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Regulations
of Shenzhen Special Economic Zone
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on
Corporate Bankruptcy
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(Adopted
at the Nineteenth Meeting of the Standing Committee of the
Second Shenzhen Municipal People'
s Congress on November 10,
1993.)
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Chapter
I General Provisions
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Article
1 In order to standardize the acts of corporate bankruptcy,
protect the lawful rights and
interests of debtees and debtors,
maintain the
order of the market economy of Shenzhen Special Economic Zone
(hereinafter referred to as "Special
Zone" ),
these regulations are hereby formulated.
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Article
2 These regulations shall be applicable to the enterprise legal
persons unless as otherwise
as stipulated by laws and
regulations:
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(1)
Enterprises legal persons which registered in the Special Zone;
and
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(2)
Enterprise legal persons, being registered outside the Special
Zone, however whose domicile
locate in the Special Zone.
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Article
3 An enterprise shall be reconciled or declared bankruptcy in
accordance with these regulations
in case it lacks the ability
to repay the debt due for repayment.
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The
suspension of an enterprise to repay the debt due for repayment
shall be regarded as lack of
ability to repay such debt.
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Article
4 After acceptance of a bankruptcy case, a people' s
court shall not declare bankruptcy of an enterprise in one of
the following circumstances:
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(1)
Public enterprises and enterprises essentially relevant to the
national economy and the people' s
livelihood, that being financed or whose debts being discharged
through other manners by the relevant
governmental authority;
and
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(2)
Gaining a guarantee, by which the debts will be repaid within 6
months from the date of application
of bankruptcy.
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Article
5 A bankruptcy case shall come under the jurisdiction of the
people' s
court at the place where the debtor' s
domicile locates.
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A
bankruptcy case of a foreign invested enterprise shall come
under the jurisdiction of the intermediate
people' s
court of Shenzhen Municipality. |
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Article
6 Where there no provisions are specified in these regulations
on litigation procedure of
a bankruptcy case, provisions of laws
of civil procedure shall be applicable.
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Article
7 In the case that the title administration authority of a
state-owned enterprise, which
has been applied by its creditors
to go bankruptcy, applies for rectification of the enterprise,
national law on bankruptcy of enterprise shall be applicable.
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Article
8 The social insurance of employees of a bankruptcy enterprise
shall be handled according
to relevant provisions of the Special
Zone.
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Chapter
II The Raise and Acceptance of an Application of Bankruptcy
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Article
9 In the case that a debtor lacks the ability to repay the debt
due for repayment, the debtee
may apply to declare the debtor
bankrupt for debt repayment, and the debtor also may apply to
declare
itself bankrupt for debt repayment.
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In
the case that a state-owned enterprise lacks the ability to
repay the debt due for repayment,
however neither the debtor nor
the debtee apply to declare the debtor bankrupt, the department
in charge of the state-owned enterprise may apply to declare the
enterprise bankrupt.
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Article
10 During the liquidation of an enterprise other than bankruptcy
liquidation, the liquidation
group shall apply to a people' s
court to declare the enterprise bankrupt in case it find the
assets of the enterprise are insufficient
for repayment of
debts.
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Article
11 A bankrupt application shall be submitted to a people' s
court in the case of applying for bankruptcy.
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In
the case of applying for declaration of bankruptcy of a debtor
by a debtee, the debtee shall
provide proof relevant to the
amount and character of the creditors and the proof that the
debtor
being incapable to repay the due debt.
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In
the case of applying for declaration of bankruptcy of a debtor
by the debtor itself, the state-owned
title administrative
authority or the liquidation group other than bankrupt
liquidation shall submit
the description on property situation
and a list of credit and debts.
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Article
12 A people' s
court shall make a determination to accept or dismiss of a case
within 10 days upon receiving
an application.
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In
case a bankrupt applicant rejects to the determination of the
preceding paragraph, he may proceed
with an appeal.
