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The Supreme People's Court (SPC) released the “Minutes of the National Court Bankruptcy Trials Conference”, which incorporated the suggestions from Reanda’s partner Mr. Zuo Beiping.

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Friday, 30 March 2018 00:00

The Supreme People's Court (SPC) officially released the “Minutes of the National Court Bankruptcy Trials Conference” (hereinafter referred to as “the minutes”) on 6 March 2018. Suggestions on the minutes from Reanda China’s partner Mr. Zuo Peiping was incorporated in the “Bankruptcy Law News Express”.

The main contents of Mr. Zuo’s proposal are in the following aspects:

  1. In Article 32 of the minutes, the statement of “The cost of distinguishing the members' property of each related entity is too high” in the part expressing the way of prudent application of merger and bankruptcy of related entities should be deleted as it was not expressed properly.
  2. In Article 33 of the minutes, the description of the examination of the substantive consolidation application was not appropriate. The original intention was probably to draw attention to the extensiveness and sustainability of the personality confusion of related entities. As such, “confusion procedure” should be amended to “confusion degree”.
  3. In Article 37 of the minutes, the description on members’ subsisting of the enterprise after examination of substantive consolidation was too general, which would make it difficult in coping with the demand of merger and reconstruction of the related entities in the bankruptcy practice. It was suggested that after the substantive merger, the members of the enterprise should be given the right of renewal while the relevant stakeholders should have the right of free choice.