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| Enterprise Bankruptcy Law of the People's Republic of China | | 中华人民共和国主席令 |
(No. 54) | |
（第54号） |
The Enterprise Bankruptcy Law of the People's Republic of China, which was adopted at the 23rd meeting of the Standing Committee of the 10th National People's Congress of the People's Republic of China on August 27, 2006, is hereby promulgated and shall come into force as of June 1, 2007. | |
《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2 0 0 6年8月2 7日通过，现予公布，自2007年6月1日起施行。 |
President of the People's Republic of China Hu Jingtao | |
中华人民共和国主席 胡锦涛 |
August 27, 2006 | |
2006年8月27日 |
Law of the People's Republic of China on Enterprise Bankruptcy | |
中华人民共和国企业破产法 |
(Adopted at the 23rd meeting of the Standing Committee of the 10th National People's Congress of the People's Republic of China on August 27, 2006) | |
（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） |
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| Table of Contents | | 目 录 |
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| Chapter I General Provisions | | 第一章 总则 |
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| Chapter II Application and Acceptance | | 第二章 申请和受理 |
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| Section I Application | | 第一节 申请 |
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| Section II Acceptance | | 第二节 受理 |
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| Chapter III Administrator | | 第三章 管理人 |
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| Chapter IV Debtors' Assets | | 第四章 债务人财产 |
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| Chapter V Bankruptcy Expenses and Community Liabilities | | 第五章 破产费用和共益债务 |
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| Chapter VI Declaration of the Creditor's Right | | 第六章 债权申报 |
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| Chapter VII The Creditors' Meeting | | 第七章 债权人会议 |
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| Section I General Provisions | | 第一节 一般规定 |
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| Section II The Creditors' Committee | | 第二节 债权人委员会 |
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| Chapter VIII Revival | | 第八章 重整 |
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| Section I Application for and Period of Revival | | 第一节 重整申请和重整期间 |
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| Section II Formulation and Approval of a Revival Plan | | 第二节 重整计划的制定和批准 |
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| Section III Implementation of a Revival Plan | | 第三节 重整计划的执行 |
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| Chapter IX Compromise | | 第九章 和解 |
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| Chapter X Bankrupt Liquidation | | 第十章 破产清算 |
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| Section I Bankrupt Declaration | | 第一节 破产宣告 |
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| Section II Conversion and Distribution | | 第二节 变价和分配 |
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| Section III Conclusion of the Procedures for Bankruptcy | | 第三节 破产程序的终结 |
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| Chapter XI Legal Liabilities | | 第十一章 法律责任 |
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| Chapter XII Supplementary Provisions | | 第十二章 附则 |
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| Chapter I General Provisions | | 第一章 总则 |
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| Article 1 The present Law is formulated for purposes of regulating the procedures for enterprise bankruptcy, fairly settling the credits and debts, safeguarding the legitimate rights and interests of creditors and debtors, and maintaining the market order of the socialist 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。 |
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| Article 2 Where an enterprise legal person fails to clear off its debt as due, and if its assets are not enough to pay off all the debts or if it is obviously incapable of clearing off its debts, its liabilities shall be liquidated according to the provisions of the present 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。 |
Where an enterprise legal person is under the aforesaid circumstance or if it is obviously likely that it is unable to pay off its debts, it may be subject to revival according to the provisions of the present Law. | |
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。 |
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| Article 3 A bankruptcy case shall be governed by the people's court where the relevant debtor is domiciled. | | 第三条 破产案件由债务人住所地人民法院管辖。 |
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| Article 4 The procedures for hearing a bankruptcy case shall, in the absence of relevant provisions in the present Law, be governed by the relevant provisions of the Civil Litigation Law. | | 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。 |
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| Article 5 The procedures for bankruptcy which have been initiated according to the present Law shall have binding force over the assets of the relevant debtor beyond the territory of the People's Republic of China. | | 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。 |
Where any legally effective judgment or ruling made by a foreign court involves any debtor's assets within the territory of the People's Republic of China and if the debtor applies with or requests the people's court to confirm or enforce it, the people's court shall, according to the relevant international treaties that China has concluded or acceded to or according to the principles of reciprocity, conduct an examination thereon and, when believing that it does not violate the basic principles of the laws of the People's Republic of China, does not damage the sovereignty, safety or social public interests of the state, does not damage the legitimate rights and interests of the creditor within the territory of the People's Republic of China, grant confirmation and permission for enforcement. | |
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。 |
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| Article 6 In the hearing of a bankruptcy case, the people's court shall guarantee the legitimate rights and interests of the employees in the insolvent enterprise and subject its managers to legal liabilities. | | 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。 |
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| Chapter II Application and Acceptance | | 第二章 申请和受理 |
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| Section I Application | | 第一节 申请 |
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| Article 7 Where a debtor is under the circumstance as prescribed by Article 2 of the present Law, it may file an application with the people's court for revival, compromise or bankrupt 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。 |
Where the debtor fails to pay off its due debts, it may file an application with the people's court for revival or bankrupt liquidation. | |
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。 |
Where an enterprise legal person has been dissolved without any liquidation or without completing the liquidation and if the relevant assets are not enough to clear off the debts, the person liable for liquidation shall apply with the people's court for bankrupt liquidation. | |
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。 |
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| Article 8 To apply for bankruptcy, an Application for Bankruptcy and the related evidences shall 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。 |
The following matters shall be indicated in the Application for Bankruptcy: | |
破产申请书应当载明下列事项： |
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| (1)Basic introduction to the applicant and respondent; | | （一）申请人、被申请人的基本情况； |
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| (2)Purpose of application; | | （二）申请目的； |
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| (3)Facts and ground of the application; and | | （三）申请的事实和理由； |
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| (4)Any other matter that the people's court deems necessary to be indicated. | | （四）人民法院认为应当载明的其他事项。 |
Where a debtor files an application, it shall submit the statements on financial status, a checklist of debts, a checklist of the credit right, the relevant financial statements, a reserve plan for employee arrangement as well as the payment documents of wages and social insurance premiums. | |
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。 |
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| Article 9 Before the people's court accepts an application for bankruptcy, the applicant may request for withdrawing its 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。 |
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| Section II Acceptance | | 第二节 受理 |
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| Article 10 Where a creditor files an application for bankruptcy, the people's court shall, within 5 days as of the day when the application is received, inform the related debtor. Where a debtor has any different opinion to an application, it shall put forward its demurral to the people's court within 7 days as of the day when a notice is received from the people's court. The people's court shall decide whether or not to accept the case within 10 days as of expiration of the term for filing a demurral. | | 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。 |
Except for the circumstance as prescribed in the preceding paragraph, the people's court shall decide whether or not to accept an application for bankruptcy within 15 days as of the day when the application is received. | |
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。 |
Under any special circumstance where the term for accepting a case as prescribed in the preceding two paragraphs is required to be extended, it may be extended for another 15 days upon the approval of the people's court at a higher level. | |
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。 |
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| Article 11 Where the people's court accepts an application for bankruptcy, it shall serve it on the relevant applicant within 5 days as of the day when the decision is made. | | 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。 |
Where a creditor files an application, the people's court shall serve it on the relevant debtor within 5 days as of the day when a decision is made. The relevant debtor shall, within 15 days as of the day when a decision is served, submit to the people's court its statements on financial status, a checklist of debts, a checklist of the creditor's right, the relevant financial statements as well as the payment documents of wages and social insurance premiums. | |
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。 |
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| Article 12 Where the people's court decides not to accept an application for bankruptcy, it shall serve its decision on the applicant within 5 days as of the day when the decision is made. Where an applicant is dissatisfied with the decision, it may, within 10 days as of the day when the decision is served, file an appeal with the people's court at the next higher level. | | 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。 |
During the period from when the people's court accepts an application for bankruptcy to when a bankruptcy is announced, where it is found that the relevant debtor is not under the circumstance as prescribed by Article 2 of the present Law, its application may be rejected. Where an applicant is dissatisfied with a decision, it may, within 10 days as of the day when the decision is served on, file an appeal with the people's court at the next higher level. | |
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。 |
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| Article 13 Where the people's court accepts an application for bankruptcy, it shall designate a bankruptcy administrator in the meanwhile. | | 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。 |
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| Article 14 The people's court shall, within 25 days as of the day when it decides to accept an application for bankruptcy, notify the relevant creditors and announce its decision as well. | | 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。 |