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Article
13 A people' s
court shall inform the debtor and publish an announcement within
10 days upon accepting a case
of bankruptcy. In the case that
the creditors apply the bankruptcy, the debtor shall submit the
description on property situation and a list of credit and debts
to the people' s
court within 15 days upon receiving a notice from the court;
while the court shall inform the
known creditors within 10 days
upon receiving the aforesaid materials. The announcement and the
notice shall record the following matters:
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(1)
the time when placing a case on file;
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(2)
the debtor of the case of bankruptcy;
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(3)
the time limit and place for declaration of creditors and
the legal consequence for overdue declaration of creditor;
and
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(4)
the date and place for convoking of the first creditors
meeting.
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Article
14 Where a debtor act as a guarantor for other unit, he shall
inform the relevant party
within 5 days upon receiving the
circular from the people' s
court.
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Article
15 Creditors shall declare within 30 days upon receiving the
notice, and those who have
not received the notice shall declare
within 90 days from the date of announcement, their creditor' s
rights to the people' s
court, describing the amount of the creditor' s
rights and whether there are property guarantee and submitting
relevant evidence .
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It
shall be regarded as automatically abandon the creditor' s
rights in the case of overdue declaration of the rights. But is
shall be otherwise if such delay
of declaration is not
attributed to the creditor' s
liability and the declaration comes before the distribution of
the assets of bankruptcy enterprise.
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The
creditors with a guarantee and those without a guarantee shall
be separately booked in by the
people' s
court.
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Article
16 Where a people' s
court accepts a bankruptcy case, any civil procedure for
execution of the debtor' s
assets shall be suspended.
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Article
17 After a people' s
court has accepted a bankruptcy case, any repayment of debt to
part of the creditors by the debtor
shall be invalid, except
otherwise those essential for normal business of the debtor.
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Article
18 During the period that six months ahead of a people' s
court accepting a bankruptcy case to the end of the bankrupt
procedure, any following acts conducted
by a debtor shall be
invalid:
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(1)
concealing, partitioning without authorization or
transferring assets without any consideration;
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(2)
selling assets at a deviant lower price than normal;
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(3)
providing a property guarantee for initially unguaranteed
debts;
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(4)
making payment of undue debts beforehand; and
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(5)
abandoning his own creditor' s
rights.
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Chapter
III Creditors Meeting
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Article
19 A creditors'
meeting shall be constituted by all of the creditors.
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Members
of a creditors'
meeting, other than those who have property guaranty and have
not given up priority of claim, shall
enjoy the voting power.
While a guarantor of a debtor, after payment of subrogation for
a debtor,
may be regarded as a creditor and shall enjoy the
voting power.
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The
chairman of a creditors meeting shall be appointed by a people' s
court from those creditors with voting power.
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Article
20 The legal representative and relevant personnel of a creditor
shall attend the creditors'
meeting and answer any inquires.
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Article
21 The first creditors'
meeting shall be held by the people' s
court within 15 days upon the expiration date of declaration of
creditor. The creditors'
meeting of afterwards shall be held when the people' s
court or chairman of the creditors'
meeting thinking it is necessary, or upon requested by the
liquidation group or more than one fourth
of the non-guaranteed
creditors.
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Article
22 The power of a creditors meeting shall be as follows:
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(1)
examining certification materials of relevant creditors
and affirming the amount of the creditor' s
rights and whether any property guaranty involving in;
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(2)
discussing and passing a draft reconciliation agreement;
and
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(3)
discussing and passing scheme for disposing and
distributing of bankrupt assets.
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A
creditors meeting may elect a representative to acquaint with
liquidation circumstances of a liquidation
group and supervise
the proceeding of bankrupt procedure.
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Article
23 The decisions as referred to in the Items (1) and (3) of the
preceding article shall
be adopted by more than half of the
voting rights held by the creditors, who represent half of the
amount of the non-guaranteed creditors, presenting at the
creditors meeting. While the Item (2) of the preceding
article
shall be adopted by the creditors, who represent two third of
the amount of the non-guaranteed
creditors, presenting at the
creditors meeting.
