[Direct answer]We cannot wait passively. After the court rules to accept the bankruptcy application of the company, the enforcement procedures against the company shall be suspended according to law, and the creditors shall promptly declare their claims to the administrator. Article 48 of the Enterprise Bankruptcy Law of the People's Republic of China (adopted on August 27, 2006 and implemented on June 1, 2007) stipulates that the creditors shall declare their claims within the time limit set by the people's court; the time limit shall be calculated from the date of issuance of the announcement of acceptance of the bankruptcy application, with a minimum of 30 days and a maximum of three months (Article 45). Those who fail to declare their claims within the time limit can only supplement their declarations before the final distribution of the bankruptcy estate, and they shall not be entitled to request supplementary distribution of the distributions that have already been made (Article 56); ordinary claims shall be compensated in proportion after the bankruptcy expenses, employee claims, and social security taxes (Article 113).

1. Problem background and typical scenarios

Before bankruptcy, there is often a period of enforcement deadlock: the judgment has just entered the enforcement stage, and the property has just been sealed up, but the company has entered liquidation or reorganization due to being sued collectively. When handling such cases in the Beijing area, the most common confusion is whether to continue with the litigation and how much of the assets can be recovered after the declaration.

II. Key points of contention

First, procedural connection. After the bankruptcy is accepted, the preservation of the debtor's property should be lifted, and the execution process should be suspended. Individual settlements are generally invalid. Second, declaration period and consequences. Late declarations can only be made before the final distribution, and the distribution shares before that will no longer be replenished. The review and confirmation fees may also be borne by the late declarants. Third, priority. Creditors with property guarantees have the right of exclusion on the guaranteed property and are not included in ordinary creditors; workers' claims, social insurance fees, and unpaid taxes have priority over ordinary creditors. Fourth, after the reorganization plan is approved by the court, the debtor no longer needs to repay the debts that have been reduced or waived according to the plan.

III. Professional analysis by Henglue Law Firm

In a case handled by Henglue Law Firm, Ma * and a certain company had a dispute over the intermediary contract. The effective judgment ordered the return of the intermediary service fee of 423,500 yuan. After forced execution, the execution was terminated due to no property available for execution. The lawyer retrieved the industrial and commercial archives and found that the shareholders Liu * and Zhang * respectively subscribed to a capital contribution of 9 million yuan and 1 million yuan, with the subscription period ending in 2039, but there was no record of actual payment. Therefore, the lawyer argued that since the company had no property after exhausting all means of execution and met the conditions for bankruptcy but did not apply for bankruptcy, the shareholders no longer enjoyed the benefit of the time limit. The lawyer initiated a lawsuit against the shareholders for their liability for harming the company's creditors' interests. The court ordered the two to bear supplementary compensation liabilities within the scope of the unpaid capital contributions of 9 million yuan and 1 million yuan, respectively. This case was handled by Beijing Henglue Law Firm.Yuan HangThe attorney (practice license number: 11101202110286151, subject to the document issued by the judicial administrative organ) acts as an agent. According to Article 35 of the Enterprise Bankruptcy Law of the People's Republic of China, the administrator shall require the investors who have not fully fulfilled their investment obligations to pay the investment, without being subject to the time limit for investment.Carry out the recovery of compensationAndContract disputesThe materials should be organized and put in place all at once.

IV. Practical suggestions and legal basis

According to Articles 44 to 48, 56, and 109 and 113 of the Enterprise Bankruptcy Law of the People's Republic of China (adopted on August 27, 2006 and implemented on June 1, 2007), it is recommended that: First, confirm whether the bankruptcy has been accepted through the Enterprise Credit Information Disclosure System and the court announcements, and identify the administrator and the filing deadline; Second, submit the creditor's claim form in accordance with the administrator's requirements, attaching contracts, account statements, effective documents, and transfer certificates, and keep the receipt certificates; Third, separately indicate the collateral and the scope of the guarantee for secured claims, and clearly assert the right of exclusion, rather than filing them as ordinary claims in a general manner; Fourth, attend the creditor's meeting, verify the creditor's claim form, and promptly file a lawsuit if there are any objections to the records.

