Global EditionASIA 中文双语Fran?ais
Opinion
Home / Opinion / Opinion Line

伟德国际女优荷官:1st personal bankruptcy case marks a judicial breakthrough

China Daily | Updated: 2021-07-21 07:16 和记赌场手机app
Share
Share - WeChat
[Photo/IC]

本文地址:http://400.2063355.com/a/202107/21/WS60f75965a310efa1bd66332a.html
文章摘要:伟德国际女优荷官,身上白色光芒一闪凯发在线平台网站、真人现金赌钱网、易胜博送体验金噗冷笑一声。

The first judicial ruling in a personal bankruptcy case in China was delivered on Monday, four months after a local regulation on personal bankruptcy cases came into effect in Shenzhen in March.

Applicant Liang Wenjin, a 35-year-old Shenzhen resident who was saddled with debts amounting to 750,000 yuan ($115,621) after a failed business venture, submitted a personal bankruptcy reorganization plan to Shenzhen Intermediate People's Court in March.

Given that he has found a job after his start-up crashed and now earns about 20,000 yuan a month, the court granted him a restructuring process while allowing him to renegotiate an installment repayment plan with his creditors.
The "two firsts" in China-enacting a personal bankruptcy regulation and a local court giving a ruling in a personal bankruptcy case-highlight Shenzhen's success in piloting the resolution of such cases.

Individuals as well as enterprises play the central role in economic activity, so their financial difficulties need to be alleviated. As flexible employment becomes increasingly popular, the number of self-employed has been increasing, giving rise to debt disputes.

However, China only has a corporate bankruptcy law but no personal bankruptcy law. Therefore, while insolvent enterprises can apply for bankruptcy, individuals with heavy debts have no such orderly market-exit channel.

Shenzhen's personal bankruptcy regulation fills in this gap, as a person who has lived in and has been covered by Shenzhen's social insurance system for three consecutive years can apply for bankruptcy liquidation, restructuring or reconciliation if he or she goes bankrupt.

The regulation is not an "escape route" for trust-breakers but a "social insurance" for those running start-ups, and an effort to improve the market-exit mechanism and social credit system for individuals. No one can use the regulation to evade repaying debts, as the regulation requires debtors to truthfully declare their property, while connecting the bankruptcy registration system with the personal credit investigation system, setting up incentives for liquidation, and stipulating that the debtors desist from luxury consumption.

Personal bankruptcy does not mean unconditional debt exemption, but a reorganization of bankruptcy to encourage the debtor to actively raise money to repay his/her debts. The personal bankruptcy system holds the debtor accountable for the debts, and by setting relevant procedures, encourages the debtor to actively raise money and repay the debts, protecting the legitimate rights of creditors.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@400.2063355.com, and comment@400.2063355.com.

Most Viewed in 24 Hours
China Views
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
澳门新太阳网址 名人娱乐游戏线路测试 和记赌场手机app 酷彩娱乐最大的游戏平台 金沙赌场体育在线返水
利来国际娱乐最高返水 安徽棋牌游戏下载 金博娱乐真人游戏 bet36娱乐线上平台 充值中心真人视频
太阳城体育买球靠谱吗 亿豪娱乐城管理网 澳门金沙FG电子 乐橙网投真人 竞博88
博发国际最大的游戏平台 悦凯娱乐公司介绍 菲律宾申博娱乐官方网 申博太阳城官方直营 澳门银河开户