“Shenzhen Special Economic Zone Personal Bankruptcy Regulations (Draft for Comment)” clarifies the scope of bankruptcy liquidation. Natural persons who have lived in the Shenzhen Special Economic Zone and have participated in Shenzhen Social Insurance for three consecutive years and whose assets are insufficient to pay off all debts or obviously lack solvency due to production, operation and living consumption shall be subject to bankruptcy liquidation or settlement in accordance with these regulations.
If the debtor meets the conditions stipulated in the preceding paragraph, but has predictable income in the future, it can be reorganized in accordance with these regulations. The spouse of the debtor specified in the preceding two paragraphs may apply for bankruptcy liquidation, settlement or reorganization at the same time in accordance with these Regulations.
The following is the full text of the “Shenzhen Special Economic Zone Personal Bankruptcy Regulations (Consultation Draft)”:
Shenzhen Special Economic Zone Personal Bankruptcy Regulations
(Consultation Draft)
Table of Contents
General Provisions
Chapter 2 Application and Acceptance
Chapter 3 Administrator
Chapter 4 Debtor Property
Chapter 5 Bankruptcy Expenses and Common Debt
Chapter 6 Creditor’s Rights Declaration
Chapter 7 Creditors Meeting
Chapter 8 Reorganization
Chapter 9 Settlement
Chapter 10 Bankruptcy Liquidation
Tenth Chapter One Simple Procedure
Chapter 12 Legal Responsibility
Chapter 13 Supplementary Provisions
General provisions
[Legislative purpose] In order to regulate personal bankruptcy procedures, the rights and obligations of debtors, creditors and other interested parties should be adjusted reasonably to promote integrity The debtor’s economy is regenerated, the socialist market economic system is improved, and these regulations are formulated in accordance with the basic principles of laws and administrative regulations and the actual situation of the Shenzhen Special Economic Zone.
[Scope of application] Natural persons who live in Shenzhen Special Economic Zone and participate in Shenzhen Social Insurance for three consecutive years have insufficient assets to pay off all debts due to production, operation and living consumption Or if there is a clear lack of solvency, bankruptcy liquidation or settlement shall be conducted in accordance with these regulations.
If the debtor meets the conditions stipulated in the preceding paragraph, but has predictable income in the future, it can be reorganized in accordance with these regulations.
The debtor’s spouse specified in the preceding two paragraphs may apply for bankruptcy liquidation, settlement or reorganization in accordance with these Regulations.
[Basic Principles] In cleaning up claims and debts in accordance with these regulations, the principles of good faith, fair protection, fairness and efficiency should be followed. After the debtor has passed the exemption inspection period, it will forgive its remaining debts.
[Case Jurisdiction] The personal bankruptcy cases that are tried under these regulations are under the jurisdiction of the Shenzhen Intermediate People’s Court.
[Transaction Management] The administrative functions of personal bankruptcy affairs are exercised by the work department determined by the Shenzhen Municipal People’s Government.
【Bankruptcy Informatization】Strengthen the construction of personal bankruptcy informatization and promote the mutual sharing of bankruptcy affairs information and government affairs information.
[Disclosure of Bankruptcy Information] The bankruptcy management department (hereinafter referred to as the bankruptcy management department) determined by the People’s Court and the Municipal People’s Government shall use media, the Internet, etc. Timely and accurately disclose personal bankruptcy information. Where there are other provisions in laws and administrative regulations, those provisions shall prevail.
Application and acceptance
[Bankruptcy Application] If the debtor has the circumstances specified in Article 2 of these Regulations, he may apply to the People’s Court for bankruptcy liquidation, settlement or reorganization.
When the debtor is unable to pay off its due debts, creditors who individually or jointly hold debts of more than 500,000 yuan due to the debtor may apply to the people’s court Liquidation.
[Withdrawal Application] Before the people’s court accepts an application for bankruptcy, the applicant may request to withdraw the application.
If the people’s court agrees to withdraw the application, the applicant shall not apply for bankruptcy of the same debtor again within one year from the date of withdrawal of the application without justifiable reasons.
[Application materials] If the debtor applies for bankruptcy, he should submit the following materials to the people’s court:
bankruptcy application , Letter of Commitment of Integrity, Explanation of Bankruptcy;
Income Description, Social Security Statement, Tax Payment Record;
Personal Property Or the husband and wife’s common property inventory, debts and debts inventory;
the basic information of the dependents and other relevant materials.
The person supported by the debtor refers to the minor who is obligated by the debtor to bear the maintenance obligation or the adult close relatives who are incapable of working and have no other source of living.
Creditors who apply for bankruptcy liquidation shall submit relevant materials such as bankruptcy application and certificate of maturity claims.
Debtors of individual industrial and commercial households should also submit the payment of wages and social insurance expenses of their employees.
[Acceptance review] People’s courts review bankruptcy applications, usually in the form of a written investigation; if the case is complicated, a hearing investigation may be conducted.
Where a creditor applies for bankruptcy, the people’s court shall notify the debtor within five days from the date of receipt of the application. If the debtor disagrees with the creditor’s application, it shall file a complaint with the people’s court within seven days of receiving the notice from the people’s court.
People’s courts conducting hearing investigations shall notify the applicant and the respondent three days in advance, and may notify other creditors to participate if necessary.
[Decision acceptance period] The people’s court shall decide whether to accept the application within 30 days after receiving the application. If there are special circumstances that require extension, the extension can be extended for 15 days with the approval of the president of this hospital.
[Priority Acceptance] The creditor applies for the debtor’s bankruptcy and liquidation, and the debtor applies for reorganization. If the people’s court believes that it meets the conditions for reorganization, it shall accept the application for reorganization.
[Acceptance Ruling] If the People’s Court considers that the debtor meets the circumstances specified in Article 2 of these Regulations and decides to accept the bankruptcy application, it shall send the ruling within five days from the date of acceptance Reach the applicant.
Where a creditor applies, the people’s court shall serve the ruling on the debtor at the same time within five days from the date of acceptance. The debtor shall submit to the people’s court the relevant materials specified in Article 10 of these Regulations within 15 days from the date of service of the ruling.
If the people’s court decides to accept an application for bankruptcy, it shall simultaneously make a decision to restrict the debtor’s relevant conduct in accordance with these Regulations, and send the decision to the bankruptcy management department and relevant units. Relevant units shall take restrictive measures against the debtor in accordance with the decision.
