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Shenzhen Creates China’s First Bankruptcy Information Disclosure Mechanism

Fri, 24 Sep 2021
Categories: China Legal Trends

On 18 Aug. 2021, Shenzhen Intermediate People's Court, together with Shenzhen Administration for Market Regulation and the Bankruptcy Office of Shenzhen Municipality, jointly issued the “Implementing Opinions on Establishing the Bankruptcy Information Sharing and Status Publicity Mechanism” (the “Implementing Opinions”, 关于建立破产信息共享与状态公示机制的实施意见), in cooperation to develop the first bankruptcy information publicity mechanism in China and to improve the supporting mechanism for the bankruptcy regime.

According to the Implementing Opinions, the three aforementioned authorities have established an in-depth information sharing mechanism of the bankruptcy cases, bankruptcy application, and debtors' credit information, and are respectively responsible for the disclosure of bankruptcy credit information with the focus of the credit of market entities, bankruptcy judicial information disclosure with the focus of bankruptcy cases, and bankruptcy affairs information disclosure with the focus of debtors.

The Implementation Opinions also refers to the measures and opinions of the National Development and Reform Commission and the State Administration for Market Regulation on credit recovery management and stipulate the bankruptcy credit recovery system. The Implementation Opinions encourages credit information subjects to take the initiative to recover their credits and clarify the liability for behaviors that seriously impede bankruptcy proceedings.

 

 

Cover Photo by Joshua Fernandez (https://unsplash.com/@joshuafernandez) on Unsplash

Contributors: CJO Staff Contributors Team

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