On 25 May 2021, Shenzhen Intermediate People’s Court accepted five personal bankruptcy applications. These are the first batch of personal bankruptcy applications since the implementation in March of the “Personal Bankruptcy Regulation of Shenzhen Special Economic Zone” (the “Regulation”,深圳經(jīng)濟特區(qū)個人破產(chǎn)條例), China’s first personal bankruptcy regulation, marking the official launch of personal bankruptcy proceedings in Shenzhen.
In accordance with the Regulation, after the decision on accepting a bankruptcy application, a court shall simultaneously render a ruling on restricting the acts of the applicant, serve the court ruling to the applicant, and notify the competent department for bankruptcy administration of such ruling. As of the day when the court accepted the bankruptcy application, the debtor submitting the application shall bear the obligations as provided therein until the court rules to discharge his/her outstanding debts in accordance with the Regulation.
After accepting the five personal bankruptcy applications submitted by Liang Wenjin (梁文錦) and other four people, Shenzhen Intermediate People’s Court served the “Decision on Restricting Consumption” (the “Decision”, 限制消費行為決定書) and the “Notice on Fulfilling the Obligations of Personal Bankruptcy Proceedings” (履行個人破產(chǎn)程序義務(wù)通知書) to the debtors separately according to the law. The five persons, including Liang, shall abide by the Decision made by the court on restricting consumption and perform the obligations prescribed in the Regulation.
Cover Photo by Joseph Chan (https://unsplash.com/@yulokchan) on Unsplash
Contributors: CJO Staff Contributors Team