[Inadmissible and rejected applications] When the people’s court examines an application for bankruptcy and finds one of the following circumstances, it should rule that it is not accepted; the people’s court has accepted it but has not yet If the bankruptcy is declared, the application shall be ruled to be rejected:
(1) The application does not meet the requirements of Article 2 of these Regulations;
(3) The applicant has made false statements, Provide false evidence and other actions that hinder bankruptcy proceedings.
If the debtor or creditor refuses to accept the ruling, he may appeal to the people’s court at the next higher level within ten days from the date of service of the ruling.
[Recommended by creditors] Before the people’s court accepts an application for bankruptcy, creditors may individually or jointly recommend the bankruptcy administrator (hereinafter referred to as the administrator)selected. Where the people’s court agrees to recommend candidates and designate them as administrators, the creditors shall pay the administrator’s normal performance costs in advance.
[Designated Administrator] If the creditor does not recommend a candidate for the administrator or the people’s court believes that the recommendation is not suitable for the administrator, the people’s court shall notify the bankruptcy application The bankruptcy management department shall propose a manager within five days.
[Acceptance Announcement] The people’s court shall issue an acceptance notice within 15 days from the date of designating the administrator. The announcement shall specify the following items:
(1) The names of the applicant and the respondent;
(2) The time and applicable procedures for the people’s court to accept bankruptcy applications;(3) Decision to restrict the debtor’s related behavior;
(4) The time limit, method and precautions for declaring claims;
(5) The name of the administrator and the address where the transaction is handled;
(VI) The debtor’s debtor or property holder shall pay off the debt or deliver the property to the administrator;
(7) The time and place of the first creditors’ meeting;
(8) Other matters that the people’s court deems to be notified and announced.
The administrator shall also notify known creditors to declare their claims.
[Limited consumption] From the day when the people’s court accepts the bankruptcy application to the day when the people’s court makes a ruling to exempt the debtor’s remaining debt, the debtor shall not have the following consumption behavior:< br>
(1) When taking a transportation, choose the business class, first class, soft sleeper, second class and above cabin of the ship, G-type high-speed EMU passenger train and other EMUs Group trains with first-class seats or more;
(2) Consumption in hotels, hotels, nightclubs, golf courses and other places with more than three stars;
(3) Purchase real estate and motor vehicles;
(4) Newly build, expand and renovate houses;
(five) travel;
(six) for children to attend high-charge private schools;
div> (7) Lease high-end office buildings, hotels, apartments and other places for office work;
(8) Pay high premiums to buy insurance and wealth management products;
(9) Other consumer behaviors that are not necessary for life and work.
[Prohibition of Practice] From the day when the People’s Court accepts the application for bankruptcy to As of the date of the people’s court’s ruling to release the debtor’s remaining debt, the debtor shall not serve as a director, supervisor or senior manager of a listed company, non-listed public company or financial institution, or engage in occupations prohibited by laws or administrative regulations.
[Bankruptcy notification obligation] From the date when the people’s court accepts the bankruptcy application to the date when the people’s court makes a ruling to exempt the debtor’s remaining debt, the debtor obtains a loan or credit line of more than 1,000 yuan , Should declare my bankruptcy status to the lender or creditor.
[Debtor Obligations] From the day when the people’s court accepts the application for bankruptcy to the people’s court to make the debtor’s remaining debt free On the day of the ruling, the debtor shall bear the following obligations:
(1) Complete and true statement of the reasons and course of bankruptcy;
(3) Keep the debtor’s property properly and cooperate with the manager’s Property inventory and takeover;
(4) Cooperate with the investigation and inquiry of the people’s court, bankruptcy management department and administrator;
(6) When the personal identification information, telephone number, and common address change, report to the administrator in time;
(7) Without the permission of the people’s court, do not leave the country;
(8) Cooperate with the people’s court, bankruptcy management department and administrator to carry out other work related to bankruptcy proceedings.
The debtor’s spouse, close relatives living together, property manager and other interested parties should assist the people’s court or administrator to investigate the debtor’s basic situation, income and property status.
[Debtor’s property declaration obligation] The debtor shall truthfully declare the following property conditions of himself, his spouse, and minor children within 15 days from the date when the people’s court accepts the ruling: < br>
(1) Salary income, labor income, bank deposits, cash, WeChat and Alipay and other third-party payment platform account funds, housing provident fund account funds and other cash assets;
(2) Investing or otherwise holding stocks, funds, investment insurance and other wealth management products;
(4 ) Property rights such as dividends, trust beneficiaries, intellectual property rights, etc. of collective economic organizations;
(5) Owned or shared land use rights, real estate such as houses;
(6) Transportation tools, machinery equipment, products, raw materials and other movable property;
(7) Wenwan calligraphy and painting, Valuables such as personal collections;
(8) The debtor’s legal rights and interests based on inheritance, gifting and holding; etc.
(9) Property rights and interests that the debtor has reason to claim;
(10) Property or property rights and interests that the debtor can expect before bankruptcy acceptance;
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(eleven) the debtor’s overseas acquisition of the property and property rights specified in (1) to (ten) of this article;
(twelve ) Other property with disposal value.
[Debtor’s Property Reporting Obligation II] The property declared by the debtor in accordance with Article 23 of these Regulations has one of the following circumstances , It should be stated at the time of declaration:
(1) Owned by the debtor’s adult child, but the child was not yet an adult at the time of acquisition; “>
(2) The debtor’s property has been leased out, the security rights such as collateral rights have been established, or there are situations of joint ownership and disputes over ownership;
(3 ) The debtor’s movable property is owned by a third party;
(4) The debtor’s real property, specific movable property, and other property rights are registered under the name of the third person.
[Debtor’s property change reporting obligation] Within three years before the people’s court accepts the application for bankruptcy, the debtor’s property shall undergo the following changes, the debtor shall declare together:
(1) Gifts, transfers, and leases of property;
(2) The establishment of security rights on the property and other rights and burdens;
(3) Abandon the creditor’s rights or extend the settlement period of the creditor’s rights;
(4) Spend a large amount of more than 50,000 yuan;
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(5) Property division due to divorce;
(6) Other property changes.
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[Prohibition of Individual Liquidation and Exceptions] After the People’s Court accepts an application for bankruptcy, the debtor may not liquidate the debt to individual creditors, except for the individual liquidation that benefits the debtor’s property or is necessary for the debtor’s normal life.
[Third Party Liquidation and Delivery] After the People’s Court accepts the application for bankruptcy, the debtor’s debtor or property holder shall pay off to the administratorDebt or delivery of property.
