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How Does a Chinese Enterprise File Bankruptcy for Itself?-CTD 101 Series

Thu, 22 Sep 2022
Contributors: Meng Yu 余萌
Editor: C. J. Observer

If a debtor files an application for bankruptcy, it shall submit the following materials to the court:

This post was first published in CJO GLOBAL, which is committed to providing consulting services in China-related cross-border trade risk management and debt collection. We will explain how debt collection works in China below.

1. A Bankruptcy Application, specifying the basic information of the applicant, the purpose of application, the type of application, and the facts and causes of application;

2. The eligibility certificate of the debtor;

3. Materials related to the employees of the debtor;

4. The debtor’s balance sheet, asset valuation report, or audit report;

5. A detailed asset statement of the debtor as of the date of bankruptcy application;

6. Materials related to the creditor’s rights of the debtor;

7. The litigation, arbitration to which the debtor is a party, and the relevant legal documents;

8. If the debtor is a wholly state-owned or state-owned holding company, it shall also submit the documents proving that the state investor agrees with the bankruptcy application and the opinions of the enterprise’s trade union or workers’ congress on the enterprise’s bankruptcy application;

9. Other materials deemed necessary by the court.

Where the debtor applies for reorganization, the following materials shall also be submitted:

1. Documents proving that the debtor’s shareholders’ meeting, board of directors, supervising departments or investors agree with the reorganization;

2. The analysis report and supporting documents indicating the reorganization feasibility of the debtor;

3. The feasibility report or the reorganization scheme of the debtor’s reorganization.

 

 

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Photo by octopus owl on Unsplash

Contributors: Meng Yu 余萌

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