The following matters shall be indicated in the aforesaid notice and announcement: | |
通知和公告应当载明下列事项： |
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| (1)Name of the applicant and respondent; | | （一）申请人、被申请人的名称或者姓名； |
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| (2)The time when the people's court accepts the application for bankruptcy; | | （二）人民法院受理破产申请的时间； |
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| (3)Term, address and points of attention in the declaration of the creditor's right; | | （三）申报债权的期限、地点和注意事项； |
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| (4)Name of the bankruptcy administrator as well as the address where it undertakes its business; | | （四）管理人的名称或者姓名及其处理事务的地址； |
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| (5)Requirements that the debtors or asset holders of the debtor shall clear off the debts or deliver the assets; | | （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； |
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| (6)The time and place where the first creditors' meeting is held; and | | （六）第一次债权人会议召开的时间和地点； |
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| (7)Any other matter that the people's court deems necessary to be notified and announced. | | （七）人民法院认为应当通知和公告的其他事项。 |
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| Article 15 During the period from the day when the people's court decides to accept an application for bankruptcy to the day when the procedures for bankruptcy are concluded, the relevant personnel of the debtor shall bear the following obligations: | | 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： |
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| (1)Properly preserving the assets, seals and account books as well as documents under its occupation and management; | | （一）妥善保管其占有和管理的财产、印章和账簿、文书等资料； |
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| (2)Working according to the requirements of the people's court and bankruptcy administrator and answering their inquiries in a faithful manner; | | （二）根据人民法院、管理人的要求进行工作，并如实回答询问； |
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| (3)Attending the creditor's meeting and answering the creditors' inquiries; | | （三）列席债权人会议并如实回答债权人的询问； |
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| (4)Not leaving its domicile in the absence of permission of the people's court; and | | （四）未经人民法院许可，不得离开住所地； |
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| (5)Not assuming any post of director, supervisor or senior manager in any other enterprise. | | （五）不得新任其他企业的董事、监事、高级管理人员。 |
The term "relevant personnel" as mentioned in the preceding paragraph are the legal representatives of an enterprise, which may, upon approval of the people's court, include the financial managers and other operators of the enterprise. | |
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。 |
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| Article 16 After the people's court accepts an application for bankruptcy, the repayment of debts made by a debtor to individual creditors shall be invalidated. | | 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。 |
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| Article 17 After the people's court accepts an application for bankruptcy, the debtors or asset holders of the debtor shall pay off the debts or deliver the relevant assets to the bankruptcy administrator. | | 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。 |
Where any debtor or asset holder purposely violates the provisions of the preceding paragraph by paying off its debts or delivering the assets to the debtor and thus incurs losses to the relevant creditors, its obligation of paying off the debts or delivering the assets shall not be exempted. | |
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。 |
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| Article 18 After the people's court accepts an application for bankruptcy, the relevant bankruptcy administrator shall decide to rescind or continue to perform a contract that has been established before acceptance yet has not been fully performed by both parties concerned and notify the opposite party concerned of its decision. Where the bankruptcy administrator fails to inform the opposite party concerned within 2 months as of the day of acceptance or to make any reply to an urge made by the opposite party concerned, it shall be deemed as rescission of the contract. | | 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。 |
Where the bankruptcy administrator decides to continue a contract, the opposite party concerned shall continue the performance of the contract yet has the right to request the administrator to provide guaranty. Where the administrator does not provide any guaranty, it shall be deemed as rescission of the contract. | |
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。 |
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| Article 19 After the people's court accepts an application for bankruptcy, the relevant measures for preserving the debtor's assets shall be released and the procedures for execution 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。 |
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| Article 20 After the people's court accepts an application for bankruptcy, any civil action or arbitration involving the relevant debtor that is in the process of trial shall be suspended. The action or arbitration can be resumed after a bankruptcy administrator takes over the debtor's assets. | | 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。 |
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| Article 21 After the people's court accepts an application for bankruptcy, the relevant debtor's civil action shall be filed with the very people's court only. | | 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。 |
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| Chapter III Bankruptcy Administrator | | 第三章 管理人 |
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| Article 22 A bankruptcy administrator shall be designated by the people's court. | | 第二十二条 管理人由人民法院指定。 |
Where it is decided at the creditors' meeting that a bankruptcy administrator fails to perform or fulfill its duties and functions in a lawful and impartially manner, the creditors may apply with the people's court for alteration. | |
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。 |
The measures for designating bankruptcy administrators and deciding the remunerations of bankruptcy administrators shall be made by the Supreme People's Court. | |
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。 |
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| Article 23 A bankruptcy administrator shall, according to the provisions of the present Law, perform its functions and duties, report its work to the people's court and accept the supervision of the creditors' meeting and the creditors' committee. | | 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。 |
A bankruptcy administrator shall attend the creditors' meeting, report the performance of its duties and functions and answer the relevant inquiries. | |
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。 |
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| Article 24 The post of bankruptcy administrator may be assumed by a liquidation group comprised of the relevant departments and organs or by such social intermediary agencies as a law firm, an accounting firm, a bankruptcy liquidation firm that have been established according to law. | | 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。 |
The people's court may, according to the real status of a debtor and upon consulting the opinions of the relevant social intermediary agencies, designate the relevant personnel who have a good command of specialties and have obtained the practice qualification for bankruptcy administrators. | |
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。 |
Under any of the following circumstances, one shall not assume the post of bankruptcy administrator: | |
有下列情形之一的，不得担任管理人： |
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| (1)Having been given a criminal punishment for deliberate crime; | | （一）因故意犯罪受过刑事处罚； |
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| (2)Having been deprive of the relevant practice qualification certificate of related specialty; | | （二）曾被吊销相关专业执业证书； |
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| (3)Having any interest relation to the case; or | | （三）与本案有利害关系； |
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| (4)Being under any other circumstance where the people's court deems it improper to act as a bankruptcy administrator. | | （四）人民法院认为不宜担任管理人的其他情形。 |
Where an individual assumes the post of bankruptcy administrator, he shall purchase the responsibility insurance. | |
个人担任管理人的，应当参加执业责任保险。 |
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| Article 25 A bankruptcy administrator shall perform the following functions and duties: | | 第二十五条 管理人履行下列职责： |
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| (1)Taking over the assets, seals as well as the account books and documents of the debtor; | | （一）接管债务人的财产、印章和账簿、文书等资料； |
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| (2)Investigating into the financial status of the debtor and formulating the financial statements; | | （二）调查债务人财产状况，制作财产状况报告； |
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| (3)Deciding the internal management of the debtor; | | （三）决定债务人的内部管理事务； |
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| (4)Deciding the daily expenditure and other necessary expenditures of the debtor; | | （四）决定债务人的日常开支和其他必要开支； |
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| (5)Deciding, before the first creditors' meeting is held, to continue or suspend the debtor's business; | | （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； |
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| (6)Managing and disposing of the debtors' assets; | | （六）管理和处分债务人的财产； |
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| (7)Participating actions, arbitrations or any other legal procedures on behalf of the debtor; | | （七）代表债务人参加诉讼、仲裁或者其他法律程序； |
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| (8)Proposing to hold creditors' meetings; and | | （八）提议召开债权人会议； |
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| (9)Performing any other functions and duties that the people's court believes it should perform. | | （九）人民法院认为管理人应当履行的其他职责。 |
In the case of any separate provision on the bankruptcy administrator's functions and duties in the present Law, it shall prevail. | |
本法对管理人的职责另有规定的，适用其规定。 |
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| Article 26 Before the first creditors' meeting is held, if a bankruptcy administrator decides to continue or suspend the business operation of a debtor or has any of the acts as prescribed by the provisions of Article 69 of the present Law, it shall be subject to the approval 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。 |
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| Article 27 A bankruptcy administrator shall be diligent and dutiful, and shall faithfully perform its duties as well. | | 第二十七条 管理人应当勤勉尽责，忠实执行职务。 |
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| Article 28 A bankruptcy administrator may, upon approval of the people's court, employ the relevant work staff as necessary. | | 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。 |
The remunerations of a bankruptcy administrator shall be decided by the people's court. In case the creditors' meeting has any different opinion to the remuneration of a bankruptcy administrator, it has the right to file demurral with the people's court. | |
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。 |
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| Article 29 A bankruptcy administrator shall not quit its post without any justifiable reason. The resignation of a bankruptcy administrator shall be subject to the approval 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。 |
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| Chapter IV A Debtor's Assets | | 第四章 债务人财产 |
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| Article 30 A debtor's assets refer to all the assets that belong to a debtor when an application for bankruptcy is accepted, as well as the assets as obtained by the debtor during the period from when an application for bankruptcy is accepted to when the procedures for bankruptcy are concluded. | | 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。 |