The debtor’s debtor or property holder intentionally violates the provisions of the preceding paragraph to pay off the debt or deliver the property to the debtor, and is not exempt from its obligation to pay off the debt or deliver the property; causing loss to the creditor Compensation.
[Contract performance] After the People’s Court accepts the bankruptcy application, the administrator has the right to decide to terminate the contract that was established before the bankruptcy application was accepted but the debtor and the other party have not completed the performance. Or continue to perform and notify the other party. If the administrator fails to notify the other party within two months from the date of acceptance of the bankruptcy application, or fails to reply within 30 days from the date of receipt of the other party’s reminder, it shall be deemed to have terminated the contract.
If the manager decides to continue to perform the contract, the other party shall perform; however, the other party has the right to request the manager to provide a guarantee. If the administrator does not provide a guarantee, it shall be deemed to have terminated the contract.
[Automatic freezing effect] After the people’s court accepts the bankruptcy application, the preservation measures of the debtor’s property shall be lifted and the execution procedure shall be suspended.
[Subrogation of litigation and arbitration] After the people’s court accepts the application for bankruptcy and appoints the administrator, civil litigation or arbitration involving the debtor’s property rights that has already begun but has not yet ended The administrator participates on behalf of, unless otherwise provided by law.
[Centralized Jurisdiction of Derivative Litigation] From the day when the people’s court accepts the application for bankruptcy to the end of the bankruptcy proceedings, a civil lawsuit involving the debtor’s property rights shall The people’s court filed.
[Special application-debtor’s death] After the people’s court accepts the bankruptcy application and the debtor dies, the property shall be taken over, changed in value and distributed in accordance with the relevant provisions of these regulations. The people’s court ended the bankruptcy proceedings.
[Information disclosure node] In addition to information that is not disclosed by law, the bankruptcy management department should promptly disclose the debtor’s bankruptcy application, property report, debt status, liquidation plan or reorganization Relevant information such as plans and exemption inspections are provided for relevant units and individuals to inquire according to law.
Administrator
[Qualification of Manager] The manager is an individual or institution.
Lawyers, certified public accountants and other individuals with professional qualifications in law, accounting, finance and other legally established intermediary service institutions can pass the assessment of the bankruptcy management department and serve as managers.
The specific management methods for managers are formulated by the Municipal People’s Government.
[Individuals not allowed to act as managers] Individuals or institutions who are under any of the following circumstances shall not act as managers:
(2) Relevant professional practice certificate was revoked;
(3) Interests related to the case;
(4) Other situations where the people’s court and the bankruptcy management department deem it inappropriate to be the administrator.
[Bankruptcy Management Department] The Municipal People’s Government Bankruptcy Management Department shall perform the following duties:
(1 ) Propose the candidate for personal bankruptcy case;
(2) Manage, supervise and guarantee the performance of the manager’s performance of duties;
(4) Establish and improve the bankruptcy information disclosure system;
(5) Provide bankruptcy advisory and assistance services;
(6) Other duties related to the implementation of these regulations.
[Administrator Supervision] The administrator performs his duties in accordance with the provisions of these regulations and accepts the supervision of the people’s court, the bankruptcy management department, the creditors’ meeting and the creditors’ committee.
The manager shall attend the creditors’ meeting, report the performance of the duties to the creditors’ meeting, and answer the questions.
[Replacement of Manager] Creditors’ AssociationIt is considered that if the administrator cannot perform his or her duties in accordance with the law and impartially or there are other situations in which he is not competent, he may apply to the people’s court for replacement.
[manager’s duties] The manager should perform the following duties:
(1) Investigate and verify the debtor and its The basic situation of the dependents;
(2) Take over the information such as the property list, vouchers and debt and debt inventory related to the debtor’s property status;
(3) Investigate the debtor’s property status and property changes in the first three years from the date of acceptance of the bankruptcy application, and prepare a debtor’s property report;
(4) Put forward opinions on the debtor’s exempt property scope, and investigate and take over the debtor’s property available for distribution;
(5) Prepare a debtor’s property distribution plan, which is approved by the creditors’ meeting After the implementation of the distribution;
(6) Representing the debtor in litigation, arbitration or other activities that require the debtor to participate in the debtor’s property;
(VII) Proposal to convene creditors’ meeting;
(VIII) Management, supervision and assistance in the implementation of personal reorganization plan;
(nine) issue a written report on the debtor’s exemption application;
(ten) investigate and verify whether the debtor violates the relevant provisions of this Regulation Behavior;
(11) Investigate whether the debtor should be exempted;
(10 2) After the court makes a decision to lift the restrictions on the debtor’s actions, coordinate the relevant units to lift the restrictions on the debtor;
(13) The provisions of these regulations and the People’s Court, The bankruptcy management department needs other duties performed by the administrator.
[Administrator’s Right to Investigate] The administrator can submit the decision letter of the designated manager to the public security, civil affairs, social security, tax, marketSupervision and other departments and financial and credit information agencies call for information about debtors according to law, and relevant departments and agencies should assist in investigations. When necessary, the administrator may apply to the people’s court to issue an investigation order.
[Manager Report] If the manager discovers that the debtor, creditor, or other relevant person is suspected of a criminal offence during the performance of his duties, he should report to the relevant authorities in a timely manner.
[Duty of the manager] The manager should be diligent and perform his duties faithfully.
[Permit to Resign the Manager] The manager shall not resign from the post without a valid reason. The resignation of the administrator shall be approved by the creditors’ meeting or the bankruptcy management department and submitted to the people’s court for decision.
[Remuneration of the administrator] The administrator shall perform the duties of managing personal bankruptcy cases in accordance with these Regulations and shall have the right to receive corresponding remuneration.
The administrator shall provide public welfare services for bankruptcy affairs in cases where the bankruptcy property is insufficient to pay bankruptcy expenses in accordance with relevant regulations.
Debtor’s property
[Debtor’s property range] All property belonging to the debtor at the time of acceptance of bankruptcy application is the debtor’s property.
The property acquired by the debtor from the acceptance of the bankruptcy application and before the award of the exemption shall also be used to pay off the debt.
The debtor’s property that can be retained in accordance with Article 46 of these regulations is exempt property, and all bankrupt property except for exempt property is used to pay off debts.
[Scope of exempt property] The following property is exempt property:
(1) Debtor and his dependents Necessities and reasonable living expenses for living, medical treatment, and learning;
(2) Items or reasonable expenses that must be retained for professional development;
(3) Items with special commemorative significance to the debtor;
(4) Medal orOther honorary commendations;
(five) life insurance without cash value;
(six) exclusive The debtor’s personal damages, social insurance and minimum living security, etc.;
(7) should not be used to pay off debts in accordance with other laws, regulations or based on public order and good customs property.
