtors shall not be affected by the reorganization plan.

    第九十二条 经人民法院裁定批准的重整计划,对债务人和全体债权人均有约束力。

   债权人未依照本法规定申报债权的,在重整计划执行期间不得行使权利;在重整计划执行完毕后,可以按照重整计划规定的同类债权的清偿条件行使权利。

   债权人对债务人的保证人和其他连带债务人所享有的权利,不受重整计划的影响。

  Article 93   Where a debtor is not able to or fails to execute the reorganization plan, the people's court shall, upon request of the receiver or interested parties, make a decision to terminate the execution of the reorganization plan, and declare the debtor bankrupt.

Where the people's court makes a decision to terminate the execution of the reorganization plan, the commitment made by the creditors on adjustment of creditor's rights in the reorganization plan shall be invalidated. However, the repayment received by the creditors due to execution of the reorganization plan shall remain valid, and the part of the creditor's rights that has not been repaid shall be regarded as bankruptcy creditor's rights.

The creditors specified in the preceding paragraph may, only when the other creditors in the same sequential order receive the same proportion of repayment, continue to join the distribution.

Under the circumstance specified in Paragraph (1) of this Article, the security provided for the execution of the reorganization plan shall continue to be valid.

    第九十三条 债务人不能执行或者不执行重整计划的,人民法院经管理人或者利害关系人请求,应当裁定终止重整计划的执行,并宣告债务人破产。

   人民法院裁定终止重整计划执行的,债权人在重整计划中作出的债权调整的承诺失去效力。债权人因执行重整计划所受的清偿仍然有效,债权未受清偿的部分作为破产债权。

   前款规定的债权人,只有在其他同顺位债权人同自己所受的清偿达到同一比例时,才能继续接受分配。

   有本条第一款规定情形的,为重整计划的执行提供的担保继续有效。

  Article 94   With respect to the debts that are reduced or exempted according to a reorganization plan, the debtor shall cease to bear liability for repayment upon the completion of execution of the reorganization plan.

    第九十四条 按照重整计划减免的债务,自重整计划执行完毕时起,债务人不再承担清偿责任。

Chapter 9: Reconciliation

第九章 和解

  Article 95   The debtor may, according to the provisions of this Law, directly file an application for reconciliation with a people's court, or may do so after the people's court accepts the application for bankruptcy and before it declares the debtor bankrupt.

The application for reconciliation by a debtor shall be subject to submission of a draft agreement of reconciliation.

    第九十五条 债务人可以依照本法规定,直接向人民法院申请和解;也可以在人民法院受理破产申请后、宣告债务人破产前,向人民法院申请和解。

   债务人申请和解,应当提出和解协议草案。

  Article 96   Where the people's court believes that the application for reconciliation complies with the provisions of this Law, it shall make a decision on reconciliation, make a public announcement, and convene a creditors' meeting to discuss the draft agreement of reconciliation.

The right-owner that enjoys secured right for the specific property of the debtor may exercise its/his right after the day when the people's court makes a decision on reconciliation.

    第九十六条 人民法院经审查认为和解申请符合本法规定的,应当裁定和解,予以公告,并召集债权人会议讨论和解协议草案。

   对债务人的特定财产享有担保权的权利人,自人民法院裁定和解之日起可以行使权利。

  Article 97   A resolution on a reconciliation agreement adopted at the creditors' meeting shall be subject to the consent of more than half of the creditors with voting rights that are present at the meeting representing two thirds or more of the total amount of unsecured creditor's rights.

    第九十七条 债权人会议通过和解协议的决议,由出席会议的有表决权的债权人过半数同意,并且其所代表的债权额占无财产担保债权总额的三分之二以上。

  Article 98   Where a reconciliation agreement is adopted at the creditors' meeting, the people's court shall make a decision to recognize the agreement, terminate the reconciliation procedure, and make a public announcement. The receiver shall hand over the property and business operation to the debtor, and submit a report on performance of its/his duties to the people's court.

