【2018年整理】企业破产法.docVIP

Law of the Peoples Republic of China on Enterprise Bankruptcy (For Trial Implementation) (Adopted at the 18th Meeting of the Standing Committee of the Sixth National Peoples Congress on December 2, 1986 and promulgated by Order No. 45 of the President of the Peoples Republic of China on December 2, 1986, for Trial Implementation Three Full Months After the Law on Industrial Enterprises with Ownership by the Whole People Comes into Effect) Contents Chapter I General Provisions Chapter II The Submission and Acceptance of Bankruptcy Applications Chapter III Creditors Meetings Chapter IV Settlement and Reorganization Chapter V Bankruptcy Declarations and Bankruptcy Liquidations Chapter VI Supplementary Provisions Chapter I General Provisions Article 1 This Law is formulated in order to suit the development of a planned socialist commodity economy and the needs of the reform of the economic structure, to promote the autonomous operation of enterprises owned by the whole people, to strengthen the economic responsibility system and democratic management, to improve the state of operations, to increase economic efficiency and to protect the lawful rights and interests of creditors and debtors. Article 2 This Law applies to enterprises owned by the whole people. Article 3 Enterprises which, owing to poor operations and management that result in serious losses, are unable to repay debts that are due shall be declared bankrupt in accordance with the provisions of this Law. Enterprises for which creditors file for bankruptcy shall not be declared bankrupt under any of the following circumstances: (1) public utility enterprises and enterprises that have an important relationship to the national economy and the peoples livelihood, for which the relevant government departments grant subsidies or adopt other measures to assist the repayment of debts; (2) enterprises that have obtained guarantees for the repayment of debts within