Article 198. If an interested party for justified reasons was unable to apply to the people s court for asserting claims before the judgment was made, he may, within one years from the day he knew or should have known of the public notice of the judgment, institute a lawsuit in the people s court which made the judgment.
CHAPTER XIX PROCEDURE FOR BANKRUPTCY OF ENTERPRISES AS LEGAL PERSONS
Article 199. If an enterprise as legal person is in serious losses and unable to repay the debts that are due, the creditors may apply to a people s court for declaring the debtor s bankruptcy repayment, the debtor may also file at a people s court to declare bankruptcy repayment.
Article 200. After rendering an order to declare bankruptcy repayment, the people s court shall notify the debtors and the known creditors within ten days and make a public announcement.
Creditors who have been notified shall, within one month after receiving the notice, and creditors who have not been notified shall, within three months after the date of the announcement, report their claims to the people s court Creditors who do not report their claims during these periods shall be deemed to have abandoned their claims.
Article 201. The people s court may set up a liquidation team composed of relevant state organs and personnel. The liquidation teem shall be responsible for the keeping, putting into order, appraisal, disposition and distribution of the bankruptcy property. The liquidation team may carry out necessary civil actions in accordance with the law.
The liquidation team shall be responsible to, and report on its work to, the people s court.
Article 202. Enterprises as legal persons and the creditors may institute a compromise. After they have reached a settlement agreement which has been recognized by the people s court, the people s court shall make a public announcement and suspend the bankruptcy repayment proceedings. The settlement agreement shall have legal effect from the date of the public announcement.
Article 203. With respect to property that already constitutes security for such obligatory rights as loan from a bank and for other surety, the bank and other creditors shall have priority in receiving repayment with respect to such security or other surety. If the value of the security and other surety exceeds the amount of debts that they secure, the exceeding portion shall be the bankruptcy repayment property.
Article 204. After the prior deduction of bankruptcy expenses from the bankruptcy property, repayment shall be made in the following order:
(1) wages of staff and workers and labour insurance expenses that are owed by the bankrupt enterprise;
(2) taxes that are owed by the bankrupt enterprise; and
(3) bankruptcy claims.
Where the bankruptcy property is insufficient to repay all the repayment needs within a single order of priority, it shall be distributed on a pro-rata basis.
Article 205. The bankruptcy repayment of an enterprise as legal person shall be under the jurisdiction of the people s court in the place where the enterprise as legal person is located.
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