    第九十八条 债权人会议通过和解协议的,由人民法院裁定认可,终止和解程序,并予以公告。管理人应当向债务人移交财产和营业事务,并向人民法院提交执行职务的报告。

  Article 99    Where the draft agreement of reconciliation is not adopted at the creditors' meeting through voting, or is adopted at the creditors' meeting but is not recognized by the people's court, the people's court shall make a decision to terminate the reconciliation procedure, and declare the debtor bankrupt.

    第九十九条 和解协议草案经债权人会议表决未获得通过,或者已经债权人会议通过的和解协议未获得人民法院认可的,人民法院应当裁定终止和解程序,并宣告债务人破产。

  Article 100   An agreement on reconciliation that is recognized by the people's court shall be binding on the debtor and all the creditors involved in the reconciliation.

A creditor involved in the reconciliation shall mean a party that, when the people's court accepts the application for bankruptcy, enjoys unsecured creditor's rights against the debtor.

A creditor involved in the reconciliation that fails to declare its/his creditor's rights according to the provisions of this Law shall not exercise its/his right during the execution period of the reconciliation agreement. However, it/he may exercise its/his right according to the repayment conditions specified in the reconciliation agreement after the completion of the execution of the reconciliation agreement.

    第一百条 经人民法院裁定认可的和解协议,对债务人和全体和解债权人均有约束力。

   和解债权人是指人民法院受理破产申请时对债务人享有无财产担保债权的人。

   和解债权人未依照本法规定申报债权的,在和解协议执行期间不得行使权利;在和解协议执行完毕后,可以按照和解协议规定的清偿条件行使权利。

  Article 101   The right enjoyed by the creditor involved in the reconciliation against the guarantor of the debtor or other joint and several debtors shall not be affected by the reconciliation agreement.

    第一百零一条 和解债权人对债务人的保证人和其他连带债务人所享有的权利,不受和解协议的影响。

  Article 102   A debtor shall pay off its/his debts according to the conditions specified in the reconciliation agreement.

    第一百零二条 债务人应当按照和解协议规定的条件清偿债务。

  Article 103   With respect to a reconciliation agreement that is concluded through fraud or other illegal acts of the debtor, the people's court shall rule it to be invalid and declare the debtor bankrupt.

Under the circumstance specified in the preceding paragraph, the payment that a creditor involved in the reconciliation receives due to the execution of the reconciliation agreement shall not be returned, provided that the other creditors receive the same proportion of repayment.

    第一百零三条 因债务人的欺诈或者其他违法行为而成立的和解协议,人民法院应当裁定无效,并宣告债务人破产。

   有前款规定情形的,和解债权人因执行和解协议所受的清偿,在其他债权人所受清偿同等比例的范围内,不予返还。

  Article 104   Where a debtor is not able to or fails to execute a reconciliation agreement, the people's court shall, upon request by the creditor involved in the reconciliation, make a decision to terminate the execution of the reconciliation agreement and declare the debtor bankrupt.

Where the people's court makes a decision to terminate the execution of a reconciliation agreement, the commitment on adjustment of the creditor's rights made by the creditor involved in the reconciliation shall be invalidated. However, the repayment received by the said creditor due to the execution of the reconciliation agreement shall remain valid and the part of the creditor's rights involved in the reconciliation that has not been repaid shall be regarded as bankruptcy creditor's rights.

The creditor specified in the preceding paragraph may, only when the other creditors receive the same proportion of repayment, continue to accept the distribution.

Under the circumstance specified in Paragraph (1) of this Article, the security provided for the execution of a reconciliation agreement shall remain valid.

    第一百零四条 债务人不能执行或者不执行和解协议的,人民法院经和解债权人请求,应当裁定终止和解协议的执行,并宣告债务人破产。

   人民法院裁定终止和解协议执行的,和解债权人在和解协议中作出的债权调整的承诺失去效力。和解债权人因执行和解协议所受的清偿仍然有效,和解债权未受清偿的部分作为破产债权。

   前款规定的债权人,只有在其他债权人同自己所受的清偿达到同一比例时,才能继续接受分配。

   有本条第一款规定情形的,为和解协议的执行提供的担保继续有效。

  Article 105   After a people's court accepts an application for bankruptcy, and the debtor and all the creditors reach an agreement at their own discretion concerning the handling of debts and creditor's rights, they may request the people's court to recognize the agreement and conclude the bankruptcy procedure.

