The Impact of Bankruptcy and Reorganization on Creditors

Legal analysis: When the debtor goes bankrupt, the guarantor is a joint guarantor. At this point, creditors may or may not declare bankruptcy claims. If the creditor does not declare bankruptcy claims, the guarantor may declare bankruptcy claims. Whether creditors declare bankruptcy claims or not, they have the right to ask the guarantor to undertake the responsibility of guaranteeing the repayment of outstanding claims.

Legal basis: Article 92 of the Enterprise Bankruptcy Law of the People's Republic of China, the reorganization plan approved by the people's court is binding on the debtor and all creditors. Creditors who fail to declare their claims in accordance with the provisions of this Law shall not exercise their rights during the implementation of the reorganization plan; After the implementation of the reorganization plan, the rights can be exercised in accordance with the repayment conditions of similar claims stipulated in the reorganization plan. The creditor's rights of the guarantor of the debtor and other joint debtors are not affected by the reorganization plan.