Hong Kong Personal Bankruptcy System Reveal Of China

In Hong Kong,Creditor and Debtor both can be the bankruptcy applicant in Hong Kong's Personal Bankruptcy system.The Bankrupt's normal life will be under control after the decree of bankruptcy was proclaimed, bankrupt cannot pay for his/her luxury living,such as by taxi,self-help travelling,no car and luxury furniture,the fare of dressing and haircut must above 800 dollar per month,etc.After the end of the bankruptcy period,the bankrupt can apply a certificate to prove his/her decontrolling.Along with the innovation and development of the society,mainland China's society,economy and culture are appearing transformation. Personal Bankruptcy becomes a significant subject to us.Because Personal Bankruptcy has not established in mainland China,so the establishment of Personal Bankruptcy System can fix up the weakness of civil litigation,perfect the market economy lex,follow out the principal of the fair competition,connect the international,etc.Mainland China can use for reference to the case in Hong Kong when establish the Personal Bankruptcy System,for example:Firstly,set up a department to manage the bankruptcy case independently;Secondly, conclude ordinance about the bankrupt's normal life,criminal,etc; Thirdly,the examination process,like chatting face to face with the bankrupt,exam the data from the bankruptcy applicant;Fourthly, supervise the Bankrupt's normal life,and ensure the bankrupt don't abuse the Personal Bankruptcy System to encroach other.