Research On The Establishment Of Individual Bankruptcy Law In China

The individual bankruptcy legal system as a way of solving dispute between creditor and debtor can prevent the interests of creditor and debtor. This legal system has many upsides on equity and efficiency, and it has been recognized by a lot of country around the world and however, the individual bankruptcy legislation in China is still a blank stage.In this paper, author discussed the individual bankruptcy issues as a core, by discussing the general theory, combing with the development of China's socio-economic status and related system, author put forward a view that our country should set up the individual bankruptcy legal system. Author attempted to use jurisprudence, law and economics and sociology to state the value of setting individual bankruptcy in this paper and by means of contrast, assumptions and other methods to discuss the possibility of China's implementation of individual bankruptcy. Author focuses on the substantive and procedural issue in setting up the individual bankruptcy in China. By comparing the legal system in Japan, Britain and other countries, author wants to put forward some simple legislative proposals. This paper is divided into four parts.The first part is an overview on individual bankruptcy. First of all the author defines the scope of individual bankruptcy as the stage for the unfolding below, followed by the analyzing of the differences between individual bankruptcy and bankruptcy one by one, author summed up the characteristics of individual bankruptcy. At last reviewed the historical development of individual bankruptcy, author represented our individual bankruptcy legislation is blank.The second part is the value of establishing the individual bankruptcy in China. By discussing equity, efficiency and identity, this essay made a conclusion that bankruptcy can protect interests of creditors and debtor in equality, and play a significant role in maximizing the social interests and adapting domestic environment.The third part is the feasibility of establishing individual bankruptcy in China. First of all, author from point of view that the economic is the basis of the establishment of the legal system, and then analyzed the role of social security system and individual credit system in supporting individual bankruptcy in China, and eliminated their imperfection. Finally, studying the promoting role that social environment played on individual bankruptcy, author obtained a conclusions that individual bankruptcy is possible in our country. The fourth part is the author's suggestion on the establishment of the individual bankruptcy legislation. By comparing the relevant provisions of the foreign insolvency law, combining with China's national conditions, the author gave some ideas and suggestions on several specific issues. Mainly involves the following aspects:individual bankruptcy legislation mode selection, the reasons for bankruptcy, insolvency estate, bankruptcy, individual bankruptcy and right, insolvency proceedings, insolvency and bankruptcy summary reconciliation.