Beijing, Aug 31 (IANS) The Supreme People’s Court in China has signed a memorandum of understanding with state-owned banks which allows bank accounts of those who default on a judicial execution to be investigated, frozen and transferred.
The court Friday stated that it would establish an exclusive channel with the headquarters of commercial banks to share namelists of the defaulters, reports Xinhua.
Xi Xiaoming, vice-president of the Supreme People’s Court, said the cooperation between courts and commercial banks will help address the difficulty courts face in enforcing judicial execution.
It will help to build a society-wide credit system, and will also help creditors claim their rights and ensure the public’s right to know, Xi added.
Xi said a network will be created in which courts at all levels can share information about defaulters with all commercial banks.
