[Personal bankruptcy application, don’t want to play "tricks" in property declaration] "Support the bottom line" for entrepreneurs and let the losers move forward. The "Regulations on Individual Bankruptcy in Shenzhen Special Economic Zone" (hereinafter referred to as the "Regulations") has been implemented for more than a month. The reporter learned from a press conference held by the Shenzhen Intermediate People's Court on the 12th that the court accepted bankruptcy applications from 8 debtors in March, and 7 of them are still working and are willing to pay off. The number of personal bankruptcy applications reflects that the implementation of the personal bankruptcy system can fully implement the bankruptcy protection concept that encourages innovation, tolerate failure, and supports rebirth. However, in the first month of the implementation of the Regulations, there were also cases of incomplete declaration of property, inadequate declaration and failure to declare truthfully. Lawyer Du Yanzhi, a partner of Guangdong Jingtian Law Firm and vice president of Shenzhen Bankruptcy Administrators Association, said in an exclusive interview with our reporter that compared with corporate bankruptcy, the inventory, takeover and distribution of personal bankruptcy property is more complicated and "escape and abolition of debts" will face admonitions, detention, fines, and even criminal responsibility, and will be held accountable to the end.
Source: Shenzhen Weibo Release Hall
