Flash! Wang Sicong's properties, cars, and deposits seized, suffering a heavy blow after 10 years of entrepreneurship.
↑ Wang Sicong has been listed as an individual subject to enforcement
On November 22, Red Star News reporters learned from an enforcement-themed press briefing held by the Beijing No. 2 Intermediate People's Court that after the case was filed for enforcement, the court lawfully served the enforcement notice and property declaration order to the person subject to enforcement, Wang Sicong, and conducted an investigation into his assets.
"Next, our court will lawfully verify the property declaration of the person being enforced, Wang Sicong, and, in conjunction with the negotiation situation of both parties, take relevant measures in accordance with the law at an appropriate time." (Source: Huanqiu.com)
A lawyer from Guangdong Zhiming Law Firm stated, 'Seizure' is a compulsory measure taken by the court to protect the legitimate rights and interests of creditors and to prevent the debtor from evading debt.
The value of seized property is limited to the amount of the debt and enforcement fees; this does not mean that all of your property will be seized. In other words, 'seize as much as is owed.' At the same time, it is necessary to reserve housing essential for the living of the person subject to enforcement and their dependents.
"'Sealing' is not entirely the kind we see on TV, where a seal is stuck on the door and living there is not allowed.。
"Seizure" is divided into two types:
One type is 'hard sealing,' which is the 'sealing' we have traditionally imagined: after inspection, a seal is affixed, and it is not allowed to be used.
Another type is a "soft seizure," also known as an "active seizure." This means that the seized property cannot be sold, transferred, mortgaged, or rented during the period of seizure, but it can still be occupied and used. The purpose of a "soft seizure" is to protect the market economy and social stability. The initial legislative intent is to promote transactions and production while saving judicial resources.
Seizure usually occurs in two stages:
The first is the litigation stage
Including before and during litigation, they are called pre-litigation property preservation and litigation property preservation, respectively. Their purpose is to ensure that the court's judgment can be smoothly enforced. During the litigation stage, a seizure generally requires one party to actively apply and provide property security before the court will seize it; in special circumstances, the court may initiate the seizure on its own authority.
The second one is the execution phase
The seizure at this stage is a measure taken by the court's enforcement department, acting in its official capacity, to seize the property of the person subject to enforcement when they refuse to comply with the court's effective judgment or ruling. It is one of the enforcement measures. If the person subject to enforcement still fails to comply within the specified period after the court has taken seizure measures, the court shall auction the seized property in accordance with the legal procedures.
Wang Sicong's assets were frozen during the enforcement phase. At this stage, if the money is still not repaid, it would mean that they are at risk of being auctioned. 变卖 Not far.
It might be just as a blogger said, 'Not long after Principal Wang was restricted from high consumption, it was lifted, because once this huge uproar came out, out of face, Si Cong probably returned the money. With this previous lesson,'The court has most likely hit Si Cong's weak spot, 'restricting high consumption' and 'seizure'; after trending again on hot searches, we just wait for the case to be concluded.”
Legal basis:
Provisions of the Supreme People’s Court on the Seizure, Detention, and Freezing of Property in Civil Enforcement by People’s Courts
Article 7 For houses and living goods exceeding what is necessary for the life of the person subject to enforcement and their dependents, the people's court may carry out enforcement based on the applicant's request, after ensuring that the houses and basic living goods necessary for the minimum living standard of the person subject to enforcement and their dependents are provided.
Article 21: The seizure, detention, or freezing of the property of the person subject to enforcement shall be limited to an amount sufficient to settle the debt determined by the legal document and the enforcement costs, and shall not be obviously excessive.
Article 31: In any of the following circumstances, the people's court shall make a ruling to lift the seizure, detention, or freezing, and serve it on the applicant for enforcement, the person subject to enforcement, or a third party:
(1) Sealing, seizing, or freezing the property of a third party;
(2) If the applicant for enforcement withdraws the application for enforcement or abandons the claim;
(3) If the seized, impounded, or frozen property fails to be auctioned or sold, and the applicant for enforcement and other creditors do not agree to accept it as debt repayment;
(4) Debts that have already been settled;
(5) If the person subject to enforcement provides a guarantee and the applicant for enforcement agrees to lift the seizure, attachment, or freezing;
(6) Other circumstances where the people's court believes that sealing, seizure, or freezing should be lifted.
To lift a seizure, detention, or freezing implemented through registration, a notice of assistance in enforcement shall be issued to the registration authority.
Regulations of the Supreme People's Court on the Auction and Sale of Property in Civil Enforcement by People's Courts
Article 1: During the execution procedure, after the property of the person subject to enforcement has been seized, detained, or frozen, the people's court shall promptly conduct an auction, sale, or take other enforcement measures.
