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questions :Stakeholder to claim insolvency
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[Visitor (58.214.*.*)]answers [Chinese ]Time :2023-01-18
1. Whether an interested party may apply for bankruptcy of the other party

The person who can apply to the court for bankruptcy of the enterprise is a creditor or a debtor, and the debtor refers to the bankrupt enterprise, and if the interested party is a creditor of the bankrupt enterprise, it can apply for bankruptcy.

Enterprise Bankruptcy Law of the People's Republic of China

Article 2 Where an enterprise legal person is unable to pay off its debts when due, and its assets are insufficient to pay off all its debts or it obviously lacks the ability to pay off, it shall liquidate its debts in accordance with the provisions of this Law.

Where an enterprise legal person has the circumstances provided for in the preceding paragraph, or there is a possibility of obvious loss of solvency, it may carry out reorganization in accordance with the provisions of this Law.
Article 7 Under the circumstances provided for in Article 2 of this Law, a debtor may submit an application for reorganization, reconciliation or bankruptcy liquidation to the people's court.

If the debtor is unable to pay off its debts when due, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor.

Where an enterprise legal person has been dissolved but has not been liquidated or has not been liquidated, and the assets are insufficient to pay off debts, the person who bears the responsibility for liquidation according to law shall apply to the people's court for bankruptcy liquidation.

2. Legal consequences of bankruptcy declaration

1. The debtor shall cease its production and business activities from the date of bankruptcy declaration. Where it is truly necessary to continue production and operation for the benefit of creditors, permission of the people's court shall be obtained.
2. From the date of bankruptcy declaration, a bankrupt enterprise loses the right to manage and dispose of its own property, and all its property shall be taken over by the liquidation team. The debtor's bank account can only be used by the liquidation group.

3. The unperformed contract of the bankrupt enterprise shall be terminated or continued to be performed by the liquidation team.

4. Where the assets of a bankrupt enterprise are sealed, seized or frozen in other civil proceedings, the people's court accepting the bankruptcy case shall immediately notify the people's court that took measures to seal, seize or freeze the property to lift it, and go through the transfer formalities with the people's court accepting the bankruptcy case.
5. After an enterprise is declared bankrupt, the people's court shall designate the necessary left-behind personnel. The legal representative, accounting personnel and property custodian personnel of the bankrupt enterprise must remain behind.

6. Between 6 months before the court accepts the case and the date of bankruptcy declaration, certain legal acts carried out by the bankrupt enterprise are invalid, such as concealment, private division or gratuitous transfer of property; Selling property at an abnormal undervalued price; Property security for debts that were not originally secured by property; Early discharge of unmatured debts; Acts such as waiving one's own claims are invalid legal acts.
Through the above analysis, it is known that, according to the provisions of the Enterprise Bankruptcy Law, if an enterprise has debts that cannot be paid when due, and is obviously insolvent, the debtor or creditor may apply for enterprise bankruptcy, and if the interested party is a creditor or debtor, it can apply for bankruptcy.
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