变价和分配

　　管理人应当及时拟订破产财产变价方案，提交债权人会议讨论。

　　管理人应当按照债权人会议通过的或者人民法院依照本法第六十五条第一款规定裁定的破产财产变价方案，适时变价出售破产财产。

　　变价出售破产财产应当通过拍卖进行。但是，债权人会议另有决议的除外。

　　破产企业可以全部或者部分变价出售。企业变价出售时，可以将其中的无形资产和其他财产单独变价出售。

　　按照国家规定不能拍卖或者限制转让的财产，应当按照国家规定的方式处理。

　　破产财产在优先清偿破产费用和共益债务后，依照下列顺序清偿：

　　（一）破产人所欠职工的工资和医疗、伤残补助、抚恤费用，所欠的应当划入职工个人账户的基本养老保险、基本医疗保险费用，以及法律、行政法规规定应当支付给职工的补偿金；

　　（二）破产人欠缴的除前项规定以外的社会保险费用和破产人所欠税款；

　　（三）普通破产债权。

　　破产财产不足以清偿同一顺序的清偿要求的，按照比例分配。

　　破产企业的董事、监事和高级管理人员的工资按照该企业职工的平均工资计算。

　　破产财产的分配应当以货币分配方式进行。但是，债权人会议另有决议的除外。

　　管理人应当及时拟订破产财产分配方案，提交债权人会议讨论。

　　破产财产分配方案应当载明下列事项：

　　（一）参加破产财产分配的债权人名称或者姓名、住所；

　　（二）参加破产财产分配的债权额；

　　（三）可供分配的破产财产数额；

　　（四）破产财产分配的顺序、比例及数额；

　　（五）实施破产财产分配的方法。

　　债权人会议通过破产财产分配方案后，由管理人将该方案提请人民法院裁定认可。

　　破产财产分配方案经人民法院裁定认可后，由管理人执行。

　　管理人按照破产财产分配方案实施多次分配的，应当公告本次分配的财产额和债权额。管理人实施最后分配的，应当在公告中指明，并载明本法第一百一十七条第二款规定的事项。

　　对于附生效条件或者解除条件的债权，管理人应当将其分配额提存。

　　管理人依照前款规定提存的分配额，在最后分配公告日，生效条件未成就或者解除条件成就的，应当分配给其他债权人；在最后分配公告日，生效条件成就或者解除条件未成就的，应当交付给债权人。

　　债权人未受领的破产财产分配额，管理人应当提存。债权人自最后分配公告之日起满二个月仍不领取的，视为放弃受领分配的权利，管理人或者人民法院应当将提存的分配额分配给其他债权人。

　　破产财产分配时，对于诉讼或者仲裁未决的债权，管理人应当将其分配额提存。自破产程序终结之日起满二年仍不能受领分配的，人民法院应当将提存的分配额分配给其他债权人。
　

CONVERSION AND DISTRIBUTION

　　The bankruptcy custodian shall draft a conversion plan of insolvent assets and submit it to the creditor's meeting for discussion.

　　The bankruptcy custodian shall, in light of the conversion plan of insolvent assets that has been adopted at the creditor's meeting or that has been ruled by the people's court in accordance with the provisions of paragraph 1 Article 65 of the present Law, sell the insolvent assets by means of conversion at a proper time.

　　The sale of insolvent assets by means of conversion shall be conducted through auction, unless there is any other resolution at the meeting of creditors.

　　An insolvent enterprise may be wholly or partially sold by means of conversion. Where an enterprise is sold by means of conversion, the intangible assets and other assets thereof may be solely sold by means of conversion.

　　As to the assets that shall not be auctioned or whose transfer is restricted, it shall be handled through the method as prescribed by the state.

　　The insolvent assets shall, after the costs for bankruptcy liquidation and community liabilities are repaid in priority, be liquidated in light of the following sequence:

　　(1) The wages and subsidies for medial treatment and disability, comfort and compensatory expenses as defaulted by the bankruptcy, the fundamental old-age insurance premiums, fundamental medical insurance premiums that shall have been transferred to the employees' personal account as well as the compensation fees for employees as prescribed by the relevant laws and administrative regulations;

　　(2) The social insurance premiums other than those as prescribed in the aforesaid provisions and tax fees as defaulted by the bankruptcy; and

　　(3) The common credits of bankruptcy.

　　Where the insolvent assets are not enough to meet the requirements for liquidation in a same sequence, it shall be distributed in light of the proportion.

　　The wages of the directors, supervisors as well as senior managers of an insolvent enterprise shall be calculated in light of the average wage of employees.

　　The insolvent assets shall be subject to monetary distribution, unless it is separately decided at the meeting of creditors.

　　A bankruptcy custodian shall formulate a distribution plan of insolvent assets in a timely manner, and submit it to the creditor's meeting for discussion:

　　In the distribution plan of insolvent assets, the following matters shall be indicated:

　　(1) Names and domiciles of the creditors attending the distribution of insolvent assets;

　　(2) The amount of the creditor's rights that is involved in the distribution of insolvent assets;

　　(3) The amount of insolvent assets as ready for distribution;

　　(4) The sequence, proportion and amount of insolvent assets subjected to distribution; and

　　(5) The measures for distributing the insolvent assets.

　　After a distribution plan of insolvent assets is adopted at the meeting of creditors, the relevant bankruptcy custodian shall submit the plan to the people's court for an approval ruling.

　　The distribution plan of insolvent assets shall, upon the approval of the people's court, be executed by the relevant bankruptcy custodian.

　　Where a bankruptcy custodian implements a distribution in installments in light of the distribution plan of insolvent assets, it shall announce the amount of assets and the creditor's rights in the distribution. Where the bankruptcy custodian implements a conclusive distribution in a lump sum, it shall be indicated in the announcement, wherein the matters as prescribed in paragraph 2, Article 117 of the present law shall be indicated as well.

　　As to any creditor's right subject to the requirement for effectiveness or unchain, the bankruptcy custodian shall deposit the distribution share.

　　As to the distribution share as deposited by the bankruptcy custodian in the preceding paragraph, on the announcement day of the conclusive distribution, where the requirement for effectiveness is not satisfied or the requirement for rescission is satisfied, it shall be distributed to other creditors; on the announcement day of the conclusive distribution, where the requirement for effectiveness is satisfied or the requirement for rescission is not satisfied, it shall be delivered to the creditors.

　　The distribution shares of insolvent assets that have not been collected by creditors shall be deposited by the relevant bankruptcy custodian. Where a creditor fails to collect its share within 2 months as of the last day of distribution announcement, it shall be deemed as waiver of the right to collect the distribution share. The bankruptcy custodian or the people's court shall distribute the deposited distribution share to other creditors.

　　When distributing the insolvent assets, as to any creditor's right that has not been settled by action or arbitration, the bankruptcy custodian shall deposit the distribution share. Where any distribution share fails to be collected within 2 years as of the day when the procedures for bankruptcy are terminated, the people's court shall distribute the deposit distribution share to other creditors.