Difficult Problems In The Bankruptcy Legislation Of Natural Persons In China

With the rapid development of the China's market economy,the personal involvement in business and consumer credit activities is more and more frequent.The phenomenon of bankruptcy of natural persons has become inevitable in the operation of China's economy.The fact that the current Chinese Enterprise Bankruptcy Law applies only to business entities makes it difficult for natural persons to withdraw from the market when it requires.Thus,the development of China's economy and society demands that natural persons should be included in the China's Bankruptcy Law in the future.This article puts emphasis on the reality of China's social and economic system and studies the legislative issue of the bankruptcy of natural persons.This article consists of four chapters.The first chapter of this paper dicusses several ideas that are related to the bankruptcy of natural persons.To begin with,this article addresses the nature and aim of the bankruptcy of natural persons.Then this article illustrates the economic,social and cultural background of China,as well as the specific characteristics of the bankruptcy of natural persons.The second chapter focuses on the necessity of the legislation of bankruptcy of natural persons in China.The illustration starts with economic demands and is further elaborated by up-to-date statistics and empirical studies.There are several aspects involved in this chapter including the encouragement of economic development and the improvement of market competition mechanism.And then this article incorporates the fundamental function of bankruptcy law of natural persons in order to demonstrate that the legislation of the bankruptcy law of natural persons is beneficial to the economical development of China is many ways.The third chapter focuses mainly on the reality of China.This chapter first discusses the the construction of the property registration system,the social credit system,and the social security system,which serve as external supporting systems for the implementation of the bankruptcy law of natural persons.The fourth chapter discusses concrete problems in the legislation of the bankruptcy of natural persons,for example the discharge system,the exempt property system and the system of disqualification and rehabilitation.Based on the previous discussion and the comparative research on bankruptcy law of natural persons of foreign countries,this article proposes specific ideas on the legislation of the bankruptcy of natural persons in China.