National People's Congress of the People's Republic of China, Enterprise Bankruptcy Law of the People's Republic of China (2007)
“ Where a debtor is announced bankrupt, the debtor is named as the bankrupt and the debtor’s assets are taken as the insolvent assets. The creditor’s right against the debtor when the people's court accepts an application for bankruptcy is the credit of bankruptcy. ”
National People's Congress of the People's Republic of China, Enterprise Bankruptcy Law of the People's Republic of China (2007)
“ Article 130 Where a bankruptcy administrator fails to perform its functions and duties in a diligent and faithful manner according to the provisions of the present Law, the people's court can impose upon it a fine according to law. Where any loss is incurred to a creditor, a debtor or a third party, the bankruptcy administrator shall be subject to the liabilities of compensation according to law. ”
National People's Congress of the People's Republic of China, Enterprise Bankruptcy Law of the People's Republic of China (2007)
“ Any creditor whose creditor’s right has not yet been decided is not entitled to exercise any right to vote unless the people's court can temporarily decide the amount of the creditor’s right for the sake of exercising the right to vote.Any creditor that has the right to guarantee on the particular assets of its debtor and that has not given up the priority right to be repaid may not enjoy the right to vote for any matter as prescribed in Item (7) or (10) , paragraph 1 of Article 61 of the present Law. ”
