Legal basis: Article 185 of the Company Law of People's Republic of China (PRC). The liquidation group shall notify the creditors within 10 days from the date of its establishment and make an announcement in the newspaper within 60 days. Creditors shall, within 30 days from the date of receiving the notice, and within 45 days from the date of announcement if they have not received the notice, declare their claims to the liquidation group.
Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Company Law of People's Republic of China (PRC) (II) Article 11 When a company is liquidated, the liquidation group shall notify all known creditors in writing of the dissolution and liquidation of the company in accordance with the provisions of Article 185 of the Company Law, and make an announcement in influential national or provincial newspapers in the place where the company is registered according to the company's scale and business geographical scope. If the liquidation group fails to perform the obligation of notification and announcement in accordance with the provisions of the preceding paragraph, resulting in the creditors' failure to declare their claims in time, and the creditors claim that the members of the liquidation group shall be liable for the losses caused thereby, the people's court shall support it according to law.