Research On The Applicability Of Personal Bankruptcy System In China

All along,regarding whether or not to establish a personal bankruptcy system in China,there is a constant dispute between the theoretical and practical circles,and no consensus has been reached.It is affirmed that the scope of application of the existing"Enterprise Bankruptcy Law",even if it has been extended from a state-owned enterprise to all types of corporate legal persons,ean only be called a“half bankruptcy law".The construction of the personal bankruptcy system is in line with the development trend of modem bankruptcy system.Negative view said that the current personal credit system in China is still not perfect,and rashly implements the personal bankruptcy system,which may lead to a large number of debtors attempting to escape the debt through the system,resulting in greater unfairness.To this end,this paper makes a comprehensive analysis from the origin of system,the obstacles,the necessity and feasibility of establishing the personal bankruptcy in China,and the links with related systems,and explores the applicability of the system in China.The value of the bankruptcy system is that it protects the debtor's legitimate personal rights,and gives the“honest but unfortunate debtor" the basic right to survive and the opportunity to start again.At the same time,it can overcome the limitations of the participation distribution system in the implementation process and realize the interests of creditors fairly and effectively.Therefore,the construction of a personal bankruptcy system is the need for market participants to exit the market equally,and it is necessary in China.The current changes in the ideological concept of the public,the prevalence of consumer credit,the promotion of the "mass entrepreneurship,innovation" policy,and the rise of property rights incentives have provided a realistic basis for the introduction of personal bankruptcy system in China.At the same time,the various provisions in the existing enforcement procedures can be extended in the personal bankruptcy system.The experience of the enterprise bankruptcy system for more than 30 years has also made the concept and system of bankruptcy fundamental,which provides a basis for the establishment of a personal bankruptcy system in China.The personal bankruptcy system has established the feasibility of reality and system in China.In addition,while establishing this system in China,we should strictly limit the scope of the application,and clarify that the scope of personal bankruptcy applications should be judged as "honest but unfortunate",and focus on cultivating a group of high-level managers and actively improve related packages.The system is to ensure the effectiveness of the personal bankruptcy system in terms of fair debt repayment and rebirth.