If the property specified in the preceding paragraph is of greater value and is not used to pay off debts, which obviously violates the principle of fairness, it shall not be regarded as exempt property.
[Procedure for determining exempt property] The debtor shall submit a property declaration report and exempt property list when applying for bankruptcy or within 15 days from the date of receipt of the bankruptcy acceptance ruling.
The administrator shall review and prepare the debtor’s property report within 30 days from the date when the debtor submits the property declaration, make comments on the debtor’s exempt property list, and submit it to the creditors’ meeting for voting. If the list of exempted assets is not approved by the creditors’ meeting, the people’s court shall make a ruling.
[Identify the property used to pay off the debt] The People’s Court ruled in accordance with the provisions of Articles 45, 46 and 47 of these Regulations After confirming the debtor’s exempt property scope, the administrator shall take over the debtor’s remaining property. However, except as otherwise provided in Article 93 of these regulations.
[Revocation of Improper Property Disposal] Within three years before the applicant filed for bankruptcy, the administrator has the right to request the People’s Court to revoke the following dispositions involving the debtor’s property: br>
(1) Transfer of property without compensation;
(2) Transaction at an obviously unreasonable price;
(3) Provide property guarantee for debts without property guarantee;
(4) For unexpired debts Pay off in advance;
(5) Give up creditor’s rights.
[Revocation of biased liquidation] Within six months before the applicant filed for bankruptcy, the debtor still hasIf the obligee makes a settlement, the administrator shall have the right to request the people’s court to revoke it, except for the individual settlement which is necessary to benefit the debtor’s property or the debtor’s normal life.
[Invalid Behavior] The following behavior involving the debtor’s property is invalid:
(1) Concealment to avoid debt 2. Transfer of property;
(2) Fictitious debt or recognition of unreal debt.
[Recovery of property] The debtor’s property acquired as a result of the acts specified in Article 49, Article 50, and Article 51 of these regulations shall be managed People have the right to recover.
[Retrieving Pledges and Deposits] After the People’s Court accepts an application for bankruptcy, the administrator may retrieve the pledges, by repaying the debts or by providing guarantees accepted by the creditors. Deposits.
When the value of the collateral or lien is lower than the amount of the secured creditor’s right as stated in the preceding paragraph, when the value of the debt or collateral is replaced, the collateral or lien Market value.
[Right of Retrieval] After the people’s court accepts an application for bankruptcy, if the property held by the debtor does not belong to the debtor, the owner of the property may retrieve it through the administrator. However, unless otherwise provided by these regulations.
[Retrieve the subject matter in transit] When the People’s Court accepted the bankruptcy application, the seller had shipped the subject matter to the debtor as the buyer, and the debtor had not received and If the full price is not paid, the seller may retrieve the subject matter in transit. However, the administrator can pay the full price and request the seller to deliver the subject matter.
[Offset Right] If a creditor is in debt to the debtor before the bankruptcy application is accepted, it may claim offset from the administrator. However, one of the following circumstances shall not be offset:
(1) The debtor of the debtor obtains the claims of others on the debtor after the application for bankruptcy is accepted;
(2) The creditor knows that the debtor is unable to pay off the due debts or bankruptcy application, and bears the debt to the debtor, but the creditor has a bankruptcy application because of the law or a year ago Except for the debts caused by what happened;
(3) The debtor’s debtor knows that the debtor is unable to pay off the due debts or bankruptcy application, and obtains the creditor’s rights against the debtor. Except for the reason of occurrence and the acquisition of claims.
Bankruptcy Expenses and Common Debt
[Bankruptcy Expenses] The following expenses incurred after the People’s Court accepts an application for bankruptcy are bankruptcy expenses:
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(1) Litigation costs for bankruptcy cases;
(2) Expenses for management, price change and distribution of debtor’s property;
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(3) Costs and remuneration of the manager for performing duties;
(4) The manager is handling bankruptcy cases Other reasonable expenses incurred.
[Common Debt] The following debts that occurred after the People’s Court accepted the bankruptcy application are common debts:
( A) Debt incurred by the manager or the debtor requesting the other party to perform a contract that has not been completed by both parties;
(2) The debtor’s property is generated by the causeless management Debt;
(3) Debt arising from the debtor’s improper profit;
(4) Manager Or the debts arising from the damage caused by the relevant personnel performing their duties;
(5) The debts arising from the damage caused by the debtor’s property.
[Sequence of Bankruptcy Expenses and Common Debt Debt Repayment] The bankruptcy expenses and common debt are paid off by the bankruptcy property at any time.
If the property available for distribution is insufficient to pay off all bankruptcy expenses and common debts, the bankruptcy expenses shall be paid off first.
If the property available for distribution is not sufficient to pay off all bankruptcy expenses or common debts in the same order, it shall be paid off in proportion.
Declaration of creditor rights
[Creditor rights] Creditors who enjoy creditor’s rights against the debtor when the People’s Court accepts bankruptcy applications shall exercise their rights in accordance with the procedures stipulated in these regulations.
[Declaration period for creditor’s rights] After accepting an application for bankruptcy, the people’s court shall determine the time limit for creditors to declare their creditor’s rights.
The time limit for creditors to declare their claims shall be calculated from the date of issuance of the bankruptcy application announcement. The shortest period shall not be less than 30 days and the longest period shall not exceed 60 days.
[Maturity of creditor’s rights and stop interest calculation] Unexpired creditor’s rights are deemed to be due when the bankruptcy application is accepted. Interest-bearing creditor’s rights shall cease to accrue interest from the time the bankruptcy application is accepted.
[Declaration of outstanding claims] Creditors can declare conditional and time-bound claims and litigation and arbitration pending claims.
[Declaration of creditor’s rights] Creditors shall declare their creditor’s rights to the administrator within the reporting period determined by the people’s court. If a creditor fails to declare a creditor’s right due to a cause that is not attributable to himself, it shall declare the creditor’s right within ten days of the elimination of the cause.
Wages and medical care, disability subsidies, and pension expenses owed by individual industrial and commercial household debtors, including basic pension insurance and basic medical care, which should be included in the personal account of the employee Insurance and other social insurance costs, as well as the compensation payable to employees according to law, do not need to be declared, and the manager will make a list after the investigation and make it public. If the hired person has objections to the list, the administrator may be required to make corrections; if the manager does not make corrections, the hired person may file a lawsuit in the people’s court.