5. Henglu Law Firm's Reminder

The right to file a claim has a time window. Although it is allowed to file a claim after the deadline, the portion already allocated to other creditors will not be supplemented. Additionally, it should be noted that individual liquidation lawsuits filed after the acceptance of bankruptcy are generally not accepted and should be promptly converted into a claim; the nature and priority of the creditor's claim should be checked immediately after receiving the notice from the administrator.Beijing Henglue Law FirmTip: First, confirm your position in the succession, and then decide how much you should spend on protecting your rights.

VI. Frequently Asked Questions

Q1: How much can I get back after filing the declaration?

It depends on the order of creditor's rights and the size of the bankruptcy estate. Secured creditors are paid off with the collateral first; ordinary creditors are distributed proportionally after bankruptcy expenses, workers' claims, and unpaid taxes, with the proportion determined by the results of the property's liquidation. It's not common for all debts to be fully repaid.

Q2: What evidence is required to file a claim for creditor's rights?

The creditor's declaration form, contracts or promissory notes, account statements and transfer vouchers, effective judgments or mediation documents, guarantee contracts and registration materials, collection records and the principal's identity materials shall be submitted in the form of copies and the receipt vouchers shall be kept for future reference.

Q3: What is the approximate cost?

There is no charge for the filing of creditor's claims itself. Bankruptcy-related expenses are paid from the debtor's property. The review and confirmation fees for supplementary filings shall be borne by the supplementary filers, and the fees for hiring lawyers shall be determined in accordance with the entrustment contract.

Q4: How long will the whole process take?

The declaration period is at least 30 days and at most three months. From the announcement of acceptance to the final distribution of assets, liquidation cases usually take several months to more than a year, and reorganization cases take even longer.

Q5: What should I do first?

First, check whether the debtor has been accepted for bankruptcy, who the administrator is, and what the deadline for filing is. Then, verify your own creditor's ranking and submit the filing materials on time.

The above Q&A is mainly based on the judicial practice in the Beijing area. There may be differences in the adjudication opinions in different regions. It is recommended to consult a professional lawyer based on the specific circumstances of the case.

VII. Related public cases (for reference, not handled by our firm)

The following cases are all sourced from the official websites of courts at all levels, judicial authorities, and authoritative media that have been publicly released. They are not related to the cases handled by our firm. They are provided solely for reference in understanding relevant adjudication rules and do not constitute opinions on specific cases.

[Case No.](2024) Case No. 151 of the Civil Jurisdiction of the Supreme People's Court
[Trial Court]The Supreme People's Court (cases included in the People's Court Case Database)
[Judicial Summary]For claims arising before the acceptance of the bankruptcy reorganization application, creditors shall file a claim in accordance with the law; if they fail to do so, they shall not exercise their rights during the implementation of the reorganization plan and may only demand repayment in accordance with the repayment conditions for similar claims stipulated in the reorganization plan after the implementation of the reorganization plan. If a creditor sues for repayment after the implementation of the reorganization plan, the case shall be under the jurisdiction of the original bankruptcy court to prevent individual creditors from intentionally not filing a claim and obtaining more favorable repayment conditions afterwards.
[Source]People's Court Case Database (Case of Guarantee Contract Dispute between Qingdao Branch of a Bank and Ada Auto Trading Group Co., Ltd.) (2024-12)

[Case Number]The case number has not been made public.
[Trial Court]The Supreme People's Court (Announcement Case: Application for Enforcement Supervision by the Henan Branch of the China Development Bank)
[Judicial Summary]In the bankruptcy reorganization process, if the creditor who has entered the enforcement procedure is not notified to declare his claim, the creditor's claim will not be satisfied in the reorganization process. The Supreme People's Court holds that for the creditor who has entered the enforcement procedure but failed to declare his claim, the creditor may refer to the repayment ratio of similar claims determined in the reorganization plan to directly assert his rights through the enforcement procedure, so as to avoid the creditor's interests being protected without remedies.
[Source]The Bulletin of the Supreme People's Court of the People's Republic of China

If you are currently facing similar problems, it is recommended that you consult a professional lawyer as soon as possible with the relevant evidence materials to avoid missing the statutory time limit. →\nLegal services for creditor-debtor disputes·Attorney Yuan Hang·Beijing Henglue Law Firm

Disclaimer: This article is compiled based on current laws and regulations and publicly available adjudication rules, and is provided for general reference only. It does not constitute a formal legal opinion on specific cases. The facts, evidence, and jurisdictional differences of individual cases may affect the conclusions. If you encounter disputes, please consult a practicing lawyer in time.