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China Foreign Investment in China General Information An Overview on Shenzhen Individual Bankruptcy Regulations
KNOWLEDGE|
(1) |
have been living in Shenzhen and have paid social insurance for 3 consecutive years in Shenzhen; |
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(2) |
unable to pay off their debts because of business struggles or problematic consumption or their assets are insufficient to pay off all the debts. |
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(1) |
Bankruptcy Liquidation The debtor shall use all of his property to pay off debts except the exempted properties retained in accordance with law after entering into bankruptcy liquidation procedure. After a three-year inspection period, the debtor who has complied with restrictions and has no bankruptcy fraud can be exempted from paying outstanding debts according to the Regulations. |
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(2) |
Reorganization If the debtor has expected revenue in the future, he/she may submit a reorganization plan to the court. The reorganization plan shall be executed by the debtor after being approved by the court. The debtor may apply for relief of the outstanding debts with the court upon completion of the execution of the reorganization plan. |
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(3) |
Reconciliation If the debtor voluntarily reaches a settlement agreement on debt relief and repayment with the creditor out of court or in court, he/she may apply for ratification from the court. The debtor may apply for relief of the outstanding debts with the court upon completion of the execution of the settlement agreement. |
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(1) |
Necessities and reasonable expenses of the debtor and his/her dependants for living, studying and medical treatment; |
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(2) |
Items and reasonable expenses that shall be retained for the debtor's career development; |
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(3) |
Articles with special commemorative significance to the debtor; |
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(4) |
Life insurance without cash value; |
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(5) |
Medals or other articles for honour; |
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(6) |
Compensation for personal injury, social insurance and minimum living securities exclusively belonging to the debtor; |
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(7) |
Other properties that should not be used to pay off debts according to law or public order and good customs. |
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(1) |
Restriction on Consumption Except for the real needs of life and work and with the consent of the court, the debtor shall not have the following consumption behaviours：
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(2) |
Restriction on Post-holding Qualification The debtor shall not hold the post of director, supervisor or senior manager of a listed company, an unlisted public company or a financial institution from the date the debtor is declared bankrupt to the date the debtor's outstanding debts are released in accordance with the law. |
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(3) |
Restriction on Loan Quota When the debtor borrows more than RMB1,000 or applies for an equal amount of credit, he/she shall declare his/her bankruptcy status to the lender or the credit grantor during the period from the court accepts the bankruptcy petition until the date the debtor's outstanding debts are released in accordance with the law. |
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Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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