No.
The application for bankruptcy protection after the bankruptcy of the enterprise is to manage the assets of the enterprise in order to protect the interests of creditors, it is not no need to settle debts, the enterprise bankruptcy set up a liquidation group to repay debts.
The Chinese People's **** and State Enterprise Bankruptcy Law
1, Article 107: The people's court declares the debtor bankrupt in accordance with the provisions of this Law, it shall, within five days from the date of the ruling, serve the debtor and the administrator, and notify the known creditors, and publicize it within ten days from the date of the ruling.
After the debtor is declared bankrupt, the debtor is called the bankrupt, the property of the debtor is called the bankruptcy property, and the claims on the debtor enjoyed by the people's court when it accepts the bankruptcy application are called the bankruptcy claims.
2. Article 113: The bankruptcy property shall, after giving priority to the payment of bankruptcy expenses and ****beneficial debts, be paid in accordance with the following order:
(1) the wages and medical treatment, disability benefits and pension expenses owed to the employees by the bankrupt, and the basic old-age pension and basic medical insurance expenses owed to the employees that should be transferred to their individual accounts, as well as the compensation payments that should be paid to the employees as stipulated by the laws and administrative regulations;
(ii) the social insurance fees owed by the bankrupt other than those stipulated in the preceding paragraph and the taxes owed by the bankrupt;
(iii) ordinary bankruptcy claims.
If the bankruptcy estate is insufficient to satisfy the claims of the same order of satisfaction, it shall be distributed in proportion.
The salaries of the directors, supervisors and senior management of an insolvent enterprise are calculated in accordance with the average salary of the employees of that enterprise.
Expanded:
I. Bankruptcy Procedures
The so-called settlement refers to the agreement reached between the applicant and the respondent by way of negotiation, instead of resolving the debt dispute between the debtor and the creditor through the people's court bankruptcy debt repayment.
Chapter IV of the Enterprise Bankruptcy Law of the People's Republic of China (for Trial Implementation) specifically provides for the reconciliation and consolidation of the creditor and the debtor, with the following specific contents:
(1) Filing of an application for consolidation
Within three months after the people's court has accepted the creditor's application for the debtor's bankruptcy application, the higher authority of the bankruptcy enterprise for which the application was filed may file an application with the people's court for the bankruptcy enterprise to be The law stipulates that the maximum period of consolidation shall not exceed three years.
(ii) Proposing a Draft Settlement Agreement
The superior competent department of the petitioned insolvent enterprise shall, before the first meeting of creditors held under the auspices of the people's court, propose a draft settlement agreement, which shall have as its main contents the period and amount of the liquidation of the debts and the amount of the request for remission of the amount of the request.
(3) Discussion of the settlement agreement
At the meeting convened by all the creditors, the settlement agreement shall be discussed and voted in accordance with the provisions of Article 12 of the "Enterprise Bankruptcy Law of the People's Republic of China (for Trial Implementation)", and once it is passed and endorsed by the people's court, the people's court shall issue a consolidation notice and suspend the bankruptcy proceedings.
(4) Formulation of a Reorganization Program
After seeing the announcement of the reorganization, the competent department of the enterprise shall assist the enterprise in drawing up a reorganization program and submit it to the general meeting of the employees of the enterprise for discussion, and the competent department of the former enterprise shall be specifically responsible for presiding over the reorganization work.
(V) Supervision of the Reorganization of Enterprises
Entering the stage of reorganization of an enterprise to be bankrupted, its reorganization shall be supervised by the staff meeting of the enterprise and the creditors, and the competent authority in charge of the reorganization shall report regularly to the staff meeting and the creditors' meeting on the situation of the reorganization.
The workers' meeting and creditors' meeting shall supervise the whole process of consolidation of the enterprise, supervise whether the enterprise conscientiously implements the settlement agreement, and whether there are any unlawful acts such as concealment, misappropriation, gratuitous transfer of property, or abnormal sale of property at a depressed price, or waiver of claims, etc., and if any unlawful acts are found, they shall be reported to the people's court immediately, the consolidation shall be terminated, and bankruptcy proceedings shall be resumed.
(VI) Ruling on the Result of Reorganization
After the enterprise has been settled and reorganized, and is able to settle the debt disputes with the creditors according to the settlement agreement, and liquidate the debts according to the agreement, the people's court shall announce the termination of the bankruptcy proceedings and resume the normal business activities of the enterprise, and vice versa, the announcement of the termination of the reorganization and the resumption of the bankruptcy proceedings.
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