Banks join with courts in dealing with defaulters

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November 3, 2014

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Banks join with courts in dealing with defaulters

Source: Xinhua | November 3, 2014, Monday |

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CHINESE courts and banks are to establish an information sharing system to punish court order defaulters and facilitate enforcement, the Supreme People’s Court said yesterday.

The SPC and the China Banking Regulatory Commission jointly issued a circular on sharing such information online, saying Chinese banks will take measures such as restrictions on loans and credit cards to people who have defaulted on court orders.

The banks will also help the courts with information, freezing funds and seizures in defaulters’ cases, the circular said.

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Banks join with courts in dealing with defaulters

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