August. 2010

                                                           http://www.china-investigation.com

The 85th W.A.D Annual Conference is to be held at St George’s Bay, St Julian’s, Corinthia Hotel St George’s Bay, Marina Hotel at the Corinthia Beach Resort, Republic of Malta.

On April 7, 2010 Global Times published the article written by British journalist Gao Fumao based on his interview with President of Steele. The article was also published on May 2010 Monthly Issue of ABI. Click the link below for details.http://www.globaltimes.cn/www/english/metro-beijing/people/profile/2010-04/519467.html.

 Ministry of Education of China published a name list of over 400 schools cooperatively run by China and foreign countries on the website of Education Foreign Supervision Information network (http://www.jsj.edu.cn) on July 19, 2010. The schools included in the list are the institutes and projects that are approved and established according to the law to undertake undergraduate or higher degree education including overseas bachelor’s or higher degree.

Definite regulation of Beijing on the determination of the second house was given on July 16, 2010: House transaction right containing the real-name of parties will be included into the information inquiry system. The system will check the money borrower’s houses under his/her name. People who offer mendacious information will be listed on the blacklist of personal credit record.

The Procedure of Enterprise Dissolution and Bankruptcy

Enterprise that has intent to apply for bankruptcy, or creditor that wants to apply bankruptcy for company of debtor can adopt the following methods and go through the following procedures:

Condition of Bankruptcy
An enterprise legal person fails to clear off its debt as due, and if its assets are not enough to pay off all the debt or it is obviously incapable of clearing off its debts.

Jurisdiction
Bankruptcy cases are governed by the people’s court where the relevant debtor is domiciled.

Parties of Application.
Debtor: Debtor deemed to be gone bankruptcy may file an application with the people’s court for rectification, compromise or bankrupt liquidation.

Creditor: when the debtor fails to pay off its due debts, the creditor may file an application with the people’s court for rectification or bankrupt liquidation.

Other people: when an enterprise legal person has been dissolved without any liquidation or without completing the liquidation and if the relevant assets are not enough to clear off the debts, the people in charge for liquidation should apply with the people’s court for bankrupt liquidation.

Materials Needed to Submit
1. Bankruptcy application form
2. Financial status statement, checklist of debts, checklist of creditor’s right and relevant financial statement
3. Pre-arranged planning for employees
4. payment documents of wages and social insurance premiums

Designation of Administrator
When the people’s court accepts an application for bankruptcy, it shall designate a bankruptcy administrator in the meanwhile. People’s court shall, within 25 days as of the day when it decides to accept an application for bankruptcy, notify the relevant creditors and announce its decision as well.

Term for Declaration of the Creditor’s Right
The term for declaration of the creditor’s right shall be calculated as of the day when people’s court announces its acceptance of an application for bankruptcy within a range of no less than 30 days and no more than 3 months.

Creditor’s Right
A creditor declaring its creditor’s right according to law is a member of the creditors’ meeting that has the right to attend the creditors’ meeting and enjoy the right to vote.

Creditors' Meeting
The first creditors' meeting shall be held by the people's court within 15 days as of expiration of the term for declaration of creditor's right.

Subsequent creditors' meetings may be held when the people's court deems it necessary or where the bankruptcy administrator, the creditors' committee, or any creditor representing 1/4 or more of the total creditor's right proposes the chairman of the creditors' meeting to hold one.

Where a creditors' meeting is held, the relevant bankruptcy administrator shall notify the already-known creditors 15 days before.

A resolution of the creditors' meeting may be adopted only upon the consent of 1/2 or more of the creditors that attend the meeting and have the right to vote, representing 1/2 or more of the aggregate amount of the creditors' right free from property guaranty, unless it is separately prescribed by this Law.

Where any creditor believes that any resolution of the creditors' meeting has violated any law or damaged its interest, it may, within 15 days as of the day when the creditors' meeting makes a resolution, plead the people's court to revoke the resolution and order the creditors' meeting to re-make a resolution according to law.

Bankruptcy Announcement
Where the people's court announces a debtor bankrupt according to the provisions of the present Law, it shall, within 5 days as of the day when the decision is made, serve it on the relevant debtor and bankruptcy administrator, and shall, within 10 days as of the day when the decision is made, notify the already-known creditors and announce it as well.

(Forwarded from Internet)
　

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