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| Article 31 Within 1 year before the people's court accepts an application for bankruptcy, a bankruptcy administrator has the right to plead the court to revoke any act relating to the debtor's assets: | | 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： |
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| (1)Transferring the assets free of charge; | | （一）无偿转让财产的； |
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| (2)Trading at an obviously unreasonable price; | | （二）以明显不合理的价格进行交易的； |
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| (3)Providing asset guaranty to those debts without any asset guaranty; | | （三）对没有财产担保的债务提供财产担保的； |
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| (4)Paying off the undue debts in advance; or | | （四）对未到期的债务提前清偿的； |
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| (5)Giving up the creditor's right. | | （五）放弃债权的。 |
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| Article 32 Within 6 months before the people's court accepts an application for bankruptcy, if a debtor is under any circumstance as prescribed by paragraph 1, Article 2 of the present Law where it makes repayment to individual creditors, its bankruptcy administrator has the right to plead the people's court to revoke it, except where individual repayment may do good to the debtors' assets. | | 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。 |
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| Article 33 Any of the following acts involving the debtor's assets shall be deemed as invalid: | | 第三十三条 涉及债务人财产的下列行为无效： |
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| (1)Concealing or transferring the assets in order to avoid the debts; or | | （一）为逃避债务而隐匿、转移财产的； |
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| (2)Fabricating any debt or acknowledging any unreal debt. | | （二）虚构债务或者承认不真实的债务的。 |
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| Article 34 As to any asset of a debtor as obtained under any circumstance as prescribed by Article 31, 32 or 33 of the present Law, the relevant bankruptcy administrator has the right to recover it. | | 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。 |
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| Article 35 After the people's court accepts an application for bankruptcy, where any capital contributor of a debtor fails to fulfill its obligation of capital contribution, the relevant bankruptcy administrator shall require the capital contributor to make full contribution of the capital it has subscribed to, irrespective of the term 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。 |
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| Article 36 Where any director, supervisor or senior manager takes advantage of his power to obtain any abnormal income from his enterprise or embezzles any enterprise asset, the relevant bankruptcy administrator shall recover it. | | 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。 |
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| Article 37 After the people's court accepts an application for bankruptcy, the bankruptcy administrator may take back its pledge or lien by means of paying off its debts or providing a guaranty that can be accepted by the relevant creditor. | | 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。 |
As to the payment of debts or substitutive guaranty, where the value of the pledge or lien is lower than that of the amount of the creditor's right, a bottom line shall be set on the contemporary market value of the pledge or lien. | |
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。 |
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| Article 38 After the people's court accepts an application for bankruptcy, where what the relevant debtor occupies are not its own assets, the owner of the assets may take the assets back through the bankruptcy administrator, unless it is separately prescribed by the present 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。 |
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| Article 39 After the people's court accepts an application for bankruptcy, if the seller has sent the subject matter to the debtor of the buyer and the latter has not yet received the goods and paid off the price, the seller may take back the goods on the way. However, the relevant bankruptcy administrator may pay off the price 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。 |
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| Article 40 Where a creditor is indebted with its debtor before an application for bankruptcy is accepted, it may claim for offset against the bankruptcy administrator. However, under any of the following circumstances, the relevant debts shall not be offset: | | 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： |
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| (1)Where a debtor of the debtor obtains the creditor's right of any other party against the debtor after the application for bankruptcy is accepted; | | （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； |
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| (2)Where a creditor learns that a debtor is incapable of paying off its due debts is in the process of applying for bankruptcy and if it is indebted with the debtor; with the exception, however, that the creditor assumes its liabilities according to the provisions of law or for any reason as incurred 1 year before the application for bankruptcy is filed; | | （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； |
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| (3)Where a debtor of the debtor learns that the debtor is incapable of paying off its debted or is in the process of applying for bankruptcy, and therefore obtains the creditor's right from the debtor, except where the debtor's debtor obtains the creditor's right according to law or for any reason as incurred 1 year before the application for bankruptcy. | | （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。 |
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| Chapter V Bankrupt Expenses and Community Liabilities | | 第五章 破产费用和共益债务 |
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| Article 41 The following expenses that occur after the people's court accepts an application for bankruptcy are bankrupt expenses: | | 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： |
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| (1)Costs of action on bankruptcy cases; | | （一）破产案件的诉讼费用； |
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| (2)Expenses for the administration, conversion and distribution of the debtor's assets; and | | （二）管理、变价和分配债务人财产的费用； |
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| (3)Expenses for the bankruptcy administrator's performance of its functions and duties, for its remunerations and expenses for the recruitment of employees. | | （三）管理人执行职务的费用、报酬和聘用工作人员的费用。 |
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| Article 42 The following liabilities that occur after the people's court accepts an application for bankruptcy are community liabilities: | | 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： |
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| (1)The liabilities as generated from a contract, the performance of which both parties concerned fail to fulfill upon the request of performance raised by the bankruptcy administrator or debtor against the opposite party; | | （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； |
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| (2)The liabilities as generated from the negotiorum gestio of the debtor's assets; | | （二）债务人财产受无因管理所产生的债务； |
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| (3)The liabilities as generated from the ill-gotten gains; | | （三）因债务人不当得利所产生的债务； |
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| (4)The labor cost for the continuance of business operations, social insurance premiums as well as other liabilities as incurred therefrom; | | （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； |
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| (5)The liabilities as generated from the damage that occurs in the performance of functions and duties by a bankruptcy administrator or other relevant personnel; and | | （五）管理人或者相关人员执行职务致人损害所产生的债务； |
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| (6)The liabilities as generated from any damage due to the debtor's assets. | | （六）债务人财产致人损害所产生的债务。 |
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| Article 43 The bankrupt expenses and community liabilities shall be cleared off through the debtor's assets at any time. | | 第四十三条 破产费用和共益债务由债务人财产随时清偿。 |
Where the debtor's assets are not enough to clear off all the bankrupt expenses and community liabilities, the bankrupt expenses shall be paid off in priority. | |
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。 |
Where the debtor's assets are not enough to clear off the bankrupt expenses or community liabilities, the liquidation shall be conducted pro rata. | |
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。 |
Where the debtor's assets are not enough to clear off the bankrupt expenses, the relevant bankruptcy administrator shall apply with the people's court for concluding the procedures for bankruptcy. The people's court shall, with 15 days as of the day when an application is received, decide whether to conclude the procedures for bankruptcy and announce its decision as well. | |
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。 |
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| Chapter VI Declaration of the Creditor's Right | | 第六章 债权申报 |
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| Article 44 A creditor that enjoys the creditor's right against its debtor when the people's court accepts an application for bankruptcy may exercise its right according to the procedures as prescribed herein. | | 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。 |
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| Article 45 The people's court shall, after accepting an application for bankruptcy, decide the term for a creditor to its creditor's right. The term for declaration of the creditor's right shall be calculated as of the day when the people's court announces its acceptance of an application for bankruptcy within a range of no less than 30 days and no more than 3 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。 |
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| Article 46 Any undue creditor's right shall be deemed as due when the relevant application for bankruptcy is accepted. | | 第四十六条 未到期的债权，在破产申请受理时视为到期。 |
The calculation of the interest of any creditor's right shall be stopped when the relevant application for bankruptcy is accepted. | |
附利息的债权自破产申请受理时起停止计息。 |
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| Article 47 As to any creditor's right attached with certain conditions or time limit or any creditor's right that fails to be settled through an action or arbitration, the relevant creditor may it with the people's court. | | 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。 |
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| Article 48 A debtor shall, within the term for declaration of the creditor's right as decided by the people's court, its creditor's right. | | 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。 |
The wages, subsidies for medical treatment and disability, comfort and compensatory funds as defaulted by a debtor, the fundamental old-age insurance premiums, fundamental medical insurance premiums that shall have been transferred into the employees' personal accounts as well as the compensation for the employees as prescribed by the relevant laws and administrative regulations are not required to be d, for which the relevant bankruptcy administrator shall produce a corresponding checklist upon investigation and make an announcement as well. Where any employee has any different opinion to the relevant checklist, he may request the bankruptcy administrator to make correction. Where a bankruptcy administrator fails to correct it, the relevant employee may file an action with the people's court. | |
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。 |
