On The Establishment Of Natural Person Bankruptcy System In China

At present, A natural person is conferred the ability of bankrupt by bankruptcy laws in most foreign countries in varying degrees. While in China, the current bankruptcy law is carried on with "corporate bankruptcy". From the historical evolution of the bankruptcy system, we can see that the bankrupt system of natural person is the basis of the bankruptcy system. With the development of market economy and social needs in our country nowadays, a large number of credits and debts occur because of the improvement of investment awareness and the change of spending ways for natural person. The situation that natural person can't pay off debts before it's due also increases greatly caused by the investment management or spending of natural person. How to realize fairly the legal right of the creditor and protect interests of the debtor appropriately, these already can't be solved alone by depending on civil proceedings and the temporary promulgated distribution system. Giving natural person with bankruptcy ability and establishing the related system on natural person's bankrupt is the inevitable choice to perfect the current bankruptcy code of laws in our county. The first chapter in this article investigates the basic problems of the natural person bankruptcy, elaborates with emphasis on bankruptcy ability and the historical evolution, compares and distinct natural person bankruptcy and corporate bankruptcy and further clarifies the concept of natural person bankruptcy. The second chapter discusses the necessity of natural person bankruptcy in our country from the perspective of perfecting bankruptcy law system, protecting the creditors and the debtor's legal rights and interests, helping individuals to withstand major natural and social risks, preventing illegal press for the repayment and strengthening international exchanges. The third chapter stresses on the feasibility of establishing natural person bankruptcy in China from the aspect of understanding the laws of the market, improving the personal credit system, breaking away form the traditional concept and learning the international experience. The fourth chapter presents the proposals and ideas on the subject system for the establishment of natural person bankruptcy in China based on the situation of our country. It references the main system of foreign natural person bankruptcy and introduces the importation from the way of legislative model, program design, the main institutional arrangements etc. The fifth chapter puts forward the sound proposal on the related supporting system of natural person bankruptcy providing the necessary external environment for its smooth implementation.