Discussion Of The Personal Bankruptcy System

After ten year deliberations, the new bankruptcy law, the Enterprise Bankruptcy Law of PRC which drew everyone's attention has finally been issued in August 2006. This means only the legal entity of enterprise has the capacity of bankruptcy, and the individual bankruptcy system has eventually been excluded.The market economy is a competitive economy. In the guiding of law of the survival of the fittest, bankruptcy is a normal phenomenon across the world. The individual bankruptcy—the problem that one can not pay the debts is more and more popular, and the amount of individual bankruptcy rise dramatically, which has occupied most part of the bankruptcy. It is estimated with the development of the economy, this kind of phenomenon will emerge more frequently. It is very difficult to solve all the questions concerning with the repay just by civil procedure. Therefore, establishing the individual bankruptcy system has already been the first thing to do for the development of the socialist market economy.This article discusses the individual bankruptcy system though five parts.The first part is an introduction. It introduces the gap between the reality of our society and the new bankruptcy law by several cases and data.The second part is a summary of the idea of individual bankruptcy legislation and the history of the individual bankruptcy system. It mainly analyzes the change of the individual bankruptcy system and the development of the idea of individual bankruptcy legislation from Ancient Rome to present.The third part is a summary about the individual bankruptcy system. It begins with the disputes when the new bankruptcy law was issued, analyzes the meaning of the word "individual", which is used in the individual bankruptcy law, points out the different legal characteristics between individual bankruptcy and legal person bankruptcy, and wants to provide some thoughts for establishing the individual bankruptcy system in future to keep the legal system consistently.The fourth part is an analysis about the value of establishing individual bankruptcy system in our country. It elaborates the importance of establishing individual bankruptcy system from both legal and economical aspects.The fifth part is about establishing individual bankruptcy system of our country, which is also the most important part of this article. On bases of comparing differences of individual bankruptcy and legal person bankruptcy and reference of researches of individual bankruptcy system of western countries and Taiwan region of our country, in this part the author anticipates to make some efforts in establishing the individual bankruptcy system by doing some fundamental researches and giving some ideas in substantial system such as the exempt property system, discharge system, rights limited and rights resumed system, procedure system such as the reason of bankruptcy, the methods of application and the conditions of accepting and hearing as a case, and some auxiliary systems.