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Procedures for Liquidation of Foreign-Funded Enterprises
(Approved by the State Council on June 15,1996 and promulgated by Decree No.2 of The Ministry of Foreign Trade and Economic Cooperation on July 9 1996)

Chapter 1 - General Provisions

Article 1

Article 2

Article 3

Article 4

Chapter 2 - General Liquidation

Section 1 - Duration of Liquidation

Article 5

Article 6

Article 7

Section 2 - Liquidation Organization

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

Article 15

Section 3 - Notice and Announcement of Liquidation

Article 16

Article 17

Article 18

Article 19

Section 4 - Credits, Debts and Repayment

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

Article 26

Article 27

Article 28

Section 5 - Appraisal, Pricing and Handling of the Liquidated Property

Article 29

Article 30

Section 6 - Termination of Liquidation

Article 31

Article 32

Article 33

Article 34

Chapter III - Special Liquidation

Article 35

Article 36

Article 37

Article 38

Article 39

Article 40

Article 41

Article 42

Article 43

Chapter IV - Legal Liabilities

Article 44

Article 45

Article 46

Article 47

Article 48

Article 49

Article 50

Chapter V - Supplementary Provisions

Article 51

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Manifest

SiSU Manifest, alternative outputs etc.

China - Procedures for Liquidation of Foreign-Funded Enterprises, 1996

MOFTEC

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Procedures for Liquidation of Foreign-Funded Enterprises
(Approved by the State Council on June 15,1996 and promulgated by Decree No.2 of The Ministry of Foreign Trade and Economic Cooperation on July 9 1996)

Chapter 2 - General Liquidation

Section 4 - Credits, Debts and Repayment

Article 21

If the creditors have objections to the results of the checkups provided by the liquidation committees, they may ask the committees to make re-checks to the credit claims within 15 days beginning from the date of receiving the written notices. If the creditors still have objections to the re-checked results, they may bring a lawsuit before the local people's court within 15 days beginning from the date of receiving the written notices about the result of the re-checks; if the creditors and the FFEs concerned have agreed to settle the matters through an arbitration the matters shall be submitted to arbitration. During the judicial proceedings or arbitration, the liquidation committee must not distribute the disputed properties.


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