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| Article 49 Where a creditor s its creditor's right, it shall make a written statement on the amount of the creditor's right and on whether there is any property guaranty and submit the relevant evidences as well. In the case of any joint and several creditor's right, an explanation shall be given. | | 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。 |
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| Article 50 The joint and several creditors may choose one from among them to their creditor's right or may jointly the creditor's right together. | | 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。 |
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| Article 51 Where the guarantor of a debtor or any other related joint and several debtor has cleared off the liabilities on behalf of the debtor, it may its creditor's right on the basis of its right to recourse against the debtor. | | 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。 |
Where the guarantor of a debtor or any other related joint and several debtor has not yet paid off the debts on behalf of the debtor, it may claim its creditor's right on the basis of its future right to recourse against the debtor, unless the creditors have d all the creditor's right against the relevant bankruptcy administrator. | |
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。 |
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| Article 52 Where several joint and several debtors are ruled to be governed by the procedures as prescribed in the present Law, the creditors thereof have the right to their creditors' rights as a whole in each bankruptcy case respectively. | | 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。 |
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| Article 53 Where a bankruptcy administrator or creditor rescinds a contract according to the provisions of the present Law, the opposite party concerned may its creditor's right on the basis of the right to compensation for the damage as generated therefrom. | | 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。 |
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| Article 54 Where a debtor is the entrusting party of an entrustment contract which has been ruled to be governed by the procedures as prescribed in the present Law and if the entrusted party has no knowledge of the aforesaid facts and continues to deal with the entrusted business, the entrusted party may its creditor's right on the basis of the right of claim as generated 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。 |
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| Article 55 Where a debtor is a producer of instruments which have been ruled to be governed by the procedures as prescribed in the present Law and if the relevant payer of the instruments continues its payment or acceptance, the payer may its creditor's right on the basis of the right of claim as generated 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。 |
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| Article 56 Within the term for declaration of the creditor's right as decided by the people's court, where a creditor fails to claim its creditor's right, it may make up its declaration before the final distribution of insolvent assets. However, if the relevant distribution has already been conducted, no more declaration may be made. The expenses for examining and confirming the supplementary declaration of the creditor's right shall be borne by the party who has applied for supplementary declaration. | | 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。 |
Where a creditor fails to its creditor's right according to the provisions of the present Law, it may not exercise the relevant right according to the procedures prescribed in the present Law. | |
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。 |
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| Article 57 Where a bankruptcy administrator receives the declaration materials of the creditor's right, it shall register them into a book, conduct an examination on the d creditor's right and formulate a form of the creditor's right as well. | | 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。 |
The form of the creditor's right and the declaration materials of the creditor's right shall be kept by the relevant bankruptcy administrator for reference by the interested parties. | |
债权表和债权申报材料由管理人保存，供利害关系人查阅。 |
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| Article 58 A form of the creditor's right as formulated according to the provisions of Article 57 of the present Law shall be submitted to the first creditors' meeting for examination. | | 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。 |
Where the relevant debtors and creditors have no different opinion to the form of the creditors' right, it shall be ruled by the people's court. | |
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。 |
Where any debtor or creditor has any different opinion to a form of the creditors' right, it may file an action with the people's court that has accepted the application for bankruptcy. | |
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。 |
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| Chapter VII The Creditors' Meeting | | 第七章 债权人会议 |
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| Section I General Provisions | | 第一节 一般规定 |
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| Article 59 A creditor declaring its creditor's right according to law is a member of the creditors' meeting that has the right to attend the creditors' meeting and enjoy the right to vote. | | 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。 |
Any creditor whose creditor's right has not yet been decided is not entitled to exercise any right to vote unless the people's court can temporarily decide the amount of the creditor's right for the sake of exercising the right to vote. | |
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。 |
Any creditor that has the right to guaranty on the particular assets of its debtor and that has not given up the priority right to be repaid may not enjoy the right to vote for any matter as prescribed in Item (7) or (10), paragraph 1 of Article 61 of the present Law. | |
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。 |
A creditor may entrust its agent to attend the creditors' meeting and exercise the right to vote. Where an agent attends the creditors' meeting, it shall submit a Power of Attorney with the people's court or the chairman of the creditors' meeting. | |
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。 |
A creditors' meeting shall be attended by the employees of the relevant debtor as well as the representatives of its work union, who may therefore air their views on the relevant issues. | |
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。 |
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| Article 60 There shall be a chairman of the creditors' meeting, who shall be designated by the people's court from among the creditors with the right to vote. | | 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。 |
The chairman of the creditors' meeting shall preside over the creditors' meeting. | |
债权人会议主席主持债权人会议。 |
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| Article 61 The creditors' meeting shall exercise the following functions and duties: | | 第六十一条 债权人会议行使下列职权： |
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| (1)Examining the creditor's right; | | （一）核查债权； |
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| (2)Applying with the people's court for alteration of the bankruptcy administrators and examining the expenses and remunerations of the bankruptcy administrator; | | （二）申请人民法院更换管理人，审查管理人的费用和报酬； |
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| (3)Supervising the bankruptcy administrator; | | （三）监督管理人； |
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| (4)Selecting and altering the members of the creditors' meeting; | | （四）选任和更换债权人委员会成员； |
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| (5)Deciding to continue or stop the debtor's business operations; | | （五）决定继续或者停止债务人的营业； |
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| (6)Deciding whether to adopt a revival plan; | | （六）通过重整计划； |
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| (7)Deciding whether to adopt a compromise; | | （七）通过和解协议； |
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| (8)Deciding whether to adopt a management plan of the debtor's assets; | | （八）通过债务人财产的管理方案； |
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| (9)Deciding whether to adopt a conversion plan of the insolvent assets; | | （九）通过破产财产的变价方案； |
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| (10)Deciding whether to adopt a distribution plan of the insolvent assets; and | | （十）通过破产财产的分配方案； |
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| (11)Exercising any other functions and powers that the people's court deems the creditors' meeting shall exercise. | | （十一）人民法院认为应当由债权人会议行使的其他职权。 |
Meeting minutes shall be made for the resolutions made for the matters deliberated at the creditors' meeting. | |
债权人会议应当对所议事项的决议作成会议记录。 |
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| Article 62 The first creditors' meeting shall be held by the people's court within 15 days as of expiration of the term for declaration of creditor's right. | | 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。 |
Subsequent creditors' meetings may be held when the people's court deems it necessary or where the bankruptcy administrator, the creditors' committee, or any creditor representing 1/4 or more of the total creditor's right proposes the chairman of the creditors' meeting to hold one. | |
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。 |
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| Article 63 Where a creditors' meeting is held, the relevant bankruptcy administrator shall notify the already-known creditors 15 days before. | | 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。 |
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| Article 64 A resolution of the creditors' meeting may be adopted only upon the consent of 1/2 or more of the creditors that attend the meeting and have the right to vote, representing 1/2 or more of the aggregate amount of the creditors' right free from property guaranty, unless it is separately prescribed by this Law. | | 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。 |
Where any creditor believes that any resolution of the creditors' meeting has violated any law or damaged its interest, it may, within 15 days as of the day when the creditors' meeting makes a resolution, plead the people's court to revoke the resolution and order the creditors' meeting to re-make a resolution according to law. | |
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。 |
A resolution as adopted at the creditors' meeting shall be binding on all creditors. | |
债权人会议的决议，对于全体债权人均有约束力。 |
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| Article 65 Any matter as prescribed in items (8) and (9), paragraph 1, Article 61 of the present Law that has not been adopted at the creditors' meeting shall be ruled by the people's court. | | 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。 |
Any matter as prescribed in item (10), paragraph 1, Article 61 of the present Law that has not been adopted after a second voting at the creditors' meeting shall be ruled by the people's court. | |
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。 |
As to the ruling as prescribed in the preceding paragraph, the people's court may announce it at the creditors' meeting or separately notify the relevant creditors. | |
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。 |
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| Article 66 Where a creditor is dissatisfied with any ruling made by the people's court according to paragraph 1, Article 65 of the present Law, or where a creditor representing 1/2 or more of the aggregate creditor's right free from property guaranty is dissatisfied with any ruling made by the people's court according to paragraph 2, Article 65 of the present Law, it may apply with the very people's court for review within 15 days as of the day when the ruling is announced or when the relevant notice is received. The execution of the ruling shall not be stopped in the duration of review. | | 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。 |
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| Section II The Creditors' Committee | | 第二节 债权人委员会 |