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Article
24 The decision of a creditors meeting shall be bind to all of
the creditors.
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In case
any creditors reject to the decision of the creditors meeting,
they may apply for ruling
to a people' s
court within 7 days upon the decision being made.
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The
aforesaid ruling shall be subject to no appeal.
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Chapter
IV Conciliation
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Article
25 In the case that the creditors apply for bankruptcy against a
debtor, the debtor may
apply for conciliation to the people' s
court within the period that after the court accepting the case
and before declaring of the bankruptcy.
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Article
26 In the case of applying for conciliation, the debtor shall
submit the following documents:
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(1)
an application for conciliation;
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(2)
a description of situation of its properties;
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(3)
a list of creditors and debts; and
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(4)
a draft agreement on conciliation.
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In
case there is a guaranty provided by a third party, the debtor
shall provide relevant evidence
on such guaranty.
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Article
27 A draft agreement on conciliation shall include the following
matters:
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(1)
the names of the enterprise applying for conciliation and
the creditors, the amount of creditor' s
rights;
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(2)
the time limit for delay of repayment of debt or the
amount of debt exempted;
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(3)
the situation of producing and operating and the reason
of losing; and
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(4)
the measures to reinforce capability for repaying debts.
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In
case there is a guaranty provided by a third party, the name,
domicile of the guarantor and content
of the guarantee shall be
noted in the draft agreement on conciliation.
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Article
28 A people' s
court shall make order on approval or disapproval of
conciliation within 7 days upon receiving
an application.
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The
aforesaid order shall be subject to no appeal.
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Article
29 A people' s
court shall not approve the application for conciliation in one
of the following cases:
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(1)
The application failing to comply with Article 26 of
these regulations and has not been rectified within time limit;
and
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(2)
The legal representative or relevant person in charge,
who summoned by a people' s
court, failing to appear in the court without warrant,
presenting with untrue statement or refusing
to provide relevant
documents.
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Article
30 In case a people' s
court approves an application of conciliation, the court shall
appoint members of a supervisory
group of conciliation among the
certified public accountants, lawyers or other professionals.
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A
supervisory group of conciliation shall be responsible for and
make work report to the people' s
court.
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Article
31 Upon approving an application of conciliation, the people' s
court shall make an announcement within 7 days on the following
matters:
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(1)
the reasons for approving of an application of
conciliation;
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(2)
the names and domicile of the members of the supervisory
group; and
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(3)
the time and place for holding a creditors meeting to
discuss a draft agreement on conciliation.
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Article
32 The powers of a supervisory group of conciliation shall
include:
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(1)
supervising the operations of the enterprise which
applies for conciliation; and
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(2)
examining the account books and documents of the
enterprise which applies for conciliation.
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Article
33 In case a people' s
court approves an application for conciliation of an enterprise,
the operations of the enterprise
shall be supervised by the
supervisory group of conciliation.
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The
legal representative and relevant person in charge shall accept
the examination carried out
by the supervisory group of
conciliation on relevant books, documents and assets and reply
the
inquiries relevant to operations raised by the group.
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Article
34 The legal representative and the person in charge shall
attend the creditors meeting
for discussing a draft agreement on
conciliation and reply inquiries.
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After
receiving a notice, in case the legal representative and
relevant persons in charge of the
enterprise that applies for
conciliation fail to attend the creditors meeting without
reasonable
ground or present at the meeting or refuse to reply
any inquiries, it shall be regarded as revoking the application
for conciliation and the people' s
court shall declare the enterprise to go bankruptcy.
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Article
35 The people' s
court shall make order on termination of conciliation procedure
in case the creditors meeting
votes down the draft agreement on
conciliation.
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The
aforesaid order shall be subject to no appeal.
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Article
36 The people' s
court shall make the order on approval or disapproval of
conciliation within 10 days after the
draft agreement on
conciliation adopted by the creditors meeting.
