In relation to the Enterprise Bankruptcy Law of China:
(a) state and explain the legal effect of the settlement of debts by the debtor against individual creditors after a people’s court has accepted the application for bankruptcy; (3 marks)
(b) In relation to the debtors of the debtor against whom the application for bankruptcy is brought, or the property holders of such debtor:
(i) state their obligations once the people’s court accepts the application; (4 marks)
(ii) state the legal consequences for breaching their obligation. (3 marks)