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5 In relation to the Enterprise Bankruptcy Law of China:
(a) explain the term rectification;
(b) state the legal effect of rectification on the right of guarantee during the period of rectification.
6 In relation to the Securities Law of China:
(a) explain a takeover by offer of a listed company;
(b) explain what happens after the expiration of the duration of the takeover by offer.
答案：
5 This question requires candidates to explain the term rectification, and state the legal effect of rectification on the right of guarantee during the period of rectification and the ways to deal with the situation that may damage the rights of a guarantor under the Enterprise Bankruptcy Law of China.
(a) The term rectification refers to such a system under which a debtor or an investor whose investment accounts for 10% or more of the registered capital of the debtor, after the application for bankruptcy has been accepted and before the declaration of bankruptcy of the debtor by the court, may apply to the court to rectify debts of the debtor. Under the conditions of acceptance of such application by the court and the suspension of the bankruptcy procedures, the debtor may continue its business operations, so as to avoid bankruptcy of the debtor and resume its ability of normal business operations.
(b) In accordance with Article 75 of the Enterprise Bankruptcy Law, in the period of rectification, the right of guarantee on the particular property of the debtor shall be suspended. However, if there is a possibility for the secured property to suffer damages or significant depreciation of value so that the right of guarantee is endangered, the guarantee may apply to the court for recovering the right to guarantee. A bankruptcy administrator may set a guarantee for a new loan for the purpose of continuing the debtor’s business operations.
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