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What are the conditions for debt settlement?

Personal debts have been cleared and individuals have filed for bankruptcy. At present, only Shenzhen has the first case. According to the relevant provisions of the Regulations on Personal Bankruptcy of Shenzhen Special Economic Zone, to apply for personal bankruptcy, the following conditions must be met: if a natural person who lives in Shenzhen Special Economic Zone and has increased social insurance in Shenzhen for three consecutive years loses the ability to pay off debts due to production, operation and daily consumption, or his assets are insufficient to pay off all debts, he can go through bankruptcy liquidation, reorganization or reconciliation in accordance with these regulations.

1. What are the conditions for debt transfer?

1, the transfer of personal debt must be approved by the creditor;

2, the transfer of personal debt must be carried out through the contract.

3, the third party and the creditor reached a debt transfer agreement, with the consent of the debtor.

Two. Steps to clean up creditor's rights and debts:

1. Re-examine and sign the repayment agreement, and pay off the arrears as agreed;

2. The settlement of creditor's rights is combined with financial support and account cancellation, and comprehensive settlement is implemented;

3. Encourage the development of enterprises, and take debt-to-equity swap or debt-to-equity swap for debts owed by production enterprises with strong growth.

Legal basis: Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China. If an enterprise as a legal person is unable to pay off its debts due, its assets are insufficient to pay off all its debts or it obviously lacks solvency, it shall clear up its debts in accordance with the provisions of this Law. Only when the above two conditions are met can an enterprise apply for bankruptcy: 1. The company's inability to pay off its debts refers to the objective property situation that the debtor cannot repay because of its inability to pay off its debts, also known as inability to pay or inability to pay off. 2. The company is insolvent or obviously lacks solvency.

The so-called insolvency means that the debtor's liabilities exceed the actual assets. Its focus is on the proportional relationship between assets and debts, and the debtor's repayment ability is limited to actual assets, regardless of possible repayment factors such as credit and ability. When calculating the amount, whether it is due or not, it is included in the total amount. When the debtor can't pay off the debts due, it is usually insolvent. However, when the debtor's book assets still exceed liabilities, it may also be unable to pay due debts due to poor management and unreasonable capital structure. This situation is also an obvious solvency deficiency. However, when the debtor is insolvent, if he can repay the debt by credit means such as borrowing, he does not necessarily lose the ability to repay the due debt. Therefore, insolvency and insolvency are different, and the new bankruptcy law lists it as a constituent element of bankruptcy reasons. Figuratively speaking, inability to pay off due debts is the cash flow standard, and insolvency is the balance sheet standard. Only when these two standards are met at the same time can an enterprise apply for bankruptcy or declare bankruptcy.