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Decree of the Chairman of the People's Republic of
China
No. 54
The "Law of the People's Republic of China on
Enterprise Bankruptcy" has been approved on the 23rd meeting of the Tenth NPC
Standing Committee of the People's Republic of China on August 27, 2006. It is
now promulgated and shall come into effect as of June 1, 2007.
Hu Jintao, Chairman of the People's Republic of
China
August 27, 2006
Law of the People's Republic of China on Enterprise
Bankruptcy
(Approved on the 23rd meeting of the Tenth NPC Standing Committee
of the People's Republic of China on August 27, 2006)
CONTENTS
Chapter I General Provisions
Chapter II The
Submission and Acceptance of Bankruptcy Applications
Section 1
Application
Section 2 Acceptance
Chapter III Supervisor
Chapter IV
Property of the Debtor
Chapter V Bankruptcy Fees and Charitable
Debts
Chapter VI Claim Reporting
Chapter VII Creditors'
Meetings
Section 1 General Provisions
Section Creditors'
Committee
Chapter VIII Reorganization
Section 1 Application and Period of
Reorganization
Section 2 Establishment and Approval of the Reorganization
Plan
Section 3 Implementation of the Reorganization Plan
Chapter IX
Settlement
Chapter X Bankruptcy Liquidations
Section 1 Bankruptcy
Declaration
Section 2 Asset Realization and Allocation
Section 3 Closure
of Bankruptcy Proceedings
Chapter XI Legal Liabilities
Chapter XII
Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is formulated for the purpose of
regularizing the enterprise bankruptcy proceedings, settling claims and debts
fairly, protecting legitimate rights and interests of the creditor and the
debtor, and maintaining the order of the socialist market economy.
Article 2 This Law is applicable to the debt
settlement of a legal entity which is unable to repay debts that are due and
whose assets are not sufficient to repay all debts.
Legal entities with the
aforesaid situations or lacking liquidity may be reorganized in accordance with
this
Law. | 