[Declaration requirements] When creditors declare their claims, they should explain in writing the amount of the claims and whether they have property guarantees, and submit relevant evidence. If the declared creditor’s right is a joint and several creditor’s right, it shall be explained.
[Declaration of joint and several creditors] The joint and several creditors may declare the rights of the joint and several creditors on behalf of all the joint and several creditors, or they may jointly declare the claims.
[Declaration of Claim Right] If the debtor’s guarantor or other joint debtor has replaced the debtor to pay off the debt, he shall declare the creditor’s right with his claim to the debtor.
If the debtor’s guarantor or other joint debtor has not replaced the debtor to pay off the debt, he shall declare the creditor’s rights with the debtor’s future claim. However, except that the creditor has declared all claims to the administrator.
[Joint Claims Declaration] If several of the joint debtors are ruled to apply the procedures stipulated in these regulations, their creditors have the right to declare their claims in each bankruptcy case for all claims .
[Declaration of Termination of Contract] If the administrator or debtor terminates the contract in accordance with the provisions of these regulations, the other party may declare the creditor’s right with the right to claim damages arising from the termination of the contract.
[Trustee Declaration] As the principal of the entrustment contract, the debtor is ruled to apply the procedures stipulated in these regulations. If the trustee does not know the fact and continues to handle the entrusted affairs, the entrusted A person can declare claims with the resulting claims.
[Payer’s declaration] As the bill drawer, the debtor is ruled to apply the procedures stipulated in these regulations. If the payer of the bill continues to pay or accept, the payer may Claim the claims with the resulting claims.
[Consequences of non-declaration] Within the time limit for the declaration of the creditor’s rights determined by the people’s court, the creditor’s failure to declare the creditor’s right shall not comply with this The procedures prescribed by the regulations exercise rights.
If the creditors do not declare their claims within the period specified in the preceding paragraph, they may make supplementary declarations before the final allocation of the bankruptcy property or the completion of the reorganization plan; The completed part will no longer be supplemented.
If the creditor does not declare the creditor’s rights before the final distribution of the bankruptcy property or the completion of the personal reorganization plan, the debtor no longer bears the responsibility for liquidation, but the debtor is aware of it and is not recorded in the debt Excluding the inventory and the debts that cannot be forgiven under Article 136 of these regulations.
In order to review and confirm the cost of supplementary claims, the creditors of the supplementary declaration shall be responsible.
[Preparation of Debt Claim Form] After receiving the claims declaration materials, the administrator should register and make a register, review the declared claims, and prepare a claim form.
[Stakeholders’ right to inspect] debtRelevant materials such as the property status report of the servant, the declaration materials of the creditor’s rights, the resolutions of the creditor’s meeting, the resolutions of the creditor’s committee, and the supervisory report of the administrator shall be kept by the administrator for inspection by creditors and interested parties. If the administrator does not provide it without justifiable reasons, the inspector may request the people’s court to make a decision; the people’s court shall make a decision within five days.
If the material in the preceding paragraph involves commercial secrets, the inspector shall undertake confidentiality obligations or sign a confidentiality agreement according to law. Those involving personal privacy or state secrets shall be dealt with in accordance with relevant laws and regulations.
[Debt verification] The creditor’s rights table prepared in accordance with Article 73 of these Regulations shall be submitted to all creditors for verification.
If neither the debtor nor the creditor has any objection to the claims recorded in the debt statement, the people’s court shall make a ruling and confirm.
If the debtor or creditor has objections to the claims recorded in the credit statement, he should submit an objection statement to the administrator within 15 days from the date of receipt of the credit statement and explain the reasons and Related basis. If the objector is still dissatisfied after review by the administrator, he shall file a lawsuit with the people’s court that accepts the application for bankruptcy within 15 days after receiving the review opinion of the administrator.
Creditor meeting
[Creditor meeting members] Creditors who declare their claims according to law are members of the creditor meeting and have the right to participate in the creditor meeting and exercise their voting rights.
[Exercise of voting rights] Creditors whose creditor’s rights have not been determined shall not exercise their voting rights unless the people’s court can temporarily determine the creditor’s right for the exercise of their voting rights.
A creditor who enjoys a security right in a debtor’s specific property without giving up the right to priority compensation does not have the right to vote on the bankruptcy property distribution plan.
Creditors may appoint agents to attend creditors’ meetings and exercise their voting rights. The creditor’s agent shall present the creditor’s power of attorney when attending the creditor’s meeting.
[Chairman of the creditors’ meeting] The creditors’ meeting may have a chairman and the people’s court shall designate among the creditors with voting rights.
The chairman of the creditors’ meeting presides over the creditors’ meeting.
[Creditors’ meeting powers] The creditors’ meeting exercise the following powers:
(1) Check the creditor’s rights;
(2) Supervise the administrator;
(3) Apply to the People’s Court to replace the administrator;
(4) Review the administrator’s fees and remuneration;
(5) Election and replacement of creditor committee members;
(six) through the reorganization plan;
(seven) through the debtor’s property management plan;
(Nine) through the available property distribution price change program;
(eleven) through the distribution of unexpected income;
(12) Make resolutions on other matters that the people’s court deems to be decided by the creditors’ meeting.
The creditors’ meeting shall form the minutes of the resolution on the matters discussed.
[Creditors’ Committee] The creditors’ meeting may decide to establish a creditors’ committee. The creditors’ committee shall be composed of representatives of creditors elected by the creditors’ meeting. The creditors’ committee shall be singular and shall not exceed nine members.
The members of the creditor committee shall be approved by the people’s court in written decision.
[Responsibilities of the Debt Committee] The creditor committee exercises the following powers:
(1) Supervise the debtor’s property Management and punishment;
(2) Supervision is availableDistribution of property distribution;
(3) Proposal to convene creditors’ meeting;
(4) Commissioned by creditor meeting Other authority.
When performing its duties, the creditor committee has the right to request the administrator and the debtor to explain or provide relevant materials on matters within their powers.
If the administrator and the debtor refuse to accept supervision in violation of the provisions of these regulations, the creditors’ committee shall have the right to request the people’s court to make a decision on the supervision matters; the people’s court shall make a decision within five days.
[Reporting on the debt committee] The administrator shall report to the creditors committee in a timely manner:
(1 ) Involves the transfer of property rights such as land, houses, intellectual property rights;
(2) borrowing;
( 3. Set up property guarantee;
(4) Transfer of creditor’s rights and securities;
(5 ) Perform the contract that neither the debtor nor the other party has completed;
(VI) Waiver of rights;
( 7) Retrieval of collateral;
(8) Other property disposal actions that have a significant impact on the interests of creditors.
