(1) An enterprise legal person registered in the Special Zone;
(2) An enterprise legal person registered outside the Special Zone but domiciled in the Special Zone. Article 3 If an enterprise is unable to pay off its due debts, it shall conduct liquidation or declare bankruptcy in accordance with the provisions of these Regulations.
If an enterprise stops paying due debts, it shall be deemed that it cannot pay off due debts. Article 4 After accepting a bankruptcy case, the people's court shall not declare bankruptcy under any of the following circumstances:
(a) public enterprises and enterprises that have a significant relationship with the national economy and people's livelihood, the relevant government departments give subsidies or take other measures to help pay off debts;
(2) Obtaining guarantee and paying off debts within six months from the date of filing for bankruptcy. Article 5 Bankruptcy cases shall be under the jurisdiction of the people's court of the debtor's domicile.
Bankruptcy cases of foreign-invested enterprises shall be under the jurisdiction of Shenzhen Intermediate People's Court. Article 6 The legal provisions of civil procedure shall apply to the proceedings of bankruptcy cases not stipulated in these Regulations. Article 7 Where a creditor applies for the bankruptcy of a state-owned enterprise, and the competent department of property rights of the enterprise applying for bankruptcy applies for the rectification of the enterprise, the relevant provisions of the State Enterprise Bankruptcy Law shall apply. Article 8 Social insurance for employees of bankrupt enterprises shall be handled in accordance with the relevant provisions of the Special Zone. Chapter II Submission and Acceptance of Bankruptcy Application Article 9 If the debtor is unable to pay off the debts due, the creditor may apply for declaring the debtor bankrupt, and the debtor may also apply for declaring bankruptcy.
If a state-owned enterprise is unable to pay off its due debts and neither the creditor nor the debtor applies for bankruptcy, the property right department of the state-owned enterprise may apply for bankruptcy. Article 10 In non-bankruptcy liquidation, if the liquidation group finds that the assets of the enterprise are insufficient to pay off the debts, it shall apply to the people's court for declaring bankruptcy. Article 11 An application for bankruptcy shall be filed with the people's court.
Where a creditor applies to declare the debtor bankrupt, it shall provide evidence of the amount and nature of the creditor's rights and the debtor's inability to pay off the debts due.
When the debtor, the property right department of the state-owned enterprise or the liquidation group in bankruptcy liquidation apply for bankruptcy, they shall provide a statement of property status and a list of creditor's rights and debts. Article 12 After receiving an application, the people's court shall make a ruling of acceptance or rejection within 10 days.
If the bankruptcy applicant refuses to accept the ruling in the preceding paragraph, he may appeal. Article 13 After accepting a bankruptcy case, the people's court shall notify the debtor within ten days and make an announcement. Where a creditor applies for bankruptcy, the debtor shall submit a statement of property status and a list of creditor's rights and debts to the people's court within 15 days from the date of receiving the notice from the people's court. After receiving the debt list submitted by the debtor, the people's court shall notify the known creditors within ten days. The announcement and notice shall specify the following items:
(1) Time for filing the case;
(2) The debtor of a bankruptcy case.
(3) The time limit and place for filing the creditor's rights and the legal consequences of failing to file within the time limit;
(4) Date and place of the first creditors' meeting. Article 14 If the debtor acts as a guarantor for other units, it shall notify the relevant parties within five days after receiving the notice from the people's court. Article 15 The creditor shall, within 30 days from the date of receiving the notice, and the creditor who has not received the notice shall, within 90 days from the date of announcement, declare the creditor's rights to the people's court, explain the amount of the creditor's rights and whether there is property guarantee, and submit relevant materials. Failure to declare the creditor's rights within the time limit shall be deemed as automatic waiver of the creditor's rights, except for failure to declare the creditor's rights within the time limit before the distribution of bankruptcy property.
The people's court shall register the creditor's rights secured by property and the creditor's rights not secured by property separately. Article 16 After the people's court accepts a bankruptcy case, other civil execution procedures for the debtor's property shall be suspended. Article 17 After the people's court accepts a bankruptcy case, the debtor's payment to some creditors is invalid unless it is necessary for the normal production and operation of the debtor. Article 18 When a people's court accepts a bankruptcy case, six months before the end of the bankruptcy proceedings, the following actions of the debtor are invalid:
(1) Concealing, dividing up or transferring property without compensation;
(2) Selling property under abnormal pressure;
(three) to provide property security for the original debt without property security;
(four) to pay off the outstanding debts in advance;
(5) Abandoning creditor's rights. Chapter III Creditors' Meeting Article 19 The creditors' meeting is composed of all creditors.
Members of the creditors' meeting have the right to vote, except that the creditors secured by property have not given up the priority of compensation. The guarantor of the debtor, after paying off the debt on behalf of the debtor, may be a creditor and enjoy the right to vote.
The chairman of the creditors' meeting shall be appointed by the people's court from among the creditors with voting rights. Article 20 The legal representative of the debtor and relevant personnel shall attend the creditors' meeting as nonvoting delegates and answer inquiries. Article 21 The first creditors' meeting shall, when necessary, be convened by the people's court or the chairman of the creditors' meeting within 15 days after the expiration of the time limit for reporting creditor's rights, or at the request of the liquidation group or creditors who account for more than one quarter of the total unsecured creditor's rights.