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6.In relation to the Enterprise Bankruptcy Law of China:
(a) state the various circumstances under which a creditors’ meeting shall be held;
(b) state the major functions and duties of the creditors’ committee.
答案:
6. This question requires candidates to state various circumstances under which a creditors’ meeting shall be held, and the major functions and duties of it under the Enterprise Bankruptcy Law.
(a) In accordance with Article 67 of the Enterprise Bankruptcy Law, the first creditors’ meeting shall be held by the people’s court within 15 days of the expiration of the term for declaration of creditor’s right. Subsequent creditors’ meetings may be held when the people’s court deems it necessary. A creditors’ meeting shall also be held under the circumstances where the bankruptcy administrator, the creditors’ committee or any creditor representing one-quarter or more of the total creditor’s right proposes the chairman of the creditors’ meeting to hold one.
(b) In accordance with Article 68 of the Enterprise Bankruptcy Law, the creditors’ committee shall perform the following functions and duties:
(i) Supervising the management and disposal of the debtor’s assets;
(ii) Supervising the distribution of the insolvent assets;
(iii) Making proposals to hold a creditors’ meeting; and
(iv) Performing other functions and duties as entrusted by the creditors’ meeting.
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