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Jing Gao Fa Fa [2020] No. 213

To the courts and banking institutions in Beijing:

For the purposes of implementing the Regulations on Optimizing the Business Environment in Beijing, and assisting the people's court to designate the liquidation group to fulfill the statutory duty in compulsory liquidation cases according to law, pursuant to the Company Law of the People's Republic of China, the Law of the People's Republic of China on the People's Bank of China and the Commercial Banking Law of the People's Republic of China and other relevant laws and regulations, the relevant matters concerning the handling of Renminbi bank settlement account by the liquidation group are hereby notified by Beijing Higher People's Court, Operations Office (Beijing) of the People's Bank of China, and Beijing Office of China Banking and Insurance Regulatory Commission as follows:

I. The liquidation group designated by the people's court fulfills its functions such as clearing the company's assets, handling and settling the pending business of related companies, handling debts and claims and participating in civil actions on behalf the company. Where the liquidation group handles matters involving inquiry of the liquidated company's account information, transfer of funds from the liquidated company account, cancellation of the liquidated company's account and other matters related to Renminbi bank settlement account, the banking institution shall deem that such matters are handled by the liquidated company on its own.

II. The liquidation group shall present the following documents when opening a temporary deposit account: the ruling paper from the people's court for accepting liquidation application, the decision for the appointment of a liquidation group by the people's court, recommendation letter of a liquidation group, identity certificate of the person in charge of the liquidation group and identity certificate of the handling person.

III. The banking institution shall perform the obligation of identifying clients as required, conduct due diligence, handle the business of opening a temporary deposit account of the liquidation group in time and notify the liquidation group before the expiry of the account.

On the premise of ensuring that risks are under control, banking institutions are encouraged to streamline procedures and handle the alteration, cancellation and renewal and other matters of an account through electronic channels or door-to-door services.

IV. The liquidation group may apply to the people's court that accepts and hears the liquidation case to inquire the name(s) of the opening bank(s) and the number where the liquidated company has opened RMB bank settlement accounts through the "online 'court-to-bank' Enforcement & Control System".

V. The liquidation group may inquire the liquidated company's account information from a banking institution, including: the name, number, status, balance and transaction records of accounts, counterparty name, statement of account, original transaction voucher, account opening information, reserved seal, and whether the account is subject to judicial freeze, pledge or restriction, and other electronic and hardcopy information.

VI. Banking institutions shall carefully process and promptly reply to the liquidation group's account information inquiry. Matters inquired at the counter of a banking institution shall be answered on-site instantly. In the event the answers fail to be given on the spot, the electronic information inquiry shall be offered within 3 working days, and the manual inquiry involving hardcopy materials shall be answered within 20 working days. In case of special circumstances, it may be extended as appropriately.

VII. The liquidation group may choose its signature or the corporate signature of the liquidated company, and apply to a banking institution for handling relevant matters of the liquidated company's Reminbi bank settlement account.

The liquidation group shall fill in the application for change or sign an agreement in accordance with the procedures of the banking institution in respect of changes of the seal reserved by the liquidated company in the banking institution.

VIII. The liquidation group shall present the following documents when handling relevant matters of the liquidated company's Renminbi bank settlement account: the ruling paper from the people's court for accepting the liquidation application, the decision of the appointment of a liquidation group by the people's court, recommendation letter of a liquidation group and identity certificate of the handling person.

IX. The liquidation group shall perform its duties diligently and faithfully. The liquidation group shall bear the liability for compensation, where the liquidation group causes losses to the liquidated company, creditors, shareholders or the bank institution that assists the liquidation group in handling Renminbi bank settlement account matters due to its intentional or gross negligence.

X. The term "liquidation group" as mentioned in this Circular refers to law firms, accounting firms, bankruptcy liquidation firms and other non-government intermediaries designated by the people's court as the liquidation group according to law after the court accepts the company's application for compulsory liquidation.

This Circular shall be implemented on the date of issuance.

Beijing High People's Court Operations Office (Beijing) of the People's Bank of China

Beijing Office of China Banking and Insurance Regulatory Commission
April 29, 2020