On The Exemption Of Bankruptcy And Insolvency Legislation In Our Country

Bankruptcy relief, historically stemmed from Britain, was created for the sack of natural person and had nothing to do with legal person. It means that after the close of bankruptcy procedure, the debtors, satisfying the relief requirements, are exempt from the liability of paying off the rest debts pursuant to the law. Many countries have made detailed description about bankruptcy relief after its birth and development.This Article discussed the theory, legislation models, condition and force of bankruptcy relief through historic analysis method and comparative analysis method. The Article is composed of five parts. The first part is the general introduction of bankruptcy relief. It discussed the history of its birth and development and concluded with the evolution procedure of its values and theoretic basis. The second parts compared the legislation models and analyzed the similarity and divergence of apparent relief system and approved relief system., The third part compared relevant stipulations of Britain, America, Germany and Japan concerning the conditions of bankruptcy relief, which included general condition, restrictive condition, exceptional condition and revocation condition. The forth part discussed the nature of the debt exempted and analyzed its force to debtor, creditor and the third person. After comparison and research on the legislation models of other countries, the fifth part put forward some suggestions for the construction of the bankruptcy relief system of China.As bankruptcy relief hasn't been stipulated in the Bankruptcy Law of China, the Article concluded with six suggestions for the setting-up of bankruptcy relief system of China.