    第一百零五条 人民法院受理破产申请后,债务人与全体债权人就债权债务的处理自行达成协议的,可以请求人民法院裁定认可,并终结破产程序。

  Article 106   With respect to the debts that are to be reduced or exempted according to a reconciliation agreement, the debtor shall cease to bear the liability for repayment after the completion of the execution of the reconciliation agreement.

    第一百零六条 按照和解协议减免的债务,自和解协议执行完毕时起,债务人不再承担清偿责任。

Chapter 10: Bankruptcy Liquidation

Section 1: Declaration of Bankruptcy

第十章 破产清算

第一节 破产宣告

  Article 107   Where the people's court declares a debtor bankrupt according to the provisions of this Law, it shall, within five days of the day when the decision is made, serve it on the debtor and the receiver and shall, within ten days, notify the known creditors and make a public announcement.

A debtor that is declared bankrupt shall be called the bankrupt, the property thereof shall be the bankruptcy property, and the creditor's rights against the debtor at the time when the people's court accepts an application for bankruptcy shall be bankruptcy creditor's rights.

    第一百零七条 人民法院依照本法规定宣告债务人破产的,应当自裁定作出之日起五日内送达债务人和管理人,自裁定作出之日起十日内通知已知债权人,并予以公告。

   债务人被宣告破产后,债务人称为破产人,债务人财产称为破产财产,人民法院受理破产申请时对债务人享有的债权称为破产债权。

  Article 108   Prior to declaration of bankruptcy, the people's court shall make a decision to terminate the bankruptcy procedure and make a public announcement under any of the following circumstances:

(1) A third party provides full amount of security to the debtor, or repays all the debts due for the debtor; or

(2) The debtor has repaid all the debts due.

    第一百零八条 破产宣告前,有下列情形之一的,人民法院应当裁定终结破产程序,并予以公告:

   (一)第三人为债务人提供足额担保或者为债务人清偿全部到期债务的;

   (二)债务人已清偿全部到期债务的。

  Article 109   A right-owner that enjoys a secured right for the specific property of the bankrupt shall enjoy the priority to be repaid for that specific property.

    第一百零九条 对破产人的特定财产享有担保权的权利人,对该特定财产享有优先受偿的权利。

  Article 110   A creditor enjoying the right specified in Article 109 of this Law exercises the priority to be repaid but fails to be repaid in full, the unpaid creditor's rights shall be taken as common creditor's rights. The creditor's rights of a creditor that waives the priority to be repaid shall be taken as common creditor's rights.

    第一百一十条 享有本法第一百零九条规定权利的债权人行使优先受偿权利未能完全受偿的,其未受偿的债权作为普通债权;放弃优先受偿权利的,其债权作为普通债权。

Section 2: Realization and Distribution

第二节 变价和分配

  Article 111   The receiver shall, in a timely manner, draft a realization plan for bankruptcy property and submit the plan to the creditors' meeting for discussion.

The receiver shall, according to the realization plan for bankruptcy property adopted by the creditors' meeting or decided by the people's court according to the provisions of Paragraph 1 of Article 65 of this Law,

The administrator shall, according to the realization plan for bankruptcy property that has been adopted at the creditors' meeting or decided on by the people's court according to the provisions of the first paragraph of Article 65 of this Law, realize the bankruptcy property at an appropriate time.

    第一百一十一条 管理人应当及时拟订破产财产变价方案,提交债权人会议讨论。

   管理人应当按照债权人会议通过的或者人民法院依照本法第六十五条第一款规定裁定的破产财产变价方案,适时变价出售破产财产。

  Article 112   Bankruptcy property shall be realized through auction, unless otherwise decided by the creditors' meeting.

A bankrupt enterprise may be realized as a whole or partially for sale. When an enterprise is being realized, the intangible assets and other property may be realized separately.

The property that shall not be auctioned or the transfer of which is restricted pursuant to the relevant provisions of the State shall be disposed of in a manner specified by the State.