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The
aforesaid order shall be subject to no appeal.
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Article
37 The people' s
court shall not approve the conciliation in one of the following
circumstances:
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(1)
the decision of the creditors meeting violating laws and
regulations; and
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(2)
there being some fraud involving in the agreement on
conciliation.
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Article
38 The people' s
court shall publish an announcement within 5 days upon approving
the agreement on conciliation,
which shall be legally binding as
of the date of announcement.
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Article
39 An agreement on conciliation shall not affect the rights of
the creditor with a property
guaranty, except being agreed upon
by the creditor.
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Article
40 During the period of performing an agreement on conciliation,
in case the debtor commits
one of the following acts, the people' s
court shall make order on termination of conciliation
procedures:
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(1)
the debtor refusing to fulfill or without capacity to
fulfill the agreement on conciliation;
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(2)
the situation of assets of the debtor going worsen, and
the creditors meeting applying for termination of conciliation;
and
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(3)
the debtor committing the acts as listed in Article 18 of
these regulations, which results in seriously detriment
to the
interests of the creditors.
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The
aforesaid order shall be subject to no appeal.
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Article
41 In case the debtor repay the debts according to the agreement
on conciliation upon the
expiration of the period of
conciliation, the people' s
court shall make order on termination of bankrupt procedures and
publish an announcement thereof.
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In
case the debtor is incapable of repaying the debts according to
the agreement on conciliation
upon the expiration of the period
of conciliation, the people' s
court shall declare the debt to go bankruptcy and afresh
registration of creditors.
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Chapter
V Declaration of Bankruptcy and Bankrupt Liquidation
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Section
I The Declaration of Bankruptcy and its Effect
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Article
42 The people' s
court shall make order on declaration of bankruptcy of an
enterprise in one of the following circumstances:
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(1)
the debtor having not applied for conciliation after the
people' s
court accepting the case of application of bankruptcy raised by
the creditors;
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(2)
the application for conciliation being disapproved
according to Article 29 of these regulations;
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(3)
the draft agreement on conciliation being voted down by
the creditors meeting according to Article 35 of these
regulations;
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(4)
the agreement on conciliation being disapproved according
to Article 37 of these regulations;
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(5)
the conciliation procedures being terminated according to
Article 40 or these regulations; and
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(6)
the debtor being incapable of repaying debts according to
the agreement on conciliation upon expiration of the period
of
conciliation.
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Article
43 During the procedures of civil litigation or civil execution,
the people' s
court may declare the debtor to go bankruptcy according to its
authority in case it finds out
that the debtor being incapable
to repay the due debts and it cannot satisfy the conditions for
conciliation.
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Article
44 After being declared to go bankruptcy, a bankrupt enterprise
shall lose the right to
administrate and dispose of the assets
of bankruptcy.
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Article
45 The people' s
court shall establish a group of liquidation and take over the
bankrupt enterprise within 15 days
upon the date of declaration
of bankruptcy by the people' s
court.
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The
members of a liquidation group shall be appointed by the people' s
court among the relevant government authority and the
professionals such as certified public accountants
and lawyers.
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Article
46 The liquidation group shall be responsible for and make work
report to the people' s
court. The people' s
court may replace members of the liquidation group in case the
court thinks it being necessary.
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The
liquidation group shall attend the creditors meeting and accept
its supervision.
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Article
47 The liquidation group shall be in charge of the preservation,
liquidation, evaluation,
disposal and distribution of assets of
the bankruptcy enterprise.
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A
liquidation group may carry out essential civil acts according
to the law.
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Article
48 After being declared to go bankruptcy, the liquidation group
may make the decision on
cancellation or continuous performance
of the unperformed contracts of the bankruptcy enterprise.
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Article
49 After being declared to go bankruptcy, the debtors or holder
of properties of the bankrupt
enterprise shall repay the debts
or deliver the properties to the liquidation group.