If a creditor committee is not established, the administrator shall promptly report to the people’s court the conduct of the acts prescribed in the preceding paragraph.
[Creditors’ Meeting] The first creditors’ meeting is convened by the people’s court and convened within fifteen days from the expiration of the creditor’s declaration period.
Subsequent creditors’ meetings will be convened when the people’s court deems it necessary, or when the administrator, the creditors’ committee, or the creditors who account for more than a quarter of the total creditor’s rights.
[Notify Creditors] To convene a creditor meeting, the administrator shall notify the known creditors 15 days in advance.
[Voting Rules] The resolution of the creditors’ meeting shall be agreed by more than half of the voting creditors present at the meeting, and the amount of claims represented by them shall account for the total amount of unsecured claims More than half passed.
If a creditor believes that the resolution of the creditors’ meeting violates the law and damages its interests, it may request the people’s court to decide to revoke the resolution within 15 days from the day when the creditors’ meeting makes a resolution , Order the creditors’ meeting to make a new resolution in accordance with the law.
The resolutions of the creditors’ meeting are binding on all creditors.
[Disposal of unsuccessful plan] If the debtor’s property management plan, variable property distribution plan and distribution plan are not approved by the creditors’ meeting, the people’s court shall decide , And announced at the creditors’ meeting or otherwise notified to the creditors.
[Reconsideration of Ruling] If the creditor is dissatisfied with the ruling made by the People’s Court in accordance with Article 86 of these Regulations, he may, from the date when the ruling is announced or receive the ruling Apply to the people’s court for reconsideration within 15 days from the date. The execution of the ruling will not be stopped during the review.
Reorganization
[Apply for reorganization] The debtor can apply directly to the people’s court for reorganization in accordance with the provisions of these regulations.
After the people’s court accepts the debtor’s application for bankruptcy liquidation and before declaring bankruptcy, the debtor may also apply to the people’s court for reorganization.
[Draft Reorganization Plan] The debtor applying for reorganization should propose a draft reorganization plan.
Before the people’s court accepts the application for reorganization, if the creditors and the debtors agree on the draft reorganization plan, the content of the draft reorganization plan does not need to be modified or the people’s court considers that the content is modified If the interests of creditors are not impaired, the debtor may submit the draft reorganization plan to the creditors’ meeting for voting.
If the debtor and its dependents live in a house mortgage loan that has not been paid, the debtor may contact the mortgage creditor for the principal, interest,The settlement period and method and other contents have reached a family residential mortgage loan plan, which is submitted as part of the draft reorganization plan.
[Reorganization Hearing] The People’s Court may organize debtors, known creditors, etc. to conduct hearing investigations, mainly on the following matters:
(1) Investigate the basic situation of the debtor;
(2) Investigate the debtor’s assets and liabilities;
(3) Review the legality and feasibility of the draft reorganization plan.
[Adjudication and Reorganization] After review, the People’s Court considers that the application for reorganization conforms to the provisions of these regulations, and if the draft reorganization plan is legal and feasible, the debtor shall be determined to be reorganized announcement.
[Reorganization period] The period from the date when the people’s court determines the debtor to be reorganized to the end of the reorganization procedure.
[Self-management] During the reorganization period, the debtor can manage property and business affairs by himself under the supervision of the manager.
If it is really necessary for the manager to take over the debtor’s property and business affairs, the people’s court shall decide on the application of the creditor or manager.
[Suspend of Security Right] During the period of reorganization, if the debtor’s specific property enjoys a security right and the property is necessary for reorganization, the security right is suspended . However, if there is a possibility that the collateral is damaged or its value is obviously reduced, which is sufficient to jeopardize the rights of the security right, the security right may request the people’s court to resume the exercise of the security right.
During the reorganization period, if the debtor borrows to increase its future income, it may set up a guarantee for the borrowing.
[Retrieval of Others’ Property] The debtor legally possesses the property of others. If the owner of the property requests for recovery during the reorganization period, it shall meet the conditions agreed in advance.
[Ending the reorganization procedure] During one of the following situations during the reorganization, upon request of the administrator or interested person, the people’s court shall rule to terminate the reorganization procedure And declare the debtor bankrupt:
(1) The debtor’s propertyThe situation continues to deteriorate, lacking the possibility of reorganization;
(2) The debtor has fraudulently, maliciously reduced the debtor’s property, or has other behaviors that are not conducive to creditors;
(3) Due to the debtor’s actions, the manager cannot perform his duties.
[Contents of the reorganization plan] The draft reorganization plan should include the following:
classification of claims;
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(2) Debt that cannot be forgiven;
(3) Debt adjustment plan;
(four) claims compensation plan;
(five) distribution of unexpected income;
(6) The execution period of the reorganization plan;
(7) Other measures conducive to the reorganization of the debtor.
[Requirements for reorganization plan] The draft reorganization plan should meet the following requirements:
(1) Liquidation The term shall not exceed three years, and the interval between each settlement shall not exceed three months;
(2) A creditor’s right that has a security right in a particular property will receive full If the amount is paid off, the losses due to the delayed payment will be fairly compensated, and the security right has not been substantially damaged;
(3) Equitable claims are given a fair settlement;
(4) The order of liquidation complies with the statutory liquidation order of bankruptcy liquidation procedures;
(5) The proportion of liquidation Lower than the liquidation ratio in the state of bankruptcy liquidation.
Creditors who voluntarily waive their rights may not be restricted by the provisions of the preceding paragraph.
[Group voting] of the following types of claimsCreditors participate in a creditor meeting to discuss the draft reorganization plan, and vote in groups on the draft reorganization plan:
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(2) Alimony, alimony, alimony and damages exclusive to personal compensation due to the debtor;
(3) Individual industrial and commercial household debtors owe wages and medical care, disability subsidies, and pension costs to employees, including social insurance costs such as basic pension insurance and basic medical insurance that should be transferred to the employee’s personal account And the compensation that should be paid to the hired personnel according to law;
(4) Ordinary claims.
When necessary, the people’s court may decide to set up a small creditor group in the ordinary creditor group to vote on the draft reorganization plan.
[Reorganization Plan Voting] The people’s court shall convene a creditors’ meeting within 30 days from the expiration of the creditor’s declaration period or within 30 days from the date of transfer to the reorganization proceedings. Voting on the draft reorganization plan.
More than half of the creditors of the same voting group present at the meeting agreed to reorganize the draft plan, and the amount of their claims represented more than two-thirds of the group’s total claims , That is, the group adopted the draft reorganization plan.
