China report – Corporate Restructuring and Insolvency in Asia 2020

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Reporters: Shen Yuhan and Peng Fei

Index

A. PRELIMINARY OUTLINE

i. Legal system overview

ii. Insolvency regime overview

B. INSOLVENCY PROCEEDINGS UNDER THE BANKRUPTCY LAW

i. Conversion of proceedings

a. Liquidation to reorganisation and/or mediation
b. Reorganisation to liquidation
c. Mediation to liquidation

C. COMMONALITIES AMONG BANKRUPTCY PROCEEDINGS

i. Applicant

ii. Competent court

iii. Administrator

a. Notifying creditors of bankruptcy
b. Registering creditor claims
c. Protecting assets
d. Auditing and appriaisng assets

iv. Registration of creditors' claims

v. Creditors' meeting and creditors' committee

vi. Automatic stay

D. ZERO-ASSET BANKRUPTCY

E. DUTIES AND RESPONSIBILITIES OF DIRECTORS AND MANAGERS OF DISTRESSED DEBTORS

F. RESTRUCTURING IN AND OUT OF COURT

i. Out-of-court restructuring

ii. Pre-reorgansiation

iii. Reorganisation

a. Preparation of a reorganisation plan
b. First vote on a reorgansiation plan
c. Second vote and cram-down
d. Implementation of a reorganisation plan

G. TREATMENT OF ENTERPRISE GROUPS IN INSOLVENCY

H. REORGANISATION OF LISTED COMPANIES

I. CREDITOR RANKING AND RESCUE FINANCING

J. MEDIATION

K. FOREIGN CREDITORS AND CROSS-BORDER INSOLVENCY

i. Foreign creditors' rights

ii. Cross-border insolvency

L. STATISTICS AND ACCESS TO INFORMATION

APPENDIX OF LEGISLATION REFERRED TO