SPC Issues Meeting Minutes for the Trial of Bankruptcy Cases
2018-03-12 1392
The Supreme People's Court ("SPC") has recently released the Meeting Minutes for the Trial of Bankruptcy Cases by Nationwide Courts (the "Meeting Minutes").
The Meeting Minutes, comprising fifty articles, specify the general requirements on hearing bankruptcy cases from the perspective of the bankruptcy manager system, bankruptcy liquidation, bankruptcy of related enterprises, connection between enforcement procedures and bankruptcy proceedings, cross-border bankruptcy, etc. The Meeting Minutes expressly state that for a case where a listed company goes bankrupt, or a bankruptcy case which has a great impact in the local place, or a bankruptcy case which deals with complex relations in claims and debts and involves a large number of creditors, employees and stakeholders, the manager designated for such case shall be selected in a competitive way in general. According to the Meeting Minutes, where a creditor attempts to require the warrantor to bear the liability of guaranty for the unliquidated part in the bankruptcy proceedings, it has to raise the claim within six months after the bankruptcy proceedings have been concluded. If the warrantor has borne the liability of guaranty, the creditor is not allowed to claim the right of reimbursement against the debtor after the settlement or reorganization.
(Source: http://www.court.gov.cn/fabu-xiangqing-83802.html)
Note: The link to the Chinese official website of the document is for your reference.
