Experiences Of Hong Kong Personal Insolvency Law To The Legislation Of Chinese Mainland

As Chinese market economy is developing so fast and international trade is increasing frequently, to build the personal insolvency system or not has always been a difficult problem in China mainland. All the highly developed countries or regions have personal insolvency system. The existence of the system protects honest and kind-hearted debtors from heavy debt, and can ensure the fairness of debt payments. But nowadays, Chinese mainland has no personal insolvency system, which is obviously not in conformity with international legislation trend.This article includes four sections, beginning with the general situation of personal insolvency system. Then, it introduces Hong Kong personal insolvency system, which has made great contribution to the local economy and society by the detailed analysis. Considering the present situation in our country, the writer raise some personal ideas to support the personal insolvency system gradually introduced to Chinese mainland.The first part is about the overview of this system. It introduces the background of the personal insolvency system in the first place. And then on the foundation of this, it’s the meaning of personal insolvency and legislation considerations, which lays a foundation for expansion of the following chapters.The second part is the overview of the personal insolvency system in Hong Kong. This part consists of the historical origin of the personal insolvency system of Hong Kong, the adoptability of this system, the characteristics of this system, the main participating organization and the main system, which leads to the meaning of the personal insolvency system in Hong Kong. All of these provide helpful reference for the establishing of personal insolvency system in our country.The third part is the reasons of the lack of personal insolvency system in mainland China for many years. Main reasons includes the bondage of traditional thought, the unsoundness of the personal property registration system and personal credit system, lack of perfect credit supervision mechanism, etc. It will lead to the legislative reference from Hong Kong insolvency legislation.The fourth part is the revelation from Hong Kong personal insolvency system. According to the above introduce and analysis of Hong Kong personal insolvency system and the analysis of the current status of Chinese mainland, the author will put forward some suggestions on constructing the personal insolvency system in our country. The establishment and perfection of the supporting system will promote the gradual establishment of the personal insolvency system in China mainland.