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Bankruptcy Regulations of Shenzhen Special Economi
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1987.07.01
GUANGDONG PROVINCE
  BANKRUPTCY  REGULATIONS  OF SHENZHEN SPECIAL ECONOMIC ZONE ON
COMPANIES WITH FOREIGN INVESTMENT
(Issued by Guangdong Provincial Government on November 29, 1986)
CONTENTS
CHAPTER I GENERAL PROVISIONS
CHAPTER II APPLICATION AND INSTITUTION
CHAPTER III LIQUIDATION COMMITTEE
CHAPTER IV CREDITOR'S MEETING
CHAPTER V CONCILIATION
CHAPTER VI BANKRUPTCY
SECTION 1 BANKRUPTCY PROCLAMATION
SECTION 2 BANKRUPTCY ASSETS
SECTION 3 BANKRUPTCY CREDITOR RIGHTS
SECTION 4 MANAGEMENT AND REALIZATION OF BANKRUPTCY ASSETS
  SECTION 5 DISPOSITION OF BANKRUPTCY ASSETS AND TERMINATION OF
BANKRUPTCY
CHAPTER VII PENALTY
CHAPTER VIII SUPPLEMENTARY GUIDELINES
CHAPTER I GENERAL PROVISIONS
 @@  Article  1. The present Regulations are formulated according to
relevant laws  of  the People's Republic of China and with a view
to maintain the economic order of the Shenzhen Special Economic Zone
(hereinafter referred to  as  the  Special Zone) and to protect the
lawful rights and interests of both creditors and debtors of any
company which is being declared bankrupt.
 @@  Article  2.  The  present  Regulations  are  applicable to
Sino-foreign  equity  and contractual joint ventures, and wholly
foreign-owned  enterprises  and  Sino-foreign  joint-stock  limited
companies established in the Special Zone (hereinafter referred to as
the company with foreign involvement).
 @@  Article  3.  For  the purpose of the Present Regulations,
the term "bankruptcy"  hereunder refers to the bankruptcy declared
by the People's Court, according to the procedures as stipulated in the
Present Regulations, as  a  result of the total asset owned by a
company with foreign involvement falling short of repaying its debts
due.
 @@  Article  4.  The staff and workers of a company which has been
declared bankrupt  should, during the period when they wait for new
employment, be provided their basic living expenses in accordance
with  the laws and regulations of the State and the Special Zone
on the labor, wages and social insurance administration.
  @@  Article  5.  Bankruptcy  declared in accordance with the
bankruptcy laws of  foreign countries does not automatically become
effective on the asset of the company concerned in the Special Zone.
 @@  Article  6.  The  jurisdiction  of any bankruptcy case filed
against any company  with  foreign  involvement  is vested in the
Intermediate People's Court of the Shenzhen Municipality (hereinafter
referred to as the Court).
CHAPTER II APPLICATION AND INSTITUTION
  @@  Article   7.  Creditor(s)  is  entitled  to  apply  for
declaration of bankruptcy of its debtor(s).
  The  debtor  is  entitled  to  apply  for  conciliation  or
declaration of bankruptcy.
  Creditor(s)  or  debtor(s)  shall  submit the application of
conciliation or declaration of bankruptcy to the Court.
 @@  Article  8.  Application submitted by the debtor(s) shall be
accompanied with  the  resolution  adopted by the shareholders at a
shareholder general meeting  or  by board members at a board of
directors meeting concerning the conciliation  or  the bankruptcy
decision and a report on the assets and a statement showing the
outstanding debts and the creditor's rights.
 Application  submitted by the creditor(s) shall provide documentary
evidence showing  the  amount of the creditor rights, whether those
creditor rights are  secured by mortgage on asset or they are not
secured by mortgage on asset and debtor's failure to repay his/her
debts.
 @@  Article  9.  The  Court  shall, within 10 days after it has
received the application, decide whether it will take up or not to take
up the case.
 @@  Article  10.  The  creditor(s)  and  debtor(s)  shall  go
through  the conciliation process according to the laws in case
they can reach an agreement concerning how to repay (or settle) the
company's debt. However, the  company shall be declared bankrupt if
either they have failed to reach such an agreement or the agreement
agreed upon is invalid.
 @@  Article  11. The following actions committed by the bankrupt
company are invalid if they are committed within the 180 days before
the date the case is taken up by the. Court:
 (1)  Concealing  or  hiding,  appropriate without permission, or
assigning gratuitously the company's assets;
 (2) Providing guarantee to creditor rights which are originally not
secured;
(3) Repaying debts which have not yet been due;
(4) Surrendering its creditors' rights; and
(5) Allowing other person to seize gratuitously its asset.
CHAPTER III LIQUIDATION COMMITTEE
 @@  Article  12.  The Court shall appoint a liquidation committee
consisting of  3-5  liquidators (one of whom must be a registered

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