PRC Enterprise Bankruptcy Law

中华人民共和国企业破产法

The PRC Enterprise Bankruptcy Law modernizes the PRC corporate bankruptcy regime, applicable to both state-owned and domestic and foreign private companies.

(Promulgated on August 27 2006 and effective as of June 1 2007.)

(二零零六年八月二十七日公布，自二零零七年六月一日起施行。)

PRC President's Order (No.54 of the 10th NPC)

中华人民共和国主席令 (十届第54号)

PART ONE: GENERAL PROVISIONS

第一章总则

Article 1: This Law has been formulated in order to regulate the enterprise bankruptcy procedure, equitably liquidate claims and debts, protect the lawful rights and interests of creditors and debtors, and maintain order in the socialist market economy.

第一条为规范企业破产程序，公平清理债权债务，保护债权人和债务人的合法权益，维护社会主义市场经济秩序，制定本法。

Article 2: When an enterprise legal

第二条企业法人不能清偿到期债务，并且资产不足以清偿全部债务或者明显缺乏清偿能力的，依照本法规定清理债务。