What are the procedures for enterprise reorganization?

1. The company has the reorganization reasons stipulated in Article 2 of the Bankruptcy Law. \x0d\ II。 Creditors and debtors directly apply to the court for reorganization and start the reorganization procedure. Before the debtor is declared bankrupt after the creditor applies for bankruptcy liquidation, the debtor or investors whose capital contribution accounts for more than one tenth of the debtor's registered capital may apply to the court for reorganization. (Articles 7 and 70 of the Bankruptcy Law) \x0d\ III. If the court examines the application for reorganization and finds that it meets the statutory requirements, it shall order the debtor to reorganize and make an announcement. (Bankruptcy Law 7 1) \x0d\ IV. The court appoints the administrator. \x0d\ V. The court shall notify the known creditors, and the announcement shall notify the unknown creditors. The court should shorten the time limit for creditors to declare their claims and determine the time and place of the first creditors' meeting. \x0d\ VI。 When creditors declare their creditor's rights to the administrator, the administrator shall, after receiving the creditor's rights declaration materials, register and review the declared creditor's rights, prepare a creditor's rights table and submit it to the first creditors' meeting for verification. \x0d\ VII。 The first creditors' meeting shall be held within 15 days from the date when the creditor's rights declaration expires. \x0d\ VIII。 During the period of bankruptcy and reorganization, after the reorganization period, the debtor may, with the consent of the court, manage his own property and business under the supervision of the administrator, who shall hand over the property and business to the debtor. \x0d\ IX。 The debtor or the administrator shall, within 6 months from the date of the court's ruling, simultaneously submit the draft reorganization plan to the court and the creditors' meeting (see Article 8 1 of the Bankruptcy Law). At the request of the debtor or the administrator, the court may order an extension of three months. If it is not submitted on time, the court will decide to terminate the reorganization procedure and declare bankruptcy. (Article 79 of the Bankruptcy Law) \ x0d \ X. The court shall convene a creditors' meeting within 30 days from the date of receiving the draft reorganization plan, and the creditors shall attend the meeting to discuss and vote in groups. (See Articles 82 and 84 of the Bankruptcy Law for voting rules) \x0d\ xi. If the voting group passes the draft reorganization plan, the reorganization plan is passed. If it is not passed, it shall be handled in accordance with the provisions of Article 87 of the Bankruptcy Law. (Articles 86 and 87 of the Bankruptcy Law) \x0d\ xii. Within 10 days after the adoption of the reorganization plan, the debtor and the administrator shall apply to the court for approval of the draft reorganization plan. If the court considers it legal after examination, it shall make a ruling for approval, terminate the reorganization procedure and make an announcement within 30 days from the date of receipt. The draft reorganization plan approved by the court is binding on the debtor and all creditors. \x0d\ According to Article 87, if the draft reorganization plan is not adopted and approved, or if the adopted draft reorganization plan is not approved, the court shall make a ruling to terminate the reorganization procedure and declare the debtor bankrupt. (Articles 86, 88 and 92 of the Bankruptcy Law) \x0d\ xiii. After the draft reorganization plan is approved, the debtor shall be responsible for the implementation of the reorganization plan. \x0d\ At this time, the manager who has taken over the property and business affairs shall hand over the property and business affairs to the debtor. During the supervision period stipulated in the reorganization plan, there is a manager to supervise the implementation of the reorganization plan. During the supervision period, the debtor shall report the implementation of the reorganization plan and the financial status of the receiver to the administrator. \x0d\ Upon the expiration of the supervision period, the administrator shall submit a supervision report to the court. On the date of the report, the supervisor's supervisory duties are terminated. Upon the application of the administrator, the court may decide to extend the supervision period. (Articles 89, 90, 9 1 of the Bankruptcy Law) \x0d\ XIV. When the execution period of the reorganization plan expires and the company is in good condition after the debtor's execution, the reorganization procedure ends and the company resumes its normal operation. \x0d\ XV。 If the debtor is unable to execute or fails to execute the reorganization plan, the court shall, at the request of the administrator or interested party, make a ruling to terminate the execution of the reorganization plan and declare the debtor bankrupt. Then enter bankruptcy proceedings. (Article 93 of the Bankruptcy Law)