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6 In relation to the Enterprise Bankruptcy Law of China:
(a) state the duty and function of a bankruptcy administrator with respect to conversion;
(b) state the rules as to the conversion of insolvent assets during the process of bankruptcy liquidation.
答案:
6 This question requires candidates to state the duties and functions of a bankruptcy administrator as to the conversion plan of solvent assets, and the means of the conversion of assets during the process of bankruptcy liquidation under the Enterprise Bankruptcy Law of China.
(a) In accordance with Article 111 of the Enterprise Bankruptcy Law, a bankruptcy administrator shall be under the duty and have the functions as follows:
(i) A bankruptcy administrator shall draft a conversion plan of insolvent assets and submit it to the creditors’ meeting for examination;
(ii) A bankruptcy administrator shall, according to the conversion plan of insolvent assets that has been adopted at the creditors’ meeting or that has been confirmed by a people’s court according to relevant provisions of the present Law, sell the insolvent assets by means of conversion at a proper time.
(b) In accordance with Article 112 of the Enterprise Bankruptcy Law, the following rules shall be complied with during the process of the conversion of insolvent assets:
(i) The conversion of insolvent assets shall be conducted through auction, unless otherwise agreed by the creditors’ meeting;
(ii) An insolvent enterprise may be wholly or partially sold by means of conversion. Where an enterprise is to be sold by means of conversion, the intangible assets and other assets thereof may be separately sold by means of conversion.
(iii) Any assets that shall not be auctioned or whose transfer is restricted shall be handled through other methods as prescribed by laws and regulations.
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