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Shenzhen Court Issues Landmark Ruling on Personal Bankruptcy
Published on: 2021-11-11
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A court in the southern business hub of Shenzhen has approved China’s first personal bankruptcy liquidation, another step forward in building a legal framework that will allow MILLIONS of individuals across the country to reorganize their debts and make a fresh start.
 

Hu Xuhui, a local resident who didn’t have enough assets to pay her liabilities, was declared insolvent, a process also known in China as bankruptcy liquidation, according to a ruling published Tuesday by the Shenzhen Intermediate People’s Court. She will now be subject to restrictions on luxury spending and work for three years and any new assets she earns or acquires, above an agreed monthly budget for living expenses, will be distributed to creditors. After that, she will be discharged from bankruptcy and the restrictions once the court gives the green light.
 

In March this year, the “Shenzhen Special Economic Zone Personal Bankruptcy Regulations” were implemented, becoming my country’s first personal bankruptcy regulations. After the implementation of the regulations, the first case of personal bankruptcy reorganization and reconciliation procedures has been decided. This case is the first personal bankruptcy liquidation case ruled by the Shenzhen Intermediate Court.
 

全国首例个人破产案落地!当事人获免除百万债务,曾经营教育培训机构

日前,深圳市中级人民法院裁定债务人呼勇(化名)破产,成为国内个人破产第一人。
 

据报道,呼勇原在深圳某商场内经营教育培训机构。受商场倒闭影响,培训机构不得不关闭,导致呼勇负债480余万元。2018年,呼勇卖掉其唯一住房,实际收款260万元,全部用于偿还债务,但至今仍负债100余万元。呼勇目前无固定工作,每月劳务收入约5000元,自2013年离异后独自抚养女儿。
 

今年6月9日,呼勇向深圳中院提交个人破产清算申请。深圳中院认定呼勇财产不足以清偿全部债务,符合宣告破产的条件。11月8日,深圳中院将文书送达至呼勇手中,正式裁定宣告其破产。“感谢个人破产条例,让我有机会得到经济上的‘重生’。”呼勇对媒体表示。
 

据了解,自宣告破产之日起,呼勇将进入免责考察期。考察期内,呼勇需接受破产管理人和破产事务管理署的监督,每月申报个人收入、支出和财产状况等信息,除扣除每月必要支出外,剩余收入全部用于偿还债务。
 

免责考察期满后,深圳中院将根据呼勇考察期间表现,裁定是否免除未清偿债务,解除限制行为。

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