After the peoples court accepts the bankruptcy case and before the declaring of bankruptcy , the debtor and the creditor may apply to the peoples court for conciliation 人民法院受理破产案件后，在破产宣告前，债务人或者债权人可以向人民法院申请和解。
Reviewing current bankruptcy law of china , we may find that the regulations concerning the effect on contracts as a result of adjudication of bankuptcy are over - simplified 查我国现行破产立法，可知对于破产宣告对于待履行合同的效力，现行规定实在太过简陋。
The obligatory right of bankruptcy is the one happened before the declaration of bankruptcy . all the obligatory rights should be applied through the legal procedure 破产债权是破产宣告以前成立的债权，债权应当通过法定程序申报，逾期申报将对债权人产生不利的影响。
Article 116 before declaring bankruptcy , the peoples court shall make a decision concluding the procedure of bankruptcy and publicize the decision under one of the following circumstances 第一百一十六条破产宣告前，有下列事由之一的，人民法院应当裁定终结破产程序，并予以公告：
Article 32 . with respect to claims secured with property that are established before bankruptcy is declared , the creditors enjoy the right to receive repayment with priority with respect to such security 第三十二条破产宣告前成立的有财产担保的债权，债权人享有就该担保物优先受偿的权利。
But , if the agent has not received the notice of bankruptcy declaration and is unaware of the fact of bankruptcy declaration , and continues to dispose the authorized affairs , obligatory rights thus incurred 但是，受委托人未接到破产宣告通知且不知有破产宣告的事实，继续处理委托事务，由此发生的债权作为破产债权。
Article 18 after the peoples court accepts the case of bankruptcy and before the declaration of bankruptcy , the exercise of the right of mortgage , pledge or lien to the property or rights of the debtor shall be suspended 第十八条在人民法院受理破产案件后，破产宣告前，对债务人的财产或者权利享有的抵押权质权或者留置权，暂停行使。
Article 127 as to non - monetary obligatory rights and obligatory rights expressed in foreign currencies , the amount of the bankruptcy obligatory rights shall be the amount of the obligatory rights evaluated at the time of bankruptcy declaration 第一百二十七条非金钱债权和以外币表示的债权，以破产宣告时的债权评价额作为破产债权额。
Article 129 where one or more joint debtors are declared bankrupt and the other joint debtor has paid off debts for the bankrupt person , it may exercise its right to recourse as the bankruptcy obligatory right 第一百二十九条连带债务人一人或者数人受破产宣告的，其他连带债务人已经代替破产人清偿债务的，可以其求偿权作为破产债权行使权利。
The exuberant junk - bond era of the 1980s , when high - yielding debt securities fuelled a wave of takeovers , ended with the bankruptcy in 1990 of drexel burnham lambert , which had dominated the market 二十世纪八十年代是后保债券最鼎盛的时期，这个时期由高产的债务证券带动的接管的浪潮而开始，以1990年占市场主导地位的德崇证券公司的破产宣告结束。