    第一百一十二条 变价出售破产财产应当通过拍卖进行。但是,债权人会议另有决议的除外。

   破产企业可以全部或者部分变价出售。企业变价出售时,可以将其中的无形资产和其他财产单独变价出售。

   按照国家规定不能拍卖或者限制转让的财产,应当按照国家规定的方式处理。

  Article 113   The bankruptcy property shall, after the expenses for bankruptcy and debts incurred for the creditors' common interests are repaid first, be used for repayment according to the following order:

(1) The salaries, subsidies for medical care, injuries, and disability, and pensions for the disabled and the families of the deceased that are payable, the basic life insurance premiums and medical insurance premiums payable that fail to enter in the employee's personal account, and the compensations payable which shall be paid to the employees as specified by relevant laws and administrative regulations;

(2) The social insurance premiums and taxes payable of the bankrupt other than those specified in the preceding item; and

(3) Common bankruptcy creditor's rights.

Where the bankruptcy property is not sufficient to satisfy the repayment requirements that are in the same group, it shall be distributed on a pro rata basis.

The salaries of the directors, supervisors, and senior management personnel of a bankrupt enterprise shall be calculated on the basis of the average salaries of the staff members of that enterprise.

    第一百一十三条 破产财产在优先清偿破产费用和共益债务后,依照下列顺序清偿:

   (一)破产人所欠职工的工资和医疗、伤残补助、抚恤费用,所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用,以及法律、行政法规规定应当支付给职工的补偿金;

   (二)破产人欠缴的除前项规定以外的社会保险费用和破产人所欠税款;

   (三)普通破产债权。

   破产财产不足以清偿同一顺序的清偿要求的,按照比例分配。

   破产企业的董事、监事和高级管理人员的工资按照该企业职工的平均工资计算。

  Article 114   Bankruptcy property shall be distributed in currency, unless otherwise decided by the creditors' meeting.

    第一百一十四条 破产财产的分配应当以货币分配方式进行。但是,债权人会议另有决议的除外。

  Article 115   A receiver shall, in a timely manner, draft a plan for distribution of the bankruptcy property and submit it to the creditors' meeting for discussion.

The distribution plan for bankruptcy property shall specify the following items:

(1) The names and domiciles of the creditors that will share in the distribution of the bankruptcy property;

(2) The amount of creditor's rights that will share in the distribution of the bankruptcy property;

(3) The amount of bankruptcy property available for distribution;

(4) The order, proportion, and amount for the distribution of the bankruptcy property; and

(5) Ways for implementing the distribution of the bankruptcy property.

After the creditors' meeting adopts the distribution plan for bankruptcy property, the receiver shall submit the plan to the people's court for recognition.

    第一百一十五条 管理人应当及时拟订破产财产分配方案,提交债权人会议讨论。

   破产财产分配方案应当载明下列事项:

   (一)参加破产财产分配的债权人名称或者姓名、住所;

   (二)参加破产财产分配的债权额;

   (三)可供分配的破产财产数额;

   (四)破产财产分配的顺序、比例及数额;

   (五)实施破产财产分配的方法。

   债权人会议通过破产财产分配方案后,由管理人将该方案提请人民法院裁定认可。

  Article 116   The distribution plan for the bankruptcy property shall be executed by the receiver after the people's court makes a decision to recognize it.

Where the receiver intends to distribute the bankruptcy property over multiple occasions according to the distribution plan for bankruptcy property, it/he shall make a public announcement on the amount of property and amount of creditor's rights for each occasion. The final distribution by the receiver shall be made clear in the announcement, and the items specified in Paragraph 2 of Article 117 of this Law shall also be specified therein.

    第一百一十六条 破产财产分配方案经人民法院裁定认可后,由管理人执行。

   管理人按照破产财产分配方案实施多次分配的,应当公告本次分配的财产额和债权额。管理人实施最后分配的,应当在公告中指明,并载明本法第一百一十七条第二款规定的事项。

  Article 117   With respect to creditor's rights to which are attached validation conditions or dismissal conditions, the receiver shall preserve the corresponding distribution amount.