[Reorganization Plan Approved] When all voting groups pass the draft reorganization plan, the reorganization plan is passed. Within ten days from the date of adoption of the reorganization plan, the debtor or administrator shall submit an application to the people’s court to approve the reorganization plan.
If the people’s court considers that it complies with the provisions of these regulations, it shall decide to approve the reorganization plan and terminate the reorganization procedure within 30 days from the date of receiving the application, and make an announcement .
[Compulsory approval] Part of the voting group fails to pass the draft reorganization plan, but the draft reorganization plan meets the provisions of Article 98 of these regulations, the debtor may apply to the people’s court Approve the draft reorganization plan.
If the people’s court considers that the draft reorganization plan meets the requirements of the preceding paragraph, it shall, within 30 days from the date of receipt of the application, rule and approve, terminate the reorganization process, and enter An announcement will be made during the implementation phase of the reorganization plan.
[Consequences of Not Passed and Not Approved] The draft reorganization plan has not been approved and has not been approved in accordance with the provisions of Articles 101 and 102 of these regulations If the reorganization plan is not approved, the people’s court shall rule to terminate the reorganization procedure; if the debtor meets the circumstances specified in Article 2 of these Regulations, it shall declare the debtor bankruptcy together.
[Execution] The debtor is responsible for the execution of the reorganization plan.
From the date of the people’s court ruling to approve the reorganization plan, within the period specified in the reorganization plan, the administrator Manage, assist and supervise the implementation of the reorganization plan. The debtor should report the implementation and financial status of the reorganization plan to the manager.
【Execution period supervision】When the execution period expires The administrator shall submit an execution report to the people’s court and the bankruptcy management department. From the date of submission of the report, the administrator’s duties shall be terminated.
The execution report submitted by the bankruptcy management department shall have the right to be reviewed by interested parties.
[Effect of the Reorganization Plan] The reorganization plan approved by the people’s court ruling The debtor and all creditors are binding.
The creditor’s rights to the debtor’s guarantor and other joint debtors are not affected by the reorganization plan.
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[Removal of Restrictions] If the People’s Court decides to approve the reorganization plan, it shall also make a decision to remove the restrictions on the debtor’s relevant behavior and serve the decision on the debtor, and notify the bankruptcy management department and relevant units And make an announcement. The relevant unit should cooperate to lift the restrictions on the debtor.
[Extended period of special difficulties] After the People’s Court ruled that the reorganization plan was approved, the reason for the reorganization plan If the debtor is not attributable to the reason that the execution cannot be carried out on time, the people’s court may approve the extension of the execution period upon the debtor’s application, but the maximum period shall not exceed two years. The creditor’s losses due to the delayed settlement shall be fairly compensated.
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[Extremely difficult to forgive the remaining debt] After the People’s Court ruled that the reorganization plan was approved, the reorganization plan could not be executed due to force majeure, accidents, etc. If the debt reaches more than three-quarters, upon the debtor’s application, the people’s court may decide to forgive the remaining debt and terminate the execution of the reorganization plan.
[Reorganization plan cannot be executed] If the debtor does not execute or cannot execute the reorganization plan, or the debtor commits fraudulent activities in the reorganization process, the manager or interested person may apply The people’s court conducts bankruptcy liquidation of the debtor.
The people’s court shall rule to terminate the implementation of the reorganization plan and declare the debtor bankrupt. If the creditor has no objection, the reorganization manager may continue to serve as the bankruptcy liquidation manager.
[Effect of termination of execution] If the people’s court rules to terminate the execution of the reorganization plan in accordance with the provisions of Article 110 of these Regulations, the creditor’s rights in the reorganization plan shall be adjusted. The promise is invalid. The settlement of the creditor due to the implementation of the reorganization plan is still valid, and the part of the creditor’s right that has not been paid off is regarded as a bankruptcy claim.
The creditors specified in the preceding paragraph can only continue to receive distributions when other creditors in the same order have reached the same proportion of their liquidation.
[Effect of guarantee during reorganization] If the people’s court ruled according to Article 110 of these regulations to terminate the execution of the reorganization plan, the guarantee established during the reorganization period Continue to work.
[Completion of the reorganization plan] Debt relief in accordance with the reorganization plan, since the completion of the reorganization plan, the debtor will no longer be liable for liquidation.
Settlement
[Entrust Settlement] After the People’s Court accepts the application for bankruptcy and before declaring bankruptcy, the debtor applies, or the People’s Court believes that the case may be settled If the creditors and debtors agree, they may entrust the People’s Mediation Committee, the specially invited mediators, the specially invited mediation organizations, and the bankruptcy management department to organize the debtor and all creditors to settle.
[Self Settlement] After the people’s court accepts the application for bankruptcy, if the debtor and all creditors reach a settlement agreement on the treatment of creditor’s rights and debts, they may request the people’s court to decide and end the bankruptcy proceedings .
[Application Settlement Materials] If a creditor and debtor reach a settlement agreement, they should submit a settlement application, a list of known creditors, a list of settlement creditors, a description of the debtor’s assets to the people’s court, Draft settlement agreement and settlement statement issued by the settlement organization.
[Draft Settlement Agreement] The draft settlement agreement should include the following:
(1) The debtor’s property, occupation and income status;
(2) Creditors’ register and amount of creditor’s rights;
(3) Repayment scheme for various types of claims;
(D) The execution period of the settlement agreement;
(V) The supervision period of the settlement agreement implementation;
(VI) Other matters that the People’s Court thinks should be stated.
[Scope of Settlement Claims] The following claims are settlement claims:< br>
(1) When the people’s court accepts an application for bankruptcy, it enjoys an unsecured secured creditor’s right to the debtor;
(2) This Regulation does not exempt liability, but creditors voluntarily waive creditor rights that are not exempt from treatment due to settlement;
(3) Creditors voluntarily waive their security rights and statutory priority rights of repayment due to reconciliation Claims;
(4) Other creditors voluntarily waive their priority claims due to settlement.
【Draft settlement agreement The voting conditions] The administrator should review the creditor’s rights with the creditors listed in the creditor’s table. If no creditor’s rights have been declared before, the deadline for the declaration of creditor’s rights shall not be less than 30 days, and an announcement shall be made.
The expiration of the creditor’s declaration period shall be prepared by the administrator together with the creditor’s meeting for verification.
[Prohibition] Debtors and creditors are held at the creditor meeting Before reaching a debt settlement agreement that does not harm the interests of other creditors, if the debt settlement arrangement stipulated in the draft settlement agreement is not less than that stipulated in the agreement, the creditor is deemed to attend the creditors’ meeting and agree to the draft settlement agreement.