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| Article 67 The creditors' meeting may decide to establish the creditors' committee, which shall comprise of the creditor representatives as selected at the creditors' meeting as well as a employee representative of the relevant debtor or a representative of the work union. The members of the creditors' committee shall be no more than 9 persons. | | 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。 |
The members of the creditors' committee shall be confirmed by the people's court in written form. | |
债权人委员会成员应当经人民法院书面决定认可。 |
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| Article 68 The creditors' committee shall perform the following functions and duties: | | 第六十八条 债权人委员会行使下列职权： |
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| (1)Supervising the management and disposal of the debtor's assets; | | （一）监督债务人财产的管理和处分； |
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| (2)Supervising the distribution of the insolvent assets; | | （二）监督破产财产分配； |
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| (3)Proposing to hold a creditors' meeting; and | | （三）提议召开债权人会议； |
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| (4)Performing the other functions and duties as entrusted at the creditors' meeting. | | （四）债权人会议委托的其他职权。 |
Where the creditors' committee performs its functions and duties, it has the right to require the relevant bankruptcy administrator and debtor to give an explanation on any matter within the scope of its functions and duties or provide the relevant documents. | |
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。 |
Where the relevant personnel of a bankruptcy administrator or debtor refuse to accept the supervision in violation of the provisions of the present Law, the creditors' committee has the right to plead the court to make a decision on supervision, and the latter shall make a decision thereon within 5 days. | |
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。 |
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| Article 69 Where a bankruptcy administrator conducts any of the following acts, it shall report it to the creditors' committee 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： |
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| (1)Transfer of the right and interests of such realties as land and houses; | | （一）涉及土地、房屋等不动产权益的转让； |
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| (2)Transfer of such property rights as the right to mine exploitation, mining right and intellectual property right; | | （二）探矿权、采矿权、知识产权等财产权的转让； |
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| (3)Transfer of all the inventory or business operation; | | （三）全部库存或者营业的转让； |
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| (4)Loans; | | （四）借款； |
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| (5)Setting of property guaranty; | | （五）设定财产担保； |
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| (6)Transfer of the creditors' right and securities; | | （六）债权和有价证券的转让； |
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| (7)Performance of any contract that has not been fully performed by the debtor and the opposite party concerned; | | （七）履行债务人和对方当事人均未履行完毕的合同； |
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| (8)Waiver of the right; | | （八）放弃权利； |
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| (9)Withdrawal of the pledge; and | | （九）担保物的取回； |
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| (10)Any other property disposal that has an important impact on the creditor's interest. | | （十）对债权人利益有重大影响的其他财产处分行为。 |
In the case of no such creditors' committee, a bankruptcy administrator shall, when implementing the aforesaid provisions, report it to the people's court in a timely manner. | |
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。 |
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| Chapter VIII Revival | | 第八章 重整 |
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| Section I Application for and Period of Revival | | 第一节 重整申请和重整期间 |
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| Article 70 A debtor or creditor may, according to the provisions of the present Law, apply directly with the people's court for revival against the debtor. | | 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。 |
Where any creditor applies for bankrupt liquidation against its debtor, after the people's court accepts the application for bankruptcy and before the debtor is announced bankrupt, the debtor or its capital contributor whose capital contribution makes up 1/10 or more of the debtor's registered capital may apply with the people's court for revival. | |
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。 |
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| Article 71 Where the people's court deems, upon examination, that an application for revival complies with the provisions of the present Law, it shall order the debtor to be revived and announce its decision as well. | | 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。 |
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| Article 72 The period of revival lasts from the day when the people's court rules that a debtor shall conduct revival to the day when the procedures for revival are terminated. | | 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。 |
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| Article 73 In the duration of revival, a debtor may, upon filing an application and obtaining an approval from the people's court, manage its assets and business operation under the supervision of its bankruptcy administrator. | | 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。 |
Under the circumstance as prescribed in the preceding paragraph, a bankruptcy administrator that has taken over the assets and business operation shall deliver the assets and business operation to the debtor according to the provisions of the present Law, and the bankruptcy administrator's functions and duties as prescribed herein shall be exercised by the debtor. | |
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。 |
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| Article 74 A bankruptcy administrator that takes charge of assets and business operations may employ the business managers of the debtor to take care of the business operations. | | 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。 |
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| Article 75 In the duration of revival, the right to guaranty on the particular assets of a debtor shall be suspended. However, in the case of possible damage or significant depreciation of value, which may injure the guarantor's right, the guarantor may apply with the people's court for recovering the right to guaranty. | | 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。 |
In the period of revival, a debtor or bankruptcy administrator that borrows money for business carry-on may set a guaranty on the loan. | |
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。 |
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| Article 76 Where a debtor legally occupies any other's property and if the owner of the property right requests to take back the property, it shall meet the requirements as stipulated in advance. | | 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。 |
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| Article 77 During the period of revival, no capital contributor of a debtor may request for distribution of any investment proceeds. | | 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。 |
During the period of revival, no director, supervisor or senior manager of a debtor may transfer the equity it has held to a third party, unless the people's court approves it. | |
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。 |
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| Article 78 In the duration of revival, under any of the following circumstances, the people's court shall, upon the request of a bankruptcy administrator or any interested party, rule to terminate the procedures for revival and announce the relevant debtor bankrupt: | | 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： |
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| (1)Where the business operation or financial status of a debtor goes worse off and cannot be remedied in any way; | | （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； |
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| (2)Where a debtor has any act of cheating or maliciously deducting its assets or has any act obviously against its creditors; or | | （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； |
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| (3)Where the act of a debtor makes its bankruptcy administrator unable to perform its duties and functions. | | （三）由于债务人的行为致使管理人无法执行职务。 |
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| Section II Formulation and Approval of a Revival Plan | | 第二节 重整计划的制定和批准 |
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| Article 79 A debtor or bankruptcy administrator may, within 6 months as of the day when the people's court approves its revival, submit a draft of the revival plan to the people's court and the creditors' meeting. | | 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。 |
Where the term as prescribed in the preceding paragraph expires, the people's court may, upon request of any debtor or the bankruptcy administrator, and on a justifiable ground, rule an extension of 3 months. | |
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。 |
Where a debtor or bankruptcy administrator fails to submit a draft of the revival plan according to the schedule, the people's court shall rule to terminate the procedures for revival and announce the debtor bankrupt. | |
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。 |
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| Article 80 Where a debtor manages its own assets and business operations, it shall formulate a draft of revival plan. | | 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。 |
Where a bankruptcy administrator takes charge of the assets and business operations of a debtor, it shall formulate a draft of revival plan. | |
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。 |
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| Article 81 A draft of revival plan shall include the following contents: | | 第八十一条 重整计划草案应当包括下列内容： |
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| (1)A business plan of a debtor; | | （一）债务人的经营方案； |
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| (2)Classification of the creditor's right; | | （二）债权分类； |
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| (3)An adjustment plan of the creditor's right; | | （三）债权调整方案； |
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| (4)A repayment plan of the creditor's right; | | （四）债权受偿方案； |
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| (5)Term for implementing the revival plan; | | （五）重整计划的执行期限； |
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| (6)Term for supervising the performance of the revival plan; and | | （六）重整计划执行的监督期限； |
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| (7)Any other plan conducive to the debtor's revival. | | （七）有利于债务人重整的其他方案。 |
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| Article 82 Where the relevant creditors who have the following creditor's rights attend the creditor's meeting to discuss a draft of revival plan, they shall be grouped according to the following creditor's rights so as to vote a draft of revival plan: | | 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： |
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| (1)The creditor's right with guaranty on the debtor's particular assets; | | （一）对债务人的特定财产享有担保权的债权； |
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| (2)The wages, subsidies for medical treatment and disability and comfort and compensatory funds as defaulted by the debtor, the fundamental old-age insurance premiums, fundamental medical insurance premiums that shall have been transferred into the individual accounts of employers as well as the compensation for the employees as prescribed by the relevant laws and administrative regulations; | | （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； |
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| (3)The taxes as defaulted by the debtor; and | | （三）债务人所欠税款； |
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| (4)The common creditor's right. | | （四）普通债权。 |
