The obligor may, in accordance with the law, apply for conciliation directly to the people's court; also can be in the people's court accepts the application for bankruptcy, to declare the debtor bankrupt, apply to the people's court for settlement. The meeting of creditors through the settlement resolution, by decision of the people's court, terminate conciliation procedures, and shall make a public announcement. A draft settlement agreement by the meeting of creditors to vote was not adopted, and the agreement of settlement has been passed by the creditors' meeting has not obtained the approval of the people's court, the people's court shall rule to terminate the reconciliation process, and declare the debtor bankrupt.
The administrator shall hand over the property and business operations to the debtor, and submit the report to the people's court from performing their duties. Since the date of the completion of the execution reconciliation agreement, the debtor shall no longer bear under the settlement of debt relief for liability.

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