The distribution amount preserved by the receiver according to the provisions of the preceding paragraph shall, if the validation conditions or dismissal conditions are fulfilled on the date of public announcement on the final distribution, be distributed to other creditors; or, if the validation conditions or dismissal conditions are not fulfilled on the date of public announcement on the final distribution, be handed over to the creditors.

    第一百一十七条 对于附生效条件或者解除条件的债权,管理人应当将其分配额提存。

   管理人依照前款规定提存的分配额,在最后分配公告日,生效条件未成就或者解除条件成就的,应当分配给其他债权人;在最后分配公告日,生效条件成就或者解除条件未成就的,应当交付给债权人。

  Article 118   The distribution amount of the bankruptcy property that fails to be collected by creditors shall be preserved by the receiver. A creditor that fails to collect its/his distribution amount at the expiration of two months from the date of public announcement on the final distribution shall be deemed to have waived the right to the amount, and the receiver or the people's court shall distribute the preserved distribution amount to the other creditors.

    第一百一十八条 债权人未受领的破产财产分配额,管理人应当提存。债权人自最后分配公告之日起满二个月仍不领取的,视为放弃受领分配的权利,管理人或者人民法院应当将提存的分配额分配给其他债权人。

  Article 119   With regard to creditor's rights involved in a pending action or arbitration, the receiver shall put its distribution amount in escrow during the distribution of bankruptcy property. Where the distribution amount fails to be collected at the expiry of two years of the date of termination of the bankruptcy procedure, the people's court shall distribute the distribution amount it has put in escrow to other creditors.

    第一百一十九条 破产财产分配时,对于诉讼或者仲裁未决的债权,管理人应当将其分配额提存。自破产程序终结之日起满二年仍不能受领分配的,人民法院应当将提存的分配额分配给其他债权人。

Section 3: Termination Bankruptcy Procedure

第三节 破产程序的终结

  Article 120   In the event that a bankrupt has no property available for distribution, the receiver shall request the people's court to make a decision to terminate the bankruptcy procedure.

After completion of the final distribution, the receiver shall submit a report on the distribution of the bankruptcy property to the people's court in a timely manner, and request the people's court to make a decision to terminate the bankruptcy procedure.

The people's court shall, within 15 days upon receipt of the request from the receiver on terminating the bankruptcy procedure, make a decision on whether or not to terminate the procedure. In the event of making a decision to terminate the procedure, it shall make a public announcement.

    第一百二十条 破产人无财产可供分配的,管理人应当请求人民法院裁定终结破产程序。

   管理人在最后分配完结后,应当及时向人民法院提交破产财产分配报告,并提请人民法院裁定终结破产程序。

   人民法院应当自收到管理人终结破产程序的请求之日起十五日内作出是否终结破产程序的裁定。裁定终结的,应当予以公告。

  Article 121   The receiver shall, within ten days of the termination of the bankruptcy procedure, go through the formalities for deregistration with the original registration authority of the bankrupt by presenting the decision on terminating the bankruptcy procedure

    第一百二十一条 管理人应当自破产程序终结之日起十日内,持人民法院终结破产程序的裁定,向破产人的原登记机关办理注销登记。

  Article 122   A receiver shall cease performing its/his duties on the day following the completion of the formalities of deregistration, unless there exists an action or arbitration that is still pending.

    第一百二十二条 管理人于办理注销登记完毕的次日终止执行职务。但是,存在诉讼或者仲裁未决情况的除外。

  Article 123   Within two years of the day when the bankruptcy procedure is terminated according to the provisions of Paragraph 4 of Article 43 or Article 120 of this Law, a creditor may, for any of the following circumstances, request the people's court to make additional distribution according to the distribution plan for the bankruptcy property:

(1) Property that shall be recovered according to the provisions of Articles 31, 32, 33, and 36 of this Law is discovered; or

(2) The bankrupt is found to have other property available for distribution.

Under the circumstances specified in the preceding paragraph, if the amount of property is not sufficient to pay the expenses of distribution, no additional distribution shall be made, and the said property shall be handed over by the people's court to the State Treasury.