The people's court shall, when it so requires, decide to set a group of the small-amount creditor's right in the group of the common creditor's right so as to vote a draft of revival plan. | |
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。 |
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| Article 83 A revival plan shall not cover any stipulation on the exemption of the social insurance premium as defaulted by a debtor other than what is prescribed in item (2), paragraph 1, Article 82 of the present Law. The creditor of social insurance premiums shall not attend the voting of a draft of revival plan. | | 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。 |
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| Article 84 The people's court shall, within 30 days as of the day when a draft of revival plan is received, hold a creditor's meeting so as to vote the draft. | | 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。 |
Where 1/2 or more of the creditors in a same voting group at the creditors' meeting agree to a draft of revival plan, representing 2/3 or more of the total amount of the creditor's right, it shall be deemed as an adoption of the draft of revival plan. | |
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。 |
The relevant creditors or bankruptcy administrator shall give an explanation to the draft of the revival plan and answer the relevant inquiries at the creditors' meeting. | |
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。 |
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| Article 85 The representatives of capital contributors of a debtor may attend the creditor's meeting to discuss a draft of revival plan. | | 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。 |
Where a draft of revival plan involves the adjustment of the right and interest of capital contributors, a group of capital contributors shall be formed to vote this issue. | |
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。 |
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| Article 86 Where all the voting groups agree to a draft of revival plan, it shall be deemed that the plan is adopted. | | 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。 |
Within 10 days as of the day when a revival plan is adopted, a creditor or bankruptcy administrator shall file an application with the people's court for approving the revival plan. Where the people's court deems, upon examination, that the application complies with the present Law, it shall, within 30 days as of the day when the application is received, grant an approval, terminate the relevant procedures for revival and announce it as well. | |
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。 |
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| Article 87 Where some voting groups do not agree to a draft of revival plan, the relevant debtor or bankruptcy administrator may negotiate with the aforesaid voting groups. The latter may vote for one more times upon negotiation. The result of negotiation shall not damage the interest of any other voting group. | | 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。 |
Where a voting group that does not agree to a draft of revival plan refuses to re-vote or disagrees with the draft of revival plan upon re-voting yet if the draft of revival plan meets the following requirements, the relevant debtor or bankruptcy administrator may apply with the people's court for approving the draft of revival plan. | |
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： |
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| (1)Where, according to a draft of revival plan, the creditor's right as prescribed in item (1), paragraph 1, Article 82 of the present Law shall be cleared off by means of the particular assets and the losses as incurred from postponed payment shall be compensated for in a fair manner, given that the right to guaranty has not been materially damaged, or the relevant voting groups have adopted the draft of revival plan; | | （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； |
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| (2)Where, according to the draft of revival plan, the creditor's right as prescribed in items (2) and (3) of paragraph 1, Article 82 of the present Law shall be cleared off, or the relevant voting groups have adopted the draft of revival plan; | | （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； |
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| (3)Where, according to the draft of revival plan, the repayment proportion of the common creditor's right shall not be any lower than that as set in the procedures for bankrupt liquidation when the draft of revival plan is submitted for approval, or the relevant contributor group has adopted the draft of revival plan; | | （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； |
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| (4)Where the draft of revival plan can bring a fair and justifiable adjustment to the rights and interests of capital contributors, or the contributor group has adopted the draft of revival plan; | | （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； |
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| (5)Where the draft of revival plan treats the members of a same voting group fairly and the liquidation order of the creditor's right does not violate the provisions of Article 113 of the present Law; | | （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； |
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| (6)Where the debtor's business plan is feasible. | | （六）债务人的经营方案具有可行性。 |
Where the people's court deems that the draft of revival plan complies with the provisions of the preceding paragraph, it shall, within 30 days as of the day when an application is received, approve it, terminate the procedures for revival and announce it. | |
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。 |
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| Article 88 Where a draft of revival plan fails to be adopted and fails to be approved according to the provisions of Article 87 of the present Law, or where an adopted draft of revival plan fails to be approved, the people's court shall rule to terminate the procedures for revival and announce 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。 |
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| Section III Implementation of a Revival Plan | | 第三节 重整计划的执行 |
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| Article 89 A revival plan shall be implemented under the debtor's charge. | | 第八十九条 重整计划由债务人负责执行。 |
Where the people's court decides to approve a revival plan, the bankruptcy administrator that has taken over the assets and business operation shall transfer the assets and business operation to the debtor. | |
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。 |
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| Article 90 As of the day when the people's court decides to approve a revival plan and within the term for supervision as prescribed by the revival plan, the relevant bankruptcy administrator shall supervise the implementation thereof. | | 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。 |
Within the term for supervision, a debtor shall report the implementation of its revival plan as well as its financial status to the relevant bankruptcy administrator. | |
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。 |
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| Article 91 Upon expiration of the term for supervision, a bankruptcy administrator shall submit a supervision report to the people's court. As of the day when a supervision report is submitted, a bankruptcy administrator's functions and duties shall be terminated. | | 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。 |
Where a bankruptcy administrator submits a supervision report with the people's court, any interested party to the revival plan has the right to consult therewith. | |
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。 |
Upon application by a bankruptcy administrator, the people's court may decide to extend the term for supervision over the implementation of a revival plan. | |
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。 |
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| Article 92 A revival plan as approved by the people's court has binding force on the debtor and all the creditors. | | 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。 |
Where a creditor fails to its creditor's right according to the provisions of the present law, it shall not exercise any right when a revival plan is implemented. When the implementation of a revival plan is concluded, the relevant creditor may exercise its right according to the requirements for liquidation of identical creditor's right as prescribed in the revival plan. | |
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。 |
The right of a creditor against the guarantor of its debtor as well as all the joint and several debtors shall not be affected by a revival plan. | |
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。 |
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| Article 93 Where a debtor fails to or refuses to implement a revival plan, the people's court may, upon request of the relevant bankruptcy administrator or interested party, terminate the implementation of the revival plan and announce the debtor bankrupt. | | 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。 |
Where the people's court decides to terminate the implementation of a revival plan, the commitment of the relevant creditor on the adjustment of the creditor's right in the revival plan shall be invalidated. The liquidation for the relevant creditor when the revival plan is implemented remains effective and the creditor's right that has not been repaid shall be regarded as the credit of bankruptcy. | |
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。 |
The creditor as prescribed in the preceding paragraph may, only when the other creditors in the sequential order of the liquidation are repaid at a same proportion, continue to join the distribution. | |
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。 |
Under any circumstance as prescribed in paragraph 1 of this Article, any guaranty set for the implementation of a revival plan shall continue to be effective. | |
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。 |
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| Article 94 As to the liabilities that is exempted according to a revival plan, the relevant debtor is not required to make repayment therefor upon conclusion of the revival 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。 |
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| Chapter IX Compromise | | 第九章 和解 |
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| Article 95 A debtor may, according to the provisions of the present Law, apply for compromise with the people's court; or may, after the people's court accepts its application for bankruptcy and before it is announced bankrupt, apply with the people's court for compromise. | | 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。 |
Where the debtor applies for reconciliation, it shall put forwards a draft of the conciliation agreement. | |
债务人申请和解，应当提出和解协议草案。 |
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| Article 96 Where the people's court deems upon examination that an application for compromise complies with the provisions of the present Law, it shall rule on a compromise, announce it and hold a creditors' meeting so as to discuss the draft of a composition deed. | | 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。 |
A holder of the right to guaranty on the debtor's particular assets may exercise its right as of the day when the people's court rules on a compromise. | |
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。 |
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| Article 97 The adoption of a resolution of a composition deed at the creditors' meeting shall be based on the consent of 1/2 or more of the creditors with the right to vote who attend the meeting, representing 2/3 or more of the total credit amount free from property guaranty. | | 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。 |
