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Hainan High People’s Court and PBC Haikou Central Branch and CBIRC Hainan Office Jointly Formulated Guidelines on Bankruptcy Cases Handling


On February 10, Hainan High People’s Court, the People’s Bank of China (PBC) Haikou Central Branch and China Banking and Insurance Regulatory Commission (CBIRC) Hainan Office jointly issued Several Opinions on Further Strengthening Cooperation on Handling Bankruptcy Cases involving Finance Business (The “Opinions”).


The Opinions, in 24 clauses under 5 chapters, stipulates mainly on the support to the bankruptcy administrator’s lawful performance of duties, the support to improve bankruptcy procedure in an orderly manner, the support to the reorganization and revival of bankrupt enterprises and legal protection for financial institutions’ lawful rights and interests, and, in particular, further clarifies on such issues that may arouse concerns in practice as account information inquiry, bank account unfreezing, DIP Financing and credit restoration of bankrupt enterprises.


With the issuance of The Opinions, it will be more convenient for enterprises under bankruptcies and more efficient for bankruptcy cases handling. Next, Hainan High People’s Court, PBC Haikou Central Branch and CBIRC Hainan Office will further beef up their efforts to ensure the implementation and taking effect of the relevant rules and mechanisms.

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