每日一练F4（CHN） 答案回复可见
<p>9 Since Hongyan Mechanical Engineering Co Ltd (Hongyan Co) could not settle the huge amount of debts due, its<br/>creditors applied for bankruptcy in the competent people’s court. The court accepted the application of the creditors<br/>and declared the bankruptcy of Hongyan Co. The court designated a bankruptcy administrator to be in charge of the<br/>bankruptcy liquidation. During the process of bankruptcy liquidation, the bankruptcy administrator formulated a list<br/>of bankruptcy assets, debts due and declared credits.<br/>(a) the appraised bankruptcy assets of Hongyan Co were as follows:<br/>(i) Office building – appraised value of RMB 2,400,000 yuan, mortgaged for a loan borrowed from the<br/>Communication Bank.<br/>(ii) Investment to a mutual fund – RMB 1,400,000 yuan.<br/>(iii) A rental receivable from Company A – RMB 1,900,000 yuan.<br/>(iv) Giving up a creditor’s right due 10 months before the bankruptcy of Hongyan Co – RMB 1,000,000 yuan.<br/>(b) the declared credits by Hongyan Co’s creditors were as follows:<br/>(i) Communication Bank’s loan – principal RMB 2,000,000 yuan with 10% of annual interest rate for two<br/>years.<br/>(ii) Company A’s credit due – RMB 7,000,000 yuan.<br/>(iii) Company B’s credit under a sales contract payable by Hongyan Co – RMB 1,500,000 yuan.<br/>(iv) Company C’s damages due to the termination of contract by the bankruptcy administrator –<br/>RMB 1,400,000 yuan.<br/>Required:<br/>Answer the following questions in accordance with the relevant provisions of the Enterprise Bankruptcy Law of<br/>China and give your reasons for your answer:<br/>(a) state which creditor should be satisfied in the priority order in the allocation of the bankruptcy assets;<br/>(2 marks)<br/>(b) state the particular debt of Hongyan Co that could be off-set from its bankruptcy assets; (2 marks)<br/>(c) state the particular transaction of Hongyan Co that could be revoked by the bankruptcy administrator in the<br/>process of liquidation; and (3 marks)<br/>(d) state the credits that should be deemed as the common credits of bankruptcy. (3 marks)<br/>(10 marks)</p><p>9 This question requires candidates to deal with the legal issues in relation to the bankruptcy liquidation under the relevant provisions<br/>of the Enterprise Bankruptcy Law of China.<br/>(a) In accordance with Article 109 of the Enterprise Bankruptcy Law, an owner of the right to guaranty on the particular assets<br/>of the bankrupt enterprise may enjoy the priority right to be repaid by means of the particular assets.<br/>In this case the office building, with the appraised value of RMB 2,400,000 yuan, had been mortgaged for a loan from<br/>Communication Bank. According to the above-mentioned provision of law Communication Bank, as a mortgagee of the office<br/>building, should enjoy the priority right to be repaid from the value of the office building. Since the principal RMB 2,000,000<br/>yuan plus the interest of RMB 400,000 yuan were equivalent to the amount of the appraised value of the office building, the<br/>credit of Communication Bank could be satisfied by the appraised value of the office building.<br/>(b) In accordance with Article 40 of the Enterprise Bankruptcy Law, where a creditor is indebted with its debtor before an<br/>application for bankruptcy is accepted, it may claim to offset such debts with the bankruptcy administrator, provided that the<br/>situation falls within the exceptions set forth in this law.<br/>In this case Hongyan Co owed a debt of RMB 7,000,000 yuan to Company A, while it also had a receivable of<br/>RMB 1,900,000 yuan under the rental contract. Therefore, the amount of RMB 1,900,000 yuan could be off-set from the<br/>debt of RMB 7,000,000 yuan.<br/>(c) In accordance with Article 31 of the Enterprise Bankruptcy Law, within one year before the court accepts a bankruptcy<br/>application, a bankruptcy administrator has the right to plead the court to revoke the act in which the bankrupt enterprise<br/>gave up the creditor’s right.<br/>In this case Hongyan Co had given up a credit in the amount of RMB 1,000,000 yuan before the court accepted the<br/>bankruptcy application, which had taken place within the period of one year before the court accepted the bankruptcy<br/>application. Therefore, the bankruptcy administrator might plead the court to revoke such act and recover this amount.<br/>(d) In accordance with Articles 109 and 40 of the Enterprise Bankruptcy Law as mentioned in Question (a) and (b) respectively,<br/>the common credits of bankruptcy shall be the remaining part of credits after the necessary deduction from the secured credits<br/>and settled by means of offset during the process of liquidation.<br/>Based on the facts and the law, the following credits should be deemed as the common credits of bankruptcy:<br/>(i) Company A’s credit due: RMB 5,100,000 yuan (7,000,000 – 1,900,000)<br/>(ii) Company B’s credit under a sales contract payable by Hongyan Co: RMB 1,500,000 yuan.<br/>(iii) Company C’s damages due to the termination of contract by the bankruptcy administrator: RMB 1,400,000 yuan.</p><p></p> see it kankan页:
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