每日一练F4（CHN）答案回复可见

7 In relation to the Enterprise Bankruptcy Law of China:
(a) state the composition of the creditors’ meeting; (2 marks)
(b) state the general conditions to be met for the creditors’ meeting to approve a resolution; and (4 marks)
(c) state the special procedure that can be taken for the creditors’ meeting to approve a resolution involving the
matters on the settlement agreement or the restructuring of an enterprise in the process of bankruptcy
liquidation. (4 marks)
(10 marks)

7 This question requires candidates to state the composition of the creditors’ meeting, and state the rules of the creditors’ meeting to
approve a resolution during the process of the enterprise bankruptcy under the Enterprise Bankruptcy Law of China:
(a) In accordance with Article 59 of the Bankruptcy Law, the creditors’ meeting is composed of all the creditors who have declared
their creditors’ right according to law when an enterprise goes into bankruptcy.
(b) In accordance with Article 64 of the Enterprise Bankruptcy Law, any resolution of the creditors’ meeting shall be approved by
the following procedures: 50% or more of the creditors that have the right to vote and attend the meeting vote for the
resolution concerned, representing 50% or more of the aggregate amount of the creditors’ right free from property guaranty,
unless it is otherwise prescribed by this law. Any creditor who has the right to guaranty on 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 the present
law.
Where any creditor believes that a resolution of the creditors’ meeting has violated 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
to order the creditors’ meeting to re-make a resolution according to law.
(c) (i) In accordance with Article 65 of the Enterprise Bankruptcy Law, where a resolution involving any matters on the
management of the debtor’s assets or the conversion plan of the insolvent assets can not be adopted at the creditors’
meeting, such resolution shall be ruled by the competent people’s court.
(ii) In accordance with Article 65 of the Enterprise Bankruptcy Law, where a resolution involving any matters on the
distribution plan of the insolvent assets has not been adopted after a second voting at the creditors’ meeting, such
resolution shall be ruled by the competent people’s court.