On The Bankruptcy Exemption Right System

Exemption right is an important right in bankruptcy procedures. In the traditional bankruptcy legislation, the exercise of exemption right is free from restrictions from bankruptcy procedures because of its own superiority compared to other rights. In the big background of the idea of bankruptcy transferring from bankruptcy liquidation to bankruptcy prevention, the absolute superiority of exemption right has been disputed and challenged. It's a project worthy of further study to re-examine and design a bankruptcy exemption right system coordination with the idea of bankruptcy prevention.In the dissertation, first of all, the author writes up the basic theories of exemption right, and then compare its treatments given by the bankruptcy laws of the representative nations. Following that, the basic rights of bankruptcy exemption are discussed, on the basis of which, the exemption right system of the newly enacted Bankruptcy Law is analyzed. In the end, the author puts forward his own proposals to improve the system.The dissertation holds the following viewpoints: Exemption right is a priority free from restrictions from bankruptcy procedures owned by creditors whose secured credits on debtor's particular property or whose credits are entitled to special priority by law. The definition puts exemption right on the basis of both security interests and other statutory special priority. By analyzing the articles related to exemption right of the newly enacted Bankruptcy Law, it's obvious that the law adopts the model of protection combination of restriction towards exemption right. Under the premise of affirming the model, it's proposed that the exercise of exemption right should be restricted in principle, but allowed to go on as usual for individual exceptions in Reorganization Procedure, and should be allowed to go on as usual in principle, but restricted for individual exceptions in Reconciliation Procedure. In addition, the differences in legislation among different nations should be considered thoroughly to balance interests of all sides when regulating the exercise of exemption right in transnational bankruptcy.