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Article
50 After being declared to go bankruptcy, the legal
representative and relevant persons
in charge shall carry out
their work according to the request of the people' s
court and shall not leave
their posts without permission.
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Section
II Assets of Bankruptcy and Its Management
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Article
51 The assets of bankruptcy shall include:
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(1)
the assets being managed by a state-owned enterprise or
of another bankrupt enterprise at the time of declaration
of
bankruptcy;
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(2)
the assets being acquired by a bankrupt enterprise during
the period that after the declaration of bankruptcy but
before
the end of bankrupt procedure; and
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(3)
other property rights which shall be enjoyed by the
bankrupt enterprise.
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The
assets being used to provide a guarantee shall be excluded from
the assets of bankruptcy; but
if the value of those assets
exceed the amount of the guaranteed debt, the residual part
shall
belong to the assets of bankruptcy.
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Article
52 In case a bankrupt enterprise commits the acts as listed in
Article 18 of these regulations,
the liquidation group shall
apply to the people' s
court to recover those assets, which shall be reckoned in the
assets of bankruptcy.
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Article
53 The legal representative and relevant persons in charge shall
hand over those books,
documents and materials relevant to the
assets and the assets managed by them to the liquidation group
and reply inquiries relevant to those assets raised by the
liquidation group.
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Article
54 A liquidation group shall not sell off the assets of
bankruptcy before the investigation
of creditors being finished.
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The
liquidation group may sell off those assets with the
authorization of the people' s
court in case the delay of selling off those assets will lead to
gross loss to the assets of bankruptcy.
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Article
55 A liquidation group shall have the authorization of the
people' s
court to conduct the following acts:
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(1)
transferring of real properties;
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(2)
transferring of intangible properties;
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(3)
lending money;
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(4)
transferring of creditor' s
right and securities;
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(5)
allowing to perform recall right and setoff right;
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(6)
abandoning of rights; and
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(7)
any litigations of disputing on assets of bankruptcy.
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Article
56 The acts of disposing assets of bankruptcy carried out by a
liquidation group in violation
of these regulations shall not
affect any third parties without fault.
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Article
57 A liquidation group may take back the guaranty of the
bankrupt enterprise after repaying
the debt with a property
guarantee.
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Article
58 After the assets of bankruptcy being liquidated, a
liquidation group shall draw balance
sheets, catalogue of the
assets and list of creditors and debts.
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Section
III Creditor' s
Rights of Bankruptcy
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Article
59 The creditor' s
rights without a property guarantee before the declaration of
bankruptcy shall be regarded as
the creditor' s
rights of bankruptcy.
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The
undue creditor' s
rights at the time of declaration of bankruptcy shall be
regarded as a due one, but the undue
interest shall be
subtracted.
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Article
60 The creditor' s
rights with a property guarantee, which has been given up of
priority of compensation, shall be
regarded as the creditor' s
rights of bankruptcy.
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The
uncompensated part of the guaranteed creditor' s
rights, whose value exceeds that of the guaranty, shall be
regarded as the creditor' s
rights of bankruptcy.
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Article
61 Where a liquidation group decides to rescind an unperformed
contract through which incurs
detriment to another party of the
contract, the amount of compensation for damages shall be
regarded
as the creditor' s
rights of bankruptcy.
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Article
62 The amount of compensation with subrogation paid by the
guarantor for the debt of the
bankrupt enterprise shall be
regarded as creditor' s
right of bankruptcy.
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Article
63 The creditor' s
rights of bankruptcy shall not be exercised except otherwise
through bankrupt procedure.
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Article
64 The follows shall not be regarded as creditor' s
rights of bankruptcy:
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(1)
the interest of the creditor' s
rights after the declaration of bankruptcy;
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(2)
the costs paid by the creditors during the bankrupt
procedure;
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(3)
the creditor' s
rights which failing to be declared in time;
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(4)
the creditor' s
rights whose limitation of action expired; and
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(5)
the overdue fine, fine, pecuniary fine and confiscation
property which being unexecuted.
