Once the business fails, they have to declare personal bankruptcy and could lose personal assets, too.

一旦生意失败，他们便不得不宣布破产，还可能丧失个人财产。

youdao

The anti-graft fight also featured prominently in the government work report that opened the congress Tuesday, though it remains to be seen whether Xi's administration can introduce deeper, more painful, reforms such as requiring all levels of China's officialdom to declare personal assets.

NPR: No More Lobster: China's Politicos Pare The Pomp