    第一百二十三条 自破产程序依照本法第四十三条第四款或者第一百二十条的规定终结之日起二年内,有下列情形之一的,债权人可以请求人民法院按照破产财产分配方案进行追加分配:

   (一)发现有依照本法第三十一条、第三十二条、第三十三条、第三十六条规定应当追回的财产的;

   (二)发现破产人有应当供分配的其他财产的。

   有前款规定情形,但财产数量不足以支付分配费用的,不再进行追加分配,由人民法院将其上交国库。

  Article 124   After termination of the bankruptcy procedure, the guarantor and other joint and several debtors of the bankrupt shall, in accordance with the law, continue to bear the liability for repayment of the creditor's rights that have not been repaid according to the procedure for bankrupt liquidation.

    第一百二十四条 破产人的保证人和其他连带债务人,在破产程序终结后,对债权人依照破产清算程序未受清偿的债权,依法继续承担清偿责任。

Chapter 11: Legal Liability

第十一章 法律责任

  Article 125   Where a director, supervisor, or senior management personnel violates the obligations of faithfulness or diligence, thereby leading to the bankruptcy of its/his enterprise, such party shall bear civil liability in accordance with the law.

The person specified in the preceding paragraph shall not serve as a director, supervisor, or senior management personnel of any other enterprise within three years of the termination of the bankruptcy procedure.

    第一百二十五条 企业董事、监事或者高级管理人员违反忠实义务、勤勉义务,致使所在企业破产的,依法承担民事责任。

   有前款规定情形的人员,自破产程序终结之日起三年内不得担任任何企业的董事、监事、高级管理人员。

  Article 126   Where a relevant member of personnel of the debtor who is obligated to attend the creditors' meeting as a non-voting participant, after being summoned by the people's court, refuses to attend the creditors' meeting without justifiable reasons, the people's court may summon that party by force, and impose a fine in accordance with the law. If the relevant member of personnel of the debtor violates the provisions of this Law by refusing to make arguments or answer questions, or by making false arguments or giving false answers, the people's court may impose a fine in accordance with the law.

    第一百二十六条 有义务列席债权人会议的债务人的有关人员,经人民法院传唤,无正当理由拒不列席债权人会议的,人民法院可以拘传,并依法处以罚款。债务人的有关人员违反本法规定,拒不陈述、回答,或者作虚假陈述、回答的,人民法院可以依法处以罚款。

  Article 127   If a debtor violates the provisions of this Law by refusing to submit to the people's court statements on financial status, list of debts, list of creditors' rights, relevant financial and accounting statements, or payment of the staff members' salaries or social insurance premiums, or submits untruthful materials, the people's court may, in accordance with the law, impose a fine on the person subject to direct liability.

If a debtor violates the provisions of this Law by refusing to hand over to the receiver its/his property, seals, account books, documents, or other materials, or by fabricating or destroying the evidentiary materials concerning its/his property, thereby rendering its/his financial status unclear, the people's court may, in accordance with the law, impose a fine on the personnel subject to direct liability.

    第一百二十七条 债务人违反本法规定,拒不向人民法院提交或者提交不真实的财产状况说明、债务清册、债权清册、有关财务会计报告以及职工工资的支付情况和社会保险费用的缴纳情况的,人民法院可以对直接责任人员依法处以罚款。

   债务人违反本法规定,拒不向管理人移交财产、印章和账簿、文书等资料的,或者伪造、销毁有关财产证据材料而使财产状况不明的,人民法院可以对直接责任人员依法处以罚款。

  Article 128   A debtor that commits an act specified in Articles 31, 32, or 33 of this Law, thereby harming the interests of its/his creditors, the legal representative of the debtor and other personnel subject to direct liability shall bear the liability for compensation in accordance with the law.

    第一百二十八条 债务人有本法第三十一条、第三十二条、第三十三条规定的行为,损害债权人利益的,债务人的法定代表人和其他直接责任人员依法承担赔偿责任。

  Article 129    Where the relevant personnel of the debtor violates the provisions of this Law by leaving its/his domicile without authorization, the people's court may reprimand or detain the violating party, and may also impose a fine in accordance with the law.