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| Article 98 Where a composition deed is adopted at the creditors' meeting, the people's court shall decide whether to confirm it, terminate the procedures for compromise and announce it. The relevant bankruptcy administrator shall transfer the assets and business operation to the debtor and submit a report on the performance of its functions and 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。 |
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| Article 99 Where the draft of a composition deed fails to be adopted at the creditors' meeting or a composition deed that has been adopted at the creditors' meeting fails to be confirmed by the people's court, the people's court shall rule to terminate the procedures for compromise and announce 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。 |
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| Article 100 A composition deed that has been confirmed by the people's court shall have a binding force on the debtor and all the creditors in the composition. | | 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。 |
The term "creditor in the composition" refers to a party that enjoys the creditor's right free from property guaranty against its debtor when the people's court accepts the relevant application for bankruptcy. | |
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。 |
Where any creditor in the composition fails to its creditor's right according to the provisions of the present Law, it may not exercise its right during the period when the composition deed is conducted. After the implementation of a composition deed is concluded, it may exercise its right according to the requirements for repayment as prescribed by the composition deed. | |
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。 |
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| Article 101 The right as enjoyed by the creditor in the composition against the guarantor of its debtor and other joint and several debtors shall not be affected by any composition deed. | | 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。 |
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| Article 102 A debtor shall pay off its debts according to the conditions as prescribed in the relevant composition deed. | | 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。 |
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| Article 103 As to any composition deed that is established by fraud or based on any illegal act of a debtor, the people's court shall rule it as ineffective and announce the debtor bankrupt. | | 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。 |
Under any of the aforesaid circumstances, the repayment that a creditor in the composition gets when the composition deed is performed shall not be returned at the same proportion as the other creditors. | |
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。 |
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| Article 104 Where a debtor is unable or fails to implement a composition deed, the people's court shall, upon request of the creditor in the composition, rule to terminate the implementation of the composition deed, and announce the debtor bankrupt. | | 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。 |
Where the people's court terminates the implementation of a composition deed, the commitment as made by the creditor in the composition on the adjustment of the creditor's right shall be invalidated. The repayment made to the creditor in the composition when the composition deed is implemented shall still be effective and the creditor's right in the composition that has not been repaid shall be the credit of bankruptcy. | |
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。 |
The creditor as prescribed in the preceding paragraph may, only when sharing the repayment at a same proportion as the other creditors, continue to join the distribution. | |
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。 |
Under the circumstance as prescribed in paragraph 1 of this Article, the guaranty set on the implementation of a composition deed shall remain effective. | |
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。 |
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| Article 105 After the people's court accepts an application for bankruptcy, if the relevant debtor and all the creditors conclude an agreement on settlement of credits and debts by themselves, they may request the court to confirm it and terminate the procedures for bankruptcy. | | 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。 |
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| Article 106 As to the liabilities that has been exempted according to a composition deed, the relevant debtor may, as of the day when the composition deed is concluded, not bear the liabilities of compensation. | | 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。 |
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| Chapter X Bankrupt Liquidation | | 第十章 破产清算 |
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| Section I Announcement of Bankruptcy | | 第一节 破产宣告 |
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| Article 107 Where the people's court announces a debtor bankrupt according to the provisions of the present Law, it shall, within 5 days as of the day when the decision is made, serve it on the relevant debtor and bankruptcy administrator, and shall, within 10 days as of the day when the decision is made, notify the already-known creditors and announce it as well. | | 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。 |
Where a debtor is announced bankrupt, the debtor is named as the bankrupt and the debtor's assets are taken as the insolvent assets. The creditor's right against the debtor when the people's court accepts an application for bankruptcy is the credit of bankruptcy. | |
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。 |
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| Article 108 Before any bankruptcy is announced, under any of the following circumstances, the people's court shall decide to terminate the procedures for bankruptcy and announce it as well: | | 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： |
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| (1)Where a third party provides any full-amount guaranty to or pays off all the debts as due for the debtor; or | | （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； |
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| (2)Where the debtor has paid off all the due debts. | | （二）债务人已清偿全部到期债务的。 |
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| Article 109 An owner of the right to guaranty on the particular assets of the bankrupt may enjoy the priority right to be repaid by means of the particular assets. | | 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。 |
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| Article 110 Where a creditor that enjoys the right as prescribed in the provisions of Article 109 of the present Law exercises the priority right to be repaid, the un-repaid creditor's right shall be the common creditor's right. Where the priority right to be repaid is given up, the creditor's right shall be taken as the common creditor's right. | | 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。 |
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| Section II Conversion and Distribution | | 第二节 变价和分配 |
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| Article 111 A bankruptcy administrator shall draft a conversion plan of insolvent assets and submit it to the creditor's meeting for discussion. | | 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。 |
A bankruptcy administrator shall, according to the conversion plan of insolvent assets that has been adopted at the creditor's meeting or that has been confirmed by the people's court according to the provisions of paragraph 1, Article 65 of the present Law, sell the insolvent assets by means of conversion at a proper time. | |
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。 |
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| Article 112 A sale of insolvent assets by means of conversion shall be conducted through auction, unless there is any other resolution at the creditor's meeting. | | 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。 |
An insolvent enterprise may be wholly or partially sold by means of conversion. Where an enterprise is sold by means of conversion, the intangible assets and other assets thereof may be solely sold by means of conversion. | |
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。 |
As to the assets that shall not be auctioned or whose transfer is restricted, it shall be handled through the method as prescribed by the state. | |
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。 |
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| Article 113 The insolvent assets shall, after the costs for bankruptcy proceedings and community liabilities are repaid in priority, be liquidated according to the following sequence: | | 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： |
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| (1)The wages and subsidies for medial treatment and disability, comfort and compensatory expenses as defaulted by the bankrupt, the fundamental old-age insurance premiums, fundamental medical insurance premiums that shall have been transferred to the employees' personal account as well as the compensation for employees as prescribed by the relevant laws and administrative regulations; | | （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； |
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| (2)The social insurance premiums and tax fees as defaulted by the bankrupt other than those as prescribed by the aforesaid provisions; and | | （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； |
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| (3)The common credit of bankruptcy. | | （三）普通破产债权。 |
Where the insolvent assets are not enough to satisfy the requirements for liquidation in a same sequence, it shall be distributed according to the proportion. | |
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。 |
The wages of the directors, supervisors as well as senior managers of an insolvent enterprise shall be calculated in light of the average wage of employees. | |
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。 |
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| Article 114 The insolvent assets shall be subject to monetary distribution, unless it is separately decided at 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。 |
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| Article 115 A bankruptcy administrator shall formulate a distribution plan of insolvent assets in a timely manner, and submit it to the creditor's meeting for discussion: | | 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。 |
A distribution plan of insolvent assets shall indicate the following matters: | |
破产财产分配方案应当载明下列事项： |
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| (1) Names and domiciles of the creditors that attend the distribution of insolvent assets; | | （一）参加破产财产分配的债权人名称或者姓名、住所； |
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| (2) The amount of the creditor's right that is involved in the distribution of insolvent assets; | | （二）参加破产财产分配的债权额； |
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| (3) The amount of insolvent assets as ready for distribution; | | （三）可供分配的破产财产数额； |
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| (4) The sequence, proportion and amount of insolvent assets subject to distribution; and | | （四）破产财产分配的顺序、比例及数额； |
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| (5) The measures for distributing insolvent assets. | | （五）实施破产财产分配的方法。 |
After a distribution plan of insolvent assets is adopted at the creditors' meeting, the relevant bankruptcy administrator shall submit the plan to the people's court for confirmation. | |
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。 |
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| Article 116 A distribution plan of insolvent assets shall, upon confirmation of the people's court, be uted by the relevant bankruptcy administrator. | | 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。 |
Where a bankruptcy administrator implements a distribution in installments according to a distribution plan of insolvent assets, it shall announce the amount of assets and the creditor's right in the distribution. Where a bankruptcy administrator implements a conclusive distribution in a lump sum, it shall be indicated in the announcement, wherein the matters as prescribed in paragraph 2, Article 117 of the present Law shall be indicated as well. | |
