Introduction In bankruptcy practice, creditor review plays a crucial role in ensuring fairness, legality, and the smooth progress of the bankruptcy procedure. In this article, the author will analyze from the perspectives of bankruptcy practice and legal norms, hoping to provide valuable information and guidance for creditors in the handling of claims and debts in bankruptcy.

What is Creditor Review? Creditor review plays a vital role in the bankruptcy procedure, with its core goal being to determine the list of creditors and the amount of claims for the bankrupt enterprise or individual. It not only helps safeguard the legitimate rights of creditors but also contributes to transparency and fairness in the bankruptcy process. Creditor review ensures that creditor declarations are true and complete, and creditor information is accurately recorded, providing a reliable basis for claim distribution. Furthermore, creditor review helps eliminate the possibility of false claims, maintaining the credibility of the bankruptcy process.

Contents of Creditor Review Article 64 of the "Trial Measures of the People's Higher Court of Shaanxi Province for the Trial of Bankruptcy Cases" provides detailed regulations on the content of creditor review in bankruptcy cases in the Shaanxi region.

The administrator shall conduct a formal and substantive review of the claims declared by creditors.

The main contents of the substantive review include: (1) Whether the declared claims are valid, including contracts, effective judgments, and supporting documents; (2) Whether the nature of the claims allows for repayment in the bankruptcy process; (3) The amount of the claims; (4) Types of claims, including but not limited to secured claims, tax claims, labor claims, contingent and time-barred claims, pending claims from litigation or arbitration, entrusted contract, and bill claims, etc.; (5) Whether the claims exceed the statute of limitations or the application for execution period; (6) Whether the claims are secured, and whether the collateral value is sufficient to satisfy the secured claims; (7) Whether the claims are undetermined or in dispute, whether the creditor has voting rights at the creditors' meeting, and the amount of claims they represent; (8) The execution results of claims that have entered the enforcement process; (9) Other matters to be reviewed.

This article specifies the content that the administrator should review during the bankruptcy creditor review process. These are also the evidentiary materials that creditors should submit when declaring claims. It emphasizes the importance of having an awareness of evidence when handling their claims and debts to ensure that their claims are legally protected.

Creditor Review Process Article 65 of the "Trial Measures of the People's Higher Court of Shaanxi Province for the Trial of Bankruptcy Cases" stipulates the basic steps of the creditor review process: (1) Preliminary review of claims, resulting in the "Preliminary Creditor Review Letter"; (2) Informing the creditors and debtors of the preliminary creditor review opinions and soliciting their opinions; (3) If the creditors or debtors raise objections to the preliminary creditor review opinions, conducting a review of the disputed claims and creating the "Declaration of Creditor Claim Review Confirmation"; (4) Recording the results of the creditor confirmation in the "Creditor List."

If, during the creditor review, the administrator deems a claim to be invalid or identifies inconsistencies in the nature and security of the claim, or significant discrepancies in the claim amount as declared, the administrator shall explain the reasons for the claim's invalidity or the related discrepancies in the "Preliminary Creditor Review Letter" and the "Declaration of Creditor Claim Review Confirmation."

Creditor Claim Declaration Bankruptcy creditors should submit their declaration materials to the administrator within the specified time set by the court. The content should be truthful, complete, and accompanied by relevant evidence. The specific matters related to creditor claim declaration have been discussed by the author in a previous article ("Bankruptcy Practice - Creditor Claim Declaration Operation Guide"), and will not be repeated in this article.

Bankruptcy Administrator's Review of Claims Upon receiving the materials declared by creditors, the administrator will conduct a review, which includes verifying whether the claims have surpassed the statute of limitations, whether they are legal, and whether they are truthful, among other aspects. After completing the review, the administrator will inform the creditors of the review results, allowing creditors to promptly learn about the review results of their claims and raise objections if necessary.

Creditors' Meeting Article 62 of the "Enterprise Bankruptcy Law of the People's Republic of China" stipulates: "The first creditors' meeting is convened by the people's court within fifteen days from the expiration of the period for filing claims." After completing the creditor review, the administrator will convene a creditors' meeting. During the meeting, the results of the creditor review will be reported to the creditors, and a proposal will be submitted to the creditors' meeting for approval.

Distribution of Claims The results of the creditor review will directly influence the formulation of the claim distribution plan. Legitimate and legal claims will receive a fair distribution, ensuring the protection of the rights and interests of the creditors.