"The Provincial Clearing Department means that all transactions (transfers or other) are processed by the Provincial Clearing Department center. Bank clearing refers to the review between financial institutions through the payment intermediary (People's Bank of China) and transferred financial activities. The payment and clearing services provided to the financial system are mainly reflected in intra-city and off-site clearing. Bank clearing business is divided into intra-city clearing and off-site clearing. Intra-city clearing includes intra-city bill exchange, fund clearing and computer clearing of intra-city bills. .”

Rules for company bankruptcy and liquidation

A company that meets the following conditions under the Bankruptcy Law of the People’s Republic of China can apply for bankruptcy: the corporate legal person cannot pay off its due debts, and If the assets are insufficient to repay all debts or the debt is clearly lacking in repayment ability, the debts shall be liquidated in accordance with the provisions of this Law. The company shall establish a liquidation team within fifteen days from the date of the occurrence of the reasons for dissolution, and the liquidation team shall complete the company's liquidation work:

1. Clean up the company's assets and prepare a "Balance Sheet" and "Property List" respectively.

2. Formulate a liquidation plan. The "Liquidation Plan" shall be submitted to the shareholders' meeting/general meeting for resolution or the people's court for confirmation.

3. Notify and announce creditors.

4. Handle the company’s unfinished business related to liquidation.

5. Participate in civil litigation activities on behalf of the company.

6. Clear claims and debts.

7. Dispose of company assets.

8. Handle employee issues.

9. Implement the confirmed liquidation plan and distribute the property.

10. Prepare liquidation report.

11. Go through bank account cancellation procedures.

12. Apply for cancellation of registration.

How to proceed with the company liquidation procedure

1. The company’s shareholders meeting shall make a resolution to dissolve the company. The resolution must be passed by shareholders representing more than two-thirds of the voting rights.

2. A liquidation committee will be established on the 15th day after the shareholders’ meeting makes a resolution to dissolve the company. Within ten days from the date of commencement of liquidation (the date of resolution of dissolution), the registration authority, tax department, labor department and bank where the account is opened shall be notified in writing.

3. Go to the Administration for Industry and Commerce to obtain the "Liquidation Guide", "Liquidation Report Writing Format", "Liquidation Filing Application" and other forms, and handle the liquidation group filing.

4. Publish the liquidation announcement in newspapers and periodicals approved by the Industrial and Commercial Bureau.

5. Prepare a balance sheet and property list on the date of liquidation.

6. Obtain tax payment certificates for national and local taxes.

7. Three months after the liquidation announcement, prepare a balance sheet and property list for the liquidation end date.

8. Make a liquidation distribution plan.

9. The liquidation team will prepare a liquidation report, income and expenditure statements during the liquidation period and various financial accounts, and submit them to shareholders for confirmation.

Bank clearing refers to financial activities that are reviewed and transferred between financial institutions through a payment intermediary (the People's Bank of China). The payment and clearing services provided to the financial system are mainly reflected in intra-city and remote settlement. Bank clearing business is divided into intra-city clearing and off-site clearing. In-city clearing includes intra-city bill exchange, fund clearing and computer clearing of intra-city bills.

The People's Bank of China, referred to as the Central Bank, is the central bank of the People's Republic of China and a department of the State Council. Under the leadership of the State Council, it formulates and implements monetary policies, prevents and resolves financial risks, and maintains financial stability.

Legal basis:

Article 12 of the "Law of the People's Republic of China on Commercial Banks" To establish a commercial bank, the following conditions must be met:

( 1) It has articles of association that comply with the provisions of this Law and the Company Law of the People's Republic of China;

(2) It has the minimum registered capital that complies with the provisions of this Law;

(3) Have directors and senior managers with professional knowledge and business work experience;

(4) Have a sound organizational structure and management system;

(5) Have qualified personnel Required business premises, safety precautions and other facilities related to the business.

The establishment of a commercial bank must also meet other prudential conditions.