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Technology Stocks : C-Cube

CUBE 37.54

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Nov 7 3:59 PM EST

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To: BillyG who wrote (26409)	12/9/1997 10:02:00 PM
From: John Rieman	Read Replies (1) of 50808

Only in a socialist market economy..................... cei.go.cn New State rule clarifies bankruptcy asset checks by Wang Lihong <Picture: [IMG]> CHINA has strengthened rules on the asset evaluation of bankrupt enterprises, a move aimed at stopping such firms from escaping having to pay their debts . The State Administration of State-Owned Property (Sasp) issued a regulation yesterday defining the procedure and principle of asset evaluation on Stateowned enterprises whose bankruptcy has been approved by the government. The regulation will pave the way for China's experimental campaign to streamline debtburdened State firms in about 110 pilot cities. According to the rule, the people's court will appoint an asset clearance team comprising members from relevant departments to be in charge of the appraisal of the bankrupt enterprise's assets. The appraisal result will be checked by the team and acknowledged by the managing departments of State-owned property. The appraisal result is valid until six months after the date the court announces the insolvency of the enterprise. The rule defines the principles in evaluating the major items, including liquid assets, deferred expenses and deferred assets long-term investment, machinery and equipment, buildings and projects being constructed invisible assets, non-profit assets and asset mortgage. The regulation stipulated that evaluations of local enterprises with total assets exceeding 100 million yuan ($12 million) will be handled by provincial-level State property managers. Bankrupt enterprises with total assets of more than 500 million yuan ($60 million) have to be confirmed by the Sasp after being evaluated by provincial property management departments. Date: 12/09/97

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