China Justice Observer


EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

Debtor in China’s First Personal Bankruptcy Case Concludes Bankruptcy Proceedings

Mon, 18 Sep 2023
Categories: China Legal Trends

On 20 June 2023, the Shenzhen Bankruptcy Tribunal of the Shenzhen Intermediate People’s Court (hereinafter the “Shenzhen Court”) served a civil ruling to Liang Wenjin, the debtor in China’s first domestic personal bankruptcy case, declaring the case concluded and his outstanding debts discharged.

Liang, the applicant in China’s first personal bankruptcy case, has gained a financial chance of rebirth.

On 10 Mar. 2021, Liang filed a personal bankruptcy application with the Shenzhen Court.

In July 2021, the Shenzhen Court served Liang with a ruling that, according to the reorganization plan that came into effect under the Court’s ruling, Liang should pay off the principal of his debts within three years and need not pay interest. If Liang failed to comply with the reorganization plan, the creditors were entitled to recover all outstanding principal and interest on his borrowings.

In mid-April 2023, the 21st month of the reorganization plan’s implementation, the debtor finally paid off the principal of all claims, which was 15 months ahead of the plan’s requirements. Subsequently, the debtor applied to the Court for a discharge of the remaining outstanding debts, which was granted by the Court’s decision.



Photo by tommao wang on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

China Charts Future in Tech: Big Moves in Computing Power Infrastructure

In October 2023, China released the “Action Plan for the High-Quality Development of Computing Power Infrastructure”, a comprehensive plan for the high-quality development of computing power infrastructure, targeting over 300 EFLOPS computing scale and 1,800 EB storage volume by 2025.

China Enhances Sci-Tech Ethics Oversight

In October 2023, China introduced new measures - the “Measures for Scientific and Technological Ethics Review (for Trial Implementation)” - to tighten ethical oversight of scientific and technological activities, focusing on research involving humans, animals, and areas with potential ethical risks.

China 2022 Overseas Investment: 47K Enterprises, USD 3.5T Revenue

In September 2023, the “2022 Statistical Bulletin of China’s Outward Foreign Direct Investment” was released, showing that in the year of 2022, China's overseas investment reached 47,000 enterprises, contributing USD 75 billion in taxes and achieving USD 3.5 trillion in sales revenue.

Beijing Chaoyang Court Issues White Paper on Foreign-Related Family Cases

In September 2023, Beijing's Chaoyang Court released a white paper on foreign-related family cases, highlighting key insights from 717 cases spanning 2018-2022, with divorce and inheritance disputes accounting for the majority, and addressing procedural and substantive issues in eight typical cases.