【正确答案】In accordance with Article 70 of the Enterprises Bankruptcy Law, under the following circumstances a rectifi cation plan may be carried out during the process of enterprise liquidation: (i) A debtor or any creditors of an enterprise that is under a liquidation process may apply with the competent court for rectifi cation against that enterprise; (ii) A debtor or any one of its shareholders that holds 10% or more of the enterprise’s registered capital may also apply with the competent court for the rectifi cation of the enterprise if the relevant enterprise against whom an application for bankruptcy has been made by its creditor but the court has yet announced it bankrupt.

【正确答案】In accordance with Article 71 of the Enterprise Bankruptcy Law, any application for a rectifi cation plan shall be approved by the competent court. The court shall issue an order to approve the rectifi cation plan and announce its decision where it deems the proposed rectifi cation plan being in conformity with the law.

【正确答案】In accordance with Article 89, Article 90 and 91 of the Enterprises Bankruptcy Law, a liquidation administrator shall have following powers during the process of the implementation of a rectifi cation plan: (i) The liquidation administrator shall transfer the assets and business operation he has taken over to the debtor upon the approval of the rectifi cation plan by the court; (ii) The liquidation administrator shall supervise the implementation of the rectifi cation plan within the terms of supervision; (iii) The liquidation administrator shall submit a supervision report to the court upon the expiration of the terms of supervision.