The Global Times reports…
The Shenzhen Intermediate People’s Court in South China’s Guangdong Province on Monday granted a personal application for bankruptcy protection, the first such case since relevant laws went into effect in March.
The application was filed by Liang Wenjin, a local entrepreneur in the Bluetooth earphone industry whose company went bankrupt due to unstable sales and the effect of the COVID-19 pandemic.
According to the application, Liang’s assets were valued at about 40,000 yuan ($6,167) and his 20,000-yuan fixed monthly income can’t cover his debts of 750,000 yuan immediately.
The court ruling on Monday means that Liang’s has three years to repay the entire principal to his creditors with interest and late fees waived.
Liang said that he once received seven to eight phone calls from debt collectors a day. “Now my mental stress has been eased, and I have more energy to repay my debts,” he said.
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