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Article
65 The creditor of the creditor' s
right with a property guarantee which established before the
declaration of bankruptcy shall be
compensated in priority with
the guaranty.
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Article
66 The assets which belong to others in a bankrupt enterprise
shall be taken back through
the liquidation group by their
owners.
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Article
67 At the time of declaration of bankruptcy, the debt that owned
by a creditor to the debtor
may be set off before the bankrupt
liquidation. But it shall not be set off in one of the following
circumstances:
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(1)
the debt incurred by the creditor after the declaration
of bankruptcy;
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(2)
the creditor' s
rights acquired by the debtor of the bankrupt enterprise after
the declaration of bankruptcy;
and
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(3)
the creditor' s
right acquired by the debtor, who having known about the
suspension of payment or application
of bankruptcy, of the
bankrupt enterprise.
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Section
IV Distribution of Assets of Bankruptcy and Termination of
Bankruptcy
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Article
68 The
following bankrupt expenditures shall be paid in priority by the
assets of bankruptcy:
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(1)
the costs of managing, selling off and distributing
assets of bankruptcy, including the cost for appointing workers
;
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(2)
the litigation fees of the bankrupt case;
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(3)
the rewards for members of the liquidation group; and
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(4)
other costs, which are for the common interests of the
creditors, incurred during the bankrupt procedure.
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The
liquidation group shall announce the situation of expenditure of
bankrupt costs to the creditors
meeting; such expenditures shall
be decided by the people' s
court in case there is any objection raised by any of the
creditors.
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Article
69 After repaying the bankrupt costs, the assets of bankruptcy
shall be used to clear off
debts according to the following
order:
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(1)
the wages and social insurance fees owned by the bankrupt
enterprise to its employees;
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(2)
the taxes owned by the bankrupt enterprise; and
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(3)
the creditor' s
right of bankruptcy.
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The
assets of bankruptcy shall be prorated in case they are
insufficient for compensation of an
identical order.
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Article
70 The scheme for distribution of assets of bankruptcy, which is
raised by the liquidation
group and adopted by the creditors
meeting, shall be carried out after being ruled by the people' s
court.
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In
case the creditors meeting fails to make resolution on the
scheme for distribution of assets
of bankruptcy for two
continuously times, the scheme shall not be implemented until it
has been
submitted to the people' s
court by the liquidation group and has been ruled by the people' s
court.
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Article
71 The liquidation group shall make a table of distribution
within 30 days after the scheme
for distribution of assets of
bankruptcy being approved by the people' s
court.
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Article
72 The table of distribution shall be announced after being
approved by the people' s
court.
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Any
objection to the table of distribution shall be raised to the
people' s
court within 15 days upon the date of announcing.
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Article
73 In case there is any dispute to the creditor' s
rights or the creditor' s
rights is unable to join in the distribution because of
litigation, an equivalent amount of assets
shall be drawn from
the assets of bankruptcy at the time of distribution by the
liquidation group.
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Article
74 After the assets of bankruptcy being distributed, the
liquidation group shall apply to
the people' s
court for making order on termination of bankrupt procedure and
publishing an announcement thereof.
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The
aforesaid order shall be subject to no appeal.
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Article
75 The distributive assets of the bankrupt enterprise, which are
found within two years
from the date the bankrupt procedures
being ruled to end , shall be added to supplementary
distribution
by the people' s
court.
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Article
76 After the declaration of bankruptcy, in case the assets of
bankruptcy are insufficient
for repaying the bankrupt costs, the
liquidation group may apply to the people' s
court for declaration of termination of bankrupt procedure and
an announcement thereof.
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Article
77 After the termination of bankrupt procedure, the
uncompensated creditor' s
rights shall not be compensated any more.
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Article
78 After the termination of bankrupt procedure, the liquidation
group shall apply for cancellation
of registration of the
bankrupt enterprise to the authority originally registered the
enterprise.
