China’s first personal bankruptcy authority established in Shenzhen

China's first authority in charge of personal bankruptcy affairs was established in Shenzhen, South China's Guangdong province, on March 1, the day when the city's first regulation on the issue, which is also the first in the country, came into force.

Subordinate to Shenzhen's judicial department, the authority primarily focuses on conducting bankruptcy registration and information disclosure, supervising performance of duties by personal bankruptcy administrators, and providing relevant public services.

Considering that resolving insolvency is one of the indicators used by the World Bank to evaluate the business environment of its members, Shenzhen took a national lead by releasing the regulation last year, laying the legal basis for the founding of the authority.