SN

Procedure Matters

Statutory Completion Time

Proposed Completion Duration (Days)

Estimated Completion Time

Actual Completion Time

Reasons for Being Overdue

1

Judging and Accepting

T

2

Notifying the known creditors

Within 7 days from the date of accepting the insolvency application

T+7

3

Publishing an announcement

Within 7 days from the date of accepting the insolvency application

T+7

4

Declaration of claims by creditors

Within 30 Days since the publication of the Acceptance Announcement

T+37

5

The administrator notified the known creditors to attend the creditors’ meeting

5 days before the convening of the creditors’ meeting

Above 5 days before the convening of the creditors’ meeting (including in the aforesaid T+37)

6

The First Meeting of Creditors

Within 5 days after the expiration of the time limit for claim declaration

T+42

7

The administrator requests the people’s court to make a ruling for confirming the claims without objection

Within 5 days after the holding of the first creditors’ meeting

T+47

8

The administrator requests the people’s court to declare bankruptcy

Within 15 days from the date of convening the first creditors’ meeting

T+52 (10 days

9

Making a ruling to declare that the debtor is bankrupt

Within 5 days from receipt of application

T+57

10

The ruling of declaring bankruptcy is sent to both the debtor and the administrator

Within 3 days from the day when the ruling was made

T+60

11

Declaring bankruptcy ruling, notifying known creditors and delivering an announcement

Within 5 days from the day when the ruling was made

T+62

12

The administrator draws up the scheme of bankruptcy property price change and the scheme of bankruptcy property distribution

(including the aforesaid T+62)

13

The scheme of bankruptcy property price change and the scheme of bankruptcy property distribution are passed at the creditors’ meeting

(including the aforesaid T+62)

14

Selling properties in bankruptcy by auction or disposing of the properties in bankruptcy by other means as determined by the creditors’ meeting

T+82 (20 days)

15

The scheme of bankruptcy property distribution is submitted to the people’s court for confirming the ruling

(including the aforesaid T+82)

16

The court makes a ruling to confirm the scheme of bankruptcy property distribution

T+87 (5 days)

17

When an insolvent has no property to distribute, the administrator shall request the people’s court to make a ruling to terminate the insolvency proceedings

T+90 (3 days)

18

The court makes a ruling to terminate the bankruptcy proceedings

Within 5 days after the day when the request of the administrator to terminate the bankruptcy proceedings is received

T+95

19

The administrator applies to the original registration authority of the bankrupt for cancellation of registration on the basis of the court’s ruling to terminate the bankruptcy proceedings

Within 5 days since the termination day of bankruptcy proceedings

T+100