The Shenzhen Municipal Bankruptcy Administration recently released draft measures for managing the administrator roster of individual bankruptcy cases in Shenzhen.
The measures propose to specify the qualification of administrators, roster classification, circumstances where roster inclusion is prohibited, roster compilation and review process, according to Shenzhen Economic Daily.
According to the city’s personal bankruptcy regulation, in personal bankruptcy processing, an administrator is responsible for a number of important tasks, including creditors’ right declaration, property investigation, property distribution, supervision and implementation, examination and verification.
Currently, Shenzhen’s individual bankruptcy administrators are temporarily designated from the administrator roster of enterprise bankruptcy cases in Guangdong Province.
The drafting of the roster management measures will clarify the qualifications and roster compilation procedures of individual bankruptcy case administrators, according to the Daily report.
The measure will divide individual bankruptcy case administrators into two categories: institutional administrators and individual administrators.
Institutional administrators include law firms, accounting firms, bankruptcy liquidation institutions, asset management companies and other institutions with legal, accounting and financial qualifications established in Shenzhen, or branches of the above-mentioned institutions set up in the city.
Individual administrators must be lawyers, certified public accountants and other professionals with legal, accounting and financial qualifications who have practiced in the city for five consecutive years and have obtained written authorization from their employers.