[Vote Rules] The resolution of the settlement agreement passed by the creditors’ meeting shall consist of more than half of the voting creditors present at the meetingAgree, and the amount of creditor’s rights represented by them shall account for more than two-thirds of the total creditor’s rights, which shall be deemed as passed.
If the settlement agreement involves the adjustment of secured creditor’s rights, a secured creditorship group shall be established and the adjusted secured creditor shall vote. More than half of the adjusted secured creditors agree, and the amount of the settlement claims they represent accounts for more than two-thirds of the total settlement claims, which is deemed to be a part of the settlement of the secured claims adjustment of the settlement agreement.
[End of Settlement Procedure] If a settlement agreement is passed by the creditors’ meeting, the People’s Court shall terminate the bankruptcy procedure after the approval of the ruling and make an announcement.
If the settlement agreement is not approved by the creditors’ meeting, or the draft settlement agreement passed by the creditors’ meeting has not been approved by the people’s court, the people’s court considers that the debtor complies with Article 2 of the Regulations Where the circumstances are prescribed, the debtor shall be ruled declared bankrupt.
[Removal of Behavioral Limitations] If the People’s Court decides to approve the settlement agreement, it shall also make a decision to lift the restrictions on the debtor’s relevant behaviors and serve them on the debtor, notify the bankruptcy management department and relevant parties. Units and make announcements.
Relevant units should lift restrictions on debtors.
Bankruptcy liquidation
[Declaration of bankruptcy] If the people’s court rules to declare the debtor bankrupt in accordance with these regulations, it shall be sent within five days from the date of the decision Reach the debtor and manager, and make an announcement.
After the debtor is declared bankrupt, the debtor becomes a bankrupt, and the debtor’s property is called bankruptcy property.
[End bankruptcy proceedings before declaring bankruptcy] Before bankruptcy is declared, if one of the following circumstances occurs, the people’s court shall rule to terminate the bankruptcy proceedings and make a decision to lift the restrictions on the debtor’s related actions And make an announcement:
(1) The third party pays off all debts due to the debtor;
( 2) The debtor has paid off all due debts.
[Security rights holders exercise rights at any time] Rights holders who have security rights over the debtor’s specific property may do so at any timePropose to the administrator to exercise the priority right of compensation for the disposal of the specific property at a price.
If the creditor fails to be fully compensated by exercising the priority compensation right, its unpaid creditor’s right shall be regarded as ordinary creditor’s right; .
[Property Change Plan] The administrator shall draw up a bankruptcy property change plan in time and submit it to the creditors’ meeting for discussion.
The administrator shall, in accordance with the bankruptcy property price change plan approved by the creditors’ meeting or approved by the people’s court, sell the bankrupt property at a timely price.
[Disposal of property by auction] Disposal of bankrupt property can be conducted through online auction. However, unless there is another resolution in the creditors’ meeting or the law or administrative regulations stipulate that it must be disposed of in other ways.
As approved by the creditors’ meeting, the auction reserve price may be determined by reference to the market price, or by targeted inquiry and online inquiry.
If the bankruptcy property is not suitable for disposal and distribution due to the realization cost higher than the value of the property, etc., after the vote of the creditors’ meeting, the disposal can be abandoned and the debtor can be returned.
[Repayment order] After the bankruptcy property has paid off the bankruptcy expenses and common debts first, other debts are paid in the following order:
(2) Salaries and wages owed by the individual bankrupt Medical, disability subsidy, and pension costs, including basic pension insurance, basic medical insurance, and other social insurance costs that should be transferred to the employee’s personal account, as well as compensation and personal damage compensation that should be paid to the employee according to law;
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(3) Ordinary bankruptcy claims.
If the bankruptcy property is not enough to pay off the claims in the same order, they shall be distributed in proportion.
[Property Distribution Plan] The administrator shall formulate a bankruptcy property distribution plan in time and submit it to the creditors meeting for discussion.
The bankruptcy property distribution plan should specify the followingItem:
(1) Name or name and residence of creditors participating in property distribution;
(2) Participating Claims for property distribution;
(3) The amount of property available for distribution;
(4) Property Order, proportion and amount of distribution;
(5) Method of implementing property distribution.
After the creditors’ meeting passed the bankruptcy property distribution plan, the administrator will submit the plan to the people’s court for ruling and approval.
If the people’s court approves the distribution plan, it shall also decide to terminate the bankruptcy proceedings and make an announcement.
[Execution distribution plan] The administrator is responsible for the execution of the bankruptcy property plan.
If the administrator implements multiple distributions in accordance with the bankruptcy property distribution plan, it shall announce the amount of property and creditor’s rights allocated this time. Where the administrator implements the final distribution, it shall be indicated in the announcement and shall state the matters specified in Article 132 of these regulations.
[Withdrawal of distribution amount] For claims with effective conditions or cancellation conditions, the administrator shall withdraw the distribution amount.
The distribution amount deposited by the administrator in accordance with the provisions of the preceding paragraph shall be distributed to other creditors on the date of the final distribution announcement if the effective conditions are not fulfilled or the conditions are lifted; On the date of the distribution announcement, if the effective condition is fulfilled or the cancellation condition is not fulfilled, it shall be delivered to the creditors.
[Part one of the deposit and distribution] The creditor’s uncollected amount of bankruptcy property shall be deposited by the administrator. If the creditor fails to receive the payment within two months from the date of the last distribution announcement, it shall be deemed to have given up the right to receive the distribution, and the administrator shall distribute the amount of the distribution withdrawn to other creditors.
[Second Deposit and Distribution] In the distribution of bankruptcy property, the administrator shall deposit the amount of the distribution of claims that are pending in litigation or arbitration. If the distribution cannot be received after two years have passed since the end of the bankruptcy proceedings, the administrator shall distribute the deposited distribution to other creditors.
[Disclaimer Study Period] The exemption study period is three years from the date when the people’s court declares the debtor bankrupt.
During the bankruptcy proceedings and the period of exemption inspection, the bankrupt shall abide by the decision made by the people’s court to restrict the debtor’s related actions in accordance with these regulations. If the decision is violated, the people’s court may decide to extend the period of exemption inspection, but the extension period shall not exceed two years.
[Indebtedness] The following debts are not forgivable, except for those voluntarily waived by creditors:
(1 ) Indemnity or gross negligence for damages arising from infringement of others’ physical or life rights;
(2) Property damages arising from malicious torts;
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