The Necessity And Feasibility Analysis Of Our Individual Bankruptcy Legislation

The rule of law plays an important role in the healthy development of economy.The healthy development of economy cannot be separated from the escort of law.Only when the rule of law is integrated into the process of economic development,can "good laws and good governance" be truly realized.In recent years,our legal construction has achieved remarkable results and established a complete socialist legal system,but there is still a big gap with the developed countries.However,western countries have formed mature market economy just because of their sound bankruptcy system.At the beginning of this century,our country added provisions on personal bankruptcy into the drafting of the Bankruptcy Law,but it was rejected due to the immature conditions,resulting in the absence of any provisions on personal bankruptcy in the Enterprise Bankruptcy Law,so it was called "half bankruptcy Law" by some scholars.As a result,in the current legal system,There is only one way for the debtor to be enforced.With the passage of time,the reform and opening up are expanded and the socialist market economic system is perfected,which makes our economy present a continuous prosperous scene.In this way,enterprises and individuals play a role together.In this context,our country is actively practicing and exploring the establishment of the personal bankruptcy system: The Supreme People’s Court,the National Development and Reform Commission,and other parts of the personal bankruptcy again issued a document;The Wenzhou People’s Court of Zhejiang Province ruled that a bankrupt debtor surnamed CAI,who had lost his ability to repay his debts of more than 2 million yuan,would pay off more than 32,000 yuan within 18 months at the rate of 1.5%.This was the first case of individual bankruptcy in Chinese mainland.Across the country,people like CAI are drowning in debt.Bad investment and management,excessive consumption,accidents,force majeure and other factors "give rise" to personal bankruptcy system.In the face of complex social environment,especially disasters,epidemics and other emergencies,individuals must face unpredictable risks,so it is extremely urgent to deeply explore the necessity and feasibility of establishing China’s personal bankruptcy system.On the necessity of legislation,the personal bankruptcy legislation provides more stable and reliable relief mechanism for "honest and unfortunate" victims,and guarantees their right to survival and development.It is helpful for creditors to further clarify the debtor’s credit,assets and liabilities,and choose the transaction object more carefully to protect the legitimate interests of creditors.It is beneficial to promote the construction of honesty and social harmony and effectively alleviate social contradictions.On the feasibility of legislation,the transformation of the traditional concept provides the premise,the improvement of the current legal system and a rich experience in bankruptcy judicial practice has also laid the foundation,in addition to the development of a stable social economic foundation,and foreign experience can be used as a reference.At the same time,with the support of corresponding supporting systems,we should improve the personal property declaration and registration system,credit repair mechanism and social security system,so as to ensure the smooth operation of the personal bankruptcy Law.According to the development of our socialist market economy and the actual situation of law making,based on the judicial practical experience of our country and drawing on the advanced experience of foreign countries,we will gradually construct a set of personal bankruptcy system that will not only guarantee the rights of creditors and debtors,but also help safeguard the social public interests and promote the development of the market economy.