    第一百二十九条 债务人的有关人员违反本法规定,擅自离开住所地的,人民法院可以予以训诫、拘留,可以依法并处罚款。

  Article 130   Where a receiver fails to perform its/his duties diligently and faithfully according to the provisions of this Law, the people's court may impose a fine in accordance with the law; in the event that losses are caused to a creditor, debtor or a third party, the receiver shall bear the liability for compensation pursuant to the law.

    第一百三十条 管理人未依照本法规定勤勉尽责,忠实执行职务的,人民法院可以依法处以罚款;给债权人、债务人或者第三人造成损失的,依法承担赔偿责任。

  Article 131   Any violation of the provisions of this Law that constitutes a crime shall be subject to criminal liability.

    第一百三十一条 违反本法规定,构成犯罪的,依法追究刑事责任。

Chapter 12: Supplementary Provisions

第十二章 附则

  Article 132   After the implementation of this Law, the salaries, subsidies for medical care, injuries, and disability, and pensions for the disabled and the families of the deceased that are payable, the basic life insurance premiums and medical insurance premiums payable that fail to be entered into the employee's personal account, and the compensations payable which shall be paid to the employees as specified by relevant laws and administrative regulations, payable by the bankrupt before the promulgation date of this Law, shall be paid off in accordance with the provisions of Article 113 of this Law. With regard to the part that fails to be repaid, the secured right-owned for that specific property shall, pursuant to the provisions of Article 109 of this Law, have the priority to be repaid. 

    第一百三十二条 本法施行后,破产人在本法公布之日前所欠职工的工资和医疗、伤残补助、抚恤费用,所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用,以及法律、行政法规规定应当支付给职工的补偿金,依照本法第一百一十三条的规定清偿后不足以清偿的部分,以本法第一百零九条规定的特定财产优先于对该特定财产享有担保权的权利人受偿。

  Article 133   Before the implementation of this Law, special matters involved in the bankruptcy of State-owned enterprises within a period and scope specified by the State Council shall be handled in accordance with the relevant provisions of the State Council.

    第一百三十三条 在本法施行前国务院规定的期限和范围内的国有企业实施破产的特殊事宜,按照国务院有关规定办理。

  Article 134   Where a commercial bank, securities company, insurance company, or any other financial institution falls under the circumstances specified in Article 2 of this Law, the financial regulatory authority under the State Council may file an application with the people's court for reorganization or bankruptcy liquidation for that financial institution. Where the financial regulatory authority under the State Council, in accordance with the law, takes measures such as take-over and custody against a financial institution carrying major business risks, it may apply to a people's court to suspend the civil action procedure, or enforcement procedure, in which the financial institution is a defendant or a person subject to enforcement.

Where a financial institution goes into bankruptcy, the State Council may, in accordance with the provisions of this Law and other relevant laws, formulate the relevant implementation measures.

    第一百三十四条 商业银行、证券公司、保险公司等金融机构有本法第二条规定情形的,国务院金融监督管理机构可以向人民法院提出对该金融机构进行重整或者破产清算的申请。国务院金融监督管理机构依法对出现重大经营风险的金融机构采取接管、托管等措施的,可以向人民法院申请中止以该金融机构为被告或者被执行人的民事诉讼程序或者执行程序。

   金融机构实施破产的,国务院可以依据本法和其他有关法律的规定制定实施办法。

  Article 135   The liquidation of organizations other than the enterprise legal persons as prescribed by other laws, which falls within the category of bankruptcy liquidation, shall be governed, mutatis mutandis, by the procedure as prescribed by this Law.

    第一百三十五条 其他法律规定企业法人以外的组织的清算,属于破产清算的,参照适用本法规定的程序。

  Article 136   This Law shall take effect as of 1 June 2007, and the Enterprise Bankruptcy Law of the People's Republic of China (Trial) shall be repealed simultaneously.

    第一百三十六条 本法自2007年6月1日起施行,《中华人民共和国企业破产法(试行)》同时废止。