Fa Fa [2016] No. 19

High people’s courts of all provinces, autonomous regions, and municipalities directly under the Central Government, PLA Military Court, and the branch court of Production and Construction Corps of the High People’s Court of Xinjiang Uyghur Autonomous Region,

The Provisions of Supreme People’s Court on Information Disclosure of Enterprise Insolvency Cases (Trial) are hereby printed and distributed. Please implement them carefully in combination with the actual situation.

Supreme People’s Court

July 26, 2016

The Provisions of Supreme People’s Court on Information Disclosure of Enterprise Insolvency Cases (Trial)

In order to improve the transparency and credibility of trials of insolvency cases, the Provisions are formulated in accordance with the Enterprise Bankruptcy Law of the People’s Republic of China and the Civil Procedure Law of the People’s Republic of China, in combination with the work practice of the people’s courts, on the issue of information disclosure in insolvency cases. 　　

Article 1 The Supreme People’s Court has established the National Enterprise Bankruptcy Information Disclosure Platform (hereinafter referred to as “NEBIDP”), and the trial process information of insolvency cases (including insolvency reorganization, clearing and reconciliation cases), as well as the information related to bankruptcy procedures such as announcements, legal documents, debtor information, etc. shall be published on NEBIDP. 　　

The people’s court and the insolvency administrator designated by the people’s court shall use NEBIDP to disclose the information related to the insolvency procedures in a timely manner. 　　

Article 2 The information disclosure of insolvency cases is based on the principle of disclosure, with on-disclosure as the exception. All information shall be disclosed according to law except for the information involving national secrets and personal privacies. If the debtor’s information involving trade secrets does not damage the legitimate rights and interests of the creditor and the debtor, the insolvency administrator may disclose it to the reorganization investor through an agreement with the reorganization investor. 　　

Article 3 The people’s court shall disclose the following information of insolvency cases according to law: 　　

i. The information on trial process nodes; 　　

ii. Various announcements released by the people’s court in insolvency proceedings; 　　

iii. Legal documents for insolvency proceedings designed by the people’s court; 　　

iv. Other information that the people’s court believes it should be disclosed. 　　

Article 4 The insolvency administrator shall disclose the following information of insolvency cases according to law: 　　

i. The debtor’s information; 　　

ii. The announcement on soliciting and recruiting investors for reorganization; 　　

iii. The information concerning work nodes of the insolvency administrator; 　　

iv. Other announcements released by the insolvency administrator in insolvency proceedings; 　　

v. Legal documents for insolvency proceedings designed by the insolvency administrator; 　　

vi. The reorganization plan, the scheme of bankruptcy property distribution, and the reconciliation agreement approved by the people’s court. 　　

As for other information that the insolvency administrator believes that it should be disclosed, it may be disclosed with the approval of the people’s court. 　　

Article 5 The insolvency administrator shall disclose the following information on the debtor via NEBIDP: 　　

i. Business registration information; 　　

ii. The annual report for the previous year; 　　

iii. The balance sheet for the previous year; 　　

iv. Basic information of litigation and arbitration cases involved. 　　

Article 6 The reorganization investor can interact with the insolvency administrator through NEBIDP. The insolvency administrator may disclose the following information on the debtor to the reorganization investor through an agreement with the reorganization investor: 　　

i. The information on asset and operation status; 　　

ii. Detailed information of litigation and arbitration cases involved; 　　

iii. Other information required by the reorganization investor. 　　

Article 7 The people’s court and the insolvency administrator may release announcements concerning insolvency proceedings on NEBIDP. 　　

If the people’s court or the insolvency administrator issues an announcement in other media, they shall also publish it on NEBIDP simultaneously. Announcements issued by the people’s court or the insolvency administrator on NEBIDP are of legal effect. 　　

Article 8 Upon the consent of an addressee, the people’s court may deliver the relevant legal documents for insolvency proceedings in the forms of e-mail, mobile communication, etc., which can confirm the receipt of the addressee, except for the ruling. 　　

In the case of delivery by the method mentioned in the preceding paragraph, the date when the e-mail or mobile communication, etc., reaches the specific system of the addressee shall be considered the delivery date. 　　

Article 9 An applicant may apply for an appointment to file a case and submit electronic documents of relevant materials after it completes the real-name registration on NEBIDP. After the people’s court has passed the examination and approval, it shall notify the applicant to go through the filing registration at its filing window. 　　

Article 10 A creditor may declare claims and submit electronic documents of relevant evidence after it completes the real-name registration on NEBIDP. The online declaration of claims has the same legal effect as other ways of declaration of claims. 　　

Where the creditor files a written claim with the insolvency administrator, the insolvency administrator shall upload the claim declaration and the electronic documents of relevant evidence to NEBIDP. 　　

Article 11 The people’s court and the insolvency administrator may convene a meeting of creditors and vote on relevant matters on NEBIDP. The voting result of online voting has the same legal effect as that of on-site voting. 　　

The creditor may select online or on-site voting. Nevertheless, once the selection is completed, the other way cannot be used for voting. Otherwise, the voting shall be invalid. 　　

Article 12 For cases of compulsory liquidation of companies tried by people’s courts, they shall be applicable to the Provisions. 　　

Article 13 The Provisions will come into effect on August 1, 2016. The Provisions shall apply to insolvency cases accepted after the implementation of the Provisions and insolvency cases that have not been concluded before the implementation.