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Chapter
VI Petty Bankruptcy
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Article
79 Provisions in this chapter may be applied where a people's
court handles a petty bankruptcy
case in which the facts are
clear, creditor' s
rights and debts are clearly specified and the assets of
bankruptcy or amount of debts are less
than RMB 500,000.
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Article
80 The creditors who have received a notice shall declare the
creditor' s
rights within 15 days upon the date the people' s
court accepting the bankrupt case and publishing an
announcement, while those have not received
a notice shall
declare within 30 days.
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Article
81 Where a people' s
court handles a petty bankruptcy case, it may make the decision
on whether a creditors meeting
shall be held according to
concrete circumstances. The powers of a creditors meeting shall
be exercised
by the people' s
court in case it makes a decision that a creditors meeting shall
not be held.
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Article
82 Where a people' s
court accepts a petty bankrupt case, a liquidation group may not
be established. The powers of
a liquidation group, if no such
group established, shall be exercised by the people' s
court.
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Article
83 Where a people' s
court accepts a petty bankrupt case, the assets of bankruptcy
shall be distributed in a lump sum.
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Article
84 Relevant provisions of these regulations shall be applicable
to other matters which are
not prescribed in this chapter.
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Chapter
VII Punishment Provisions
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Article
85 After the state-owned enterprise being declared to go
bankruptcy, the relevant governmental
authorities and auditing
authority shall be in charge of finding out the liabilities for
the bankrupt
enterprise and shall give administrative sanctions
to the relevant persons with primary responsibility, and the
persons responsible shall be prosecuted for criminal
responsibility according to law in case it
constitutes a crime.
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Article
86 Relevant persons, in violation with the provisions of these
regulations, refuse to make
explanations , replies ,statements
,records to the people' s
court ,creditors meeting ,conciliation supervision group ,or
liquidation group without reasonable
grounds ,or make false
explanations, replies, statements, records ,or refuse to submit
relevant
explanation, books, or refuse to hand over assets,
books or documents, shall be imposed a fine of no less than
1,000 but no more than 10,000. If there are crimes ,they shall
be prosecuted for criminal responsibilities.
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Article
87 In case the legal representative or relevant responsible
person of the conciliation or
bankrupt enterprise commits any
one of the acts listed in Article 18 of these regulations, he
shall
be imposed a fine of no less than RMB 10 thousand but no
more than RMB 100 thousand other than compensating for
the
damage, and shall be prosecuted for criminal liability according
to the law in case it constitutes
a crime.
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Article
88 The legal representative or relevant responsible person, who
deserts without the permission
of the people' s
court, shall be imposed a fine of no less than RMB 10 thousand
but no more than RMB 50 thousand.
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Article
89 In case the members of the liquidation group and the
supervisory group of conciliation,
the bankrupt creditors and
their representatives take a bribe or make an agreement on
illegal benefit,
they shall be confiscation of their illegal
gains and be imposed a fine of no less than RMB 10 thousand but
no more than RMB 50 thousand, and shall be prosecuted for
criminal liability according to the law in
case it constitutes a
crime.
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Article
90 Anyone, who is liable for offering a bribe or illegal benefit
for the members of the
liquidation group and the supervisory
group of conciliation, the bankrupt creditors and their
representatives,
shall be confiscated of illegal gains and be
imposed a fine of no less than RMB 10 thousand but no more than
RMB 50 thousand, and shall be prosecuted for criminal liability
according to the law in case it constitutes
a crime.
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Article
91 The position of legal representative or other leader shall
not be held by a legal representative
or other relevant
functionary of a bankrupt enterprise who beard direct liability
therefore and
not more than three years have elapsed since the
date of end of bankruptcy.
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Chapter
VIII Supplementary Provisions
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Article
92 The Shenzhen Municipal People' s
Government may formulate the detailed implementing measures in
accordance with these regulations
within the limits of its
functions and powers.
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Article
93 These regulations shall take effect as of March 1, 1994.
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(Translated by Ruixin Lin) |