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。 |
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| Article 117 As to any creditor's right subject to the requirement for effectiveness or rescission, a bankruptcy administrator shall preserve the distribution share in advance. | | 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。 |
As to the distribution share as preserved by the bankruptcy administrator in advance in the preceding paragraph, on the announcement day of the conclusive distribution, where the requirement for effectiveness is not satisfied or the requirement for rescission is satisfied, it shall be distributed to the other creditors; on the announcement day of the conclusive distribution, where the requirement for effectiveness is satisfied or the requirement for rescission is not satisfied, it shall be delivered to the creditors. | |
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。 |
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| Article 118 The distribution shares of the insolvent assets that have not been collected by creditors shall be preserved by the relevant bankruptcy administrator in advance. Where a creditor fails to collect its share within 2 months as of the last day of distribution announcement, it shall be deemed as a waiver of the right to collect the distribution share. The bankruptcy administrator or the people's court shall distribute the preserved distribution share to 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。 |
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| Article 119 Where the insolvent assets are distributed, as to any creditor's right that has not been settled by action or arbitration, a bankruptcy administrator shall preserve the distribution share in advance. Where any distribution share fails to be collected within 2 years as of the day when the procedures for bankruptcy are concluded, the people's court shall distribute the preserved distribution share 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。 |
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| Section III Conclusion of the Procedures for Bankruptcy | | 第三节 破产程序的终结 |
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| Article 120 In the case of no asset for the bankrupt to distribute, the relevant bankruptcy administrator shall request the people's court to terminate the procedures for bankruptcy. | | 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。 |
A bankruptcy administrator shall, upon conclusion of a conclusive distribution, report to the people's court a report on the distribution of insolvent assets in a timely manner and request the people's court to terminate the procedures for bankruptcy. | |
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。 |
The people's court shall, within 15 days as of the day when a request of a bankruptcy administrator to conclude the procedures for bankruptcy is received, make a decision on whether to conclude the procedures. Any decision on concluding the procedures shall be announced. | |
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。 |
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| Article 121 A bankruptcy administrator shall, within 10 days as of the day when the procedures for bankruptcy are concluded, handle the formalities for write-off in the organ as originally in charge of the registration of the bankrupt upon the strength of the decision of the people's court on concluding the procedures for bankruptcy. | | 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。 |
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| Article 122 A bankruptcy administrator shall terminate the performance of its functions and duties on the following day after it completes the formalities for the registration of write-off, unless the relevant action or arbitration has not been concluded. | | 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。 |
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| Article 123 Within 2 years as of the day when the procedures for bankruptcy are concluded according to the provisions of paragraph 4, Article 43 or Article 120 of the present Law, under any of the following circumstances, a creditor may request the people's court to make an additional distribution according to the distribution plan of insolvent assets: | | 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： |
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| (1)Where the relevant assets shall be recovered according to the provisions of Article 31, 32, 33 or 36 of the present Law; and | | （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； |
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| (2)Where the bankrupt has any other asset that shall have been distributed. | | （二）发现破产人有应当供分配的其他财产的。 |
Under any of the following circumstances as prescribed in the preceding paragraph, yet where the amount of assets are not enough to meet the expenses for distribution, no additional distribution may be held and the relevant assets shall be turned over by the people's court into the state treasury. | |
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。 |
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| Article 124 The guarantor and other joint and several debtors of the bankrupt shall, upon conclusion of the procedures for bankruptcy, bear the joint and several liabilities of repayment of the creditor's right that has not been repaid according to the procedures for bankrupt liquidation and according to law. | | 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。 |
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| Chapter XI Legal Liabilities | | 第十一章 法律责任 |
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| Article 125 Where a director, supervisor or senior manager violates his obligations of being honest and diligent and thus leads to enterprise bankruptcy, he shall be subject to the relevant civil liabilities according to law. | | 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。 |
No person under any circumstance as prescribed in the preceding paragraph may, within 3 years as of the day when the procedures for bankruptcy are concluded, assume the post of director, supervisor or senior manager of any enterprise. | |
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。 |
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| Article 126 For any staff member of a debtor who is obligated to attend the creditor's meeting yet fails to do so upon summon of the people's court without any justifiable reason, the people's court may summon him by force and impose upon him a fine according to law. Where any staff member of a debtor violates the provisions of the present Law by refusing to illustrate or answer, or producing any false statement or answer, the people's court may impose upon him a fine according to 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。 |
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| Article 127 Where a debtor violates the provisions of the present Law by refusing to submit any required material to the people's court or submit thereto any fraud statement on financial status, checklist of debts, checklist of the creditor's right, financial statement or payment statement of its employees' wages or social insurance premiums, the people's court may impose a fine upon the directly liable person according to law. | | 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。 |
Where any debtor violates the provisions of the present Law by refusing to transfer its assets, seals or such materials as book accounts and documents, or fabricating or destroying the relevant materials of financial evidences, thereby making its financial status ambiguous, the people's court may impose a fine upon the directly liable person according to law. | |
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。 |
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| Article 128 Where a debtor has any act as prescribed in Article 31, 32 or 33 by damaging the interest of its creditors, the legal representative of the debtor or any other directly liable person shall be subject to the liabilities of compensation according to 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。 |
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| Article 129 Where any staff member of a debtor violates the provisions of the present Law by unlawfully leaving his domicile, the people's court can give an admonition or detainment, and may impose a fine upon him concurrently according to 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。 |
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| Article 130 Where a bankruptcy administrator fails to perform its functions and duties in a diligent and faithful manner according to the provisions of the present Law, the people's court can impose upon it a fine according to law. Where any loss is incurred to a creditor, a debtor or a third party, the bankruptcy administrator shall be subject to the liabilities of compensation according to 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。 |
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| Article 131 Any entity that violates the provisions of the present Law and thus constitutes a crime shall be subject to criminal liabilities according to law. | | 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。 |
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| Chapter XII Supplementary Provisions | | 第十二章 附则 |
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| Article 132 After the present Law is implemented, as to the defaulted wages and subsidies for medical treatment and disability, comfort and compensatory expenses, the fundamental old-age insurance premiums and fundamental medical insurance premiums that shall have transferred into the individual accounts of employees as well as the compensation for the employees as prescribed by the relevant laws and administrative regulations, where the assets are not enough for repayment upon liquidation according to the provisions of Article 113 of the present Law, the particular assets as prescribed in Article 109 of the present Law shall be liquidated prior to the repayment for the owner of the right to guaranty on the particular assets. | | 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。 |
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| Article 133 Any special matter in the bankruptcy of a state-owned enterprise within the term and scope as prescribed by the State Council before the present Law comes into force shall be handled according to the relevant provision 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。 |
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| Article 134 Where such financial institutions as a commercial bank, securities company or insurance company is under any of the following circumstances as prescribed in Article 2 of the present Law, the financial supervision organ under the State Council shall file an application with the people's court for revival or bankruptcy liquidation of the financial institution. Where the financial supervision organ under the State Council adopts, according to law, such measures as take-over and custody to a financial institutions carrying major business risks, it may apply with the people's court for suspending the procedures for civil action or execution, wherein the said financial institution is the defendant or party against whom a judgment or order is being uted. | | 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。 |
Where a financial institution is under bankruptcy, the State Council may, according to the present Law and other relevant laws, formulate the corresponding measures for implementation. | |
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。 |
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| Article 135 The liquidation of the organizations other than enterprise legal persons as prescribed by law, which falls within the category of bankrupt liquidation, shall be governed by the procedures as prescribed by the present 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。 |
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| Article 136 The present Law shall come into force as of June 1, 2007. The Enterprise Bankruptcy Law of the People's Republic of China (for Trial Implementation) shall be simultaneously abolished. | | 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。 |
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