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破产程序,是指当企业不能清偿到期债务,并且资产不足以清偿全部债务或者明显缺乏清偿能力时,公平清理债权债务,保护债权人和债务人的合法权益的一种法定程序。《中华人民共和国企业破产法》(2007年6月1日起施行,以下简称《破产法》)共规定了三种程序:重整、和解与破产清算。狭义的破产程序特指破产清算,广义的破产程序是重整、和解与破产清算程序的总称。重整与和解的意义在于给债务人一个机会,避免债务人最终走向破产
Bankruptcy Procedure refers to a statutory procedure of fairly cleaning up the creditor’s rights and debts and protecting the legitimate rights and interests of the creditors and the debtor when the enterprise can not pay off the debts that are due and the assets are not enough to pay off all the debts or obviously lack the solvency. The Law of the People’s Republic of China on Enterprise Bankruptcy (effective June 1, 2007, hereinafter referred to as Bankruptcy Law) stipulates three procedures in all respects: reorganization, reconciliation and bankruptcy liquidation. The narrow bankruptcy process refers specifically to bankruptcy liquidation, and the broad bankruptcy proceedings are the general term of reorganization, reconciliation and bankruptcy liquidation proceedings. The significance of reorganization and reconciliation lies in giving the debtor an opportunity to prevent the debtor from eventually going bankrupt