Primary Discussion On Individual Bankrupt

With the rapid development of market economy in our country,bankruptcy law plays a significant role to adjust the market economy and eliminate the lagging mechanism in China. In our country, Enterprise Bankruptcy Law could assist the enterprise legal person in avoiding the risk on bankruptcy; nevertheless, there is no relevant law to protect an individual from bankruptcy. The Law of the People’s Republic of China on Enterprise Bankruptcy, which has been promulgated in2007, merely refers to the rights and interests on enterprise legal person but not individuals, which does not extremely accord with the reality of our market economy. There is a contradiction between the urgent need on bankrupt individual and the lagging bankruptcy law. According to the current situation, people from all circles, including the Law Circle, are eager to call for the building and improvement on individual bankruptcy in our country, which not only remedies the lack of bankruptcy law system, but also promotes the development of our market economy and accelerates the internationalization on economy and legal system of China.The present thesis, from the perspective on the origin and the development of individual bankruptcy system and its legislation in each country, combining the law and social reality in our country, adopts many methods of jurisprudence (eg. jurisprudence, law history, comparative law etc.) to discuss whether our country should and how to establish individual bankruptcy system. The author proposes some suggestions on the legislation based on the successful cases on individual bankruptcy system in foreign country and expect the establishment and improvement of this system in our country. The main body of the present thesis is organized by four chapters as follows:Chapter one elaborates the basic definition of individual bankruptcy, which lays a solid foundation for the following explanation. Some relevant contents about bankruptcy system are introduced at first, including the origin and the development of bankruptcy system, the definition and the legal feature on bankruptcy. To explain the definition of individual bankruptcy is the second step which highlights the notion of individual bankruptcy. Moreover, the difference between individual and natural person is also involved in this part.Chapter two illustrates the advantages of individual bankruptcy system. Following the legislation of the majority of those countries who have already set up individual bankruptcy system and the difference way that each individual use, the individual bankruptcy system can be divided into two parts, that is, general bankruptcy and merchant bankruptcy, which differs each other in some way. This part defines and compares these two kinds of bankruptcy systems in order to provide feasible reference and suggestion on which model our country would choose to establish our own individual bankruptcy system. Chapter three demonstrates the necessity and feasibility on the establishment of individual bankruptcy system in our country. This chapter lays a theoretical basis for it. Furthermore, this chapter manifests the reality foundation of the individual bankruptcy system and its necessity of legislation.Chapter four provides the framework of our own individual bankruptcy system. This chapter illustrates how to establish the individual bankruptcy system, proposes the main body of individual bankruptcy system and explains the reason on bankruptcy in order to provide the further theoretical assumption and the better understanding on build, and in which circumstances can individual ask for help. In addition, this chapter confirms the legal form on individual bankruptcy system and manifests those specific systems containing in it, such as the free property system, the exemption system, the irritancy and the rehabilitation of rights system.In the conclusion part, the author holds that the establishment of individual bankruptcy system can make our bankruptcy system better; meanwhile, it can find the balance between the legal rights on creditor and the bankruptcy protection on debtor, moreover, it helps resolving the problem that the debtors dodge a creditor or the creditor collects debt illegally. Due to the advantages, the necessity and the feasibility of establishment of individual bankruptcy system, it would be propitious to the society. Though there is still no concrete individual bankruptcy law in our country, it can be the part of Chinese law and makes a significant impact on the building of a society under the rule of law in the future.