A Study Of China’s Personal Bankruptcy Exemption Property Regime

In 2020,the State Council stated in its Opinions on Accelerating the Improvement of the Socialist Market Economic System in the New Era that China should currently establish a sound bankruptcy system and promote legislation on personal bankruptcy.In addition,the Fifth Five-Year Reform Outline of the People’s Courts(2019-2023)and other documents also clearly propose to accelerate the promotion of the establishment of a personal bankruptcy system.Although China has yet to develop a unified personal bankruptcy law,at the practical level,Shenzhen has been authorised by the Standing Committee of the National People’s Congress to introduce the Shenzhen Special Economic Zone Personal Bankruptcy Regulations.In addition,Zhejiang,Wujiang in Jiangsu and Zibo in Shandong have also launched pilot projects to clear personal debts with personal bankruptcy functions.Both the legislative planning at the central level and the judicial practice at the local level indicate that China will start legislative activities on personal bankruptcy as soon as possible.There are many differences between the personal bankruptcy system and the enterprise bankruptcy system,the most significant of which is that the rights and interests of the debtor and his family members for survival and development need to be more clearly protected after the debtor files for personal bankruptcy,therefore,in the process of future personal bankruptcy legislation,great importance needs to be attached to "preserving for the debtor and his family members the assets necessary for basic living and development ",i.e.exempt property.The exempt property system is a pill for the debtor,carrying the important function of safeguarding the debtor’s basic rights and interests for survival and stimulating future development,and is also a key link in determining whether creditors can be paid,playing an important role in mobilising the debtor to actively apply for personal bankruptcy and cooperate with the court’s work.This article takes the exempt property system in personal bankruptcy as the object of study and provides specific suggestions for the construction of the exempt property system in China,the main contents of which are as follows:Chapter I focuses on the connotation of the personal bankruptcy system and its exempt property regime.The establishment of the exempt property system is premised on the construction of the personal bankruptcy system.Against the background of the mainstream concept of paying debts and the natural justice in China,it is inevitable that the public will question the personal bankruptcy system and its exempt property system,so it is necessary to explain the connotation of the system to the public,elaborate on the theoretical basis of the exempt property system and understand the deeper value pursuit of the exempt property system,so as to It is therefore necessary to explain the meaning of the system to the public,to elaborate on the theoretical basis of the exempt property system,to understand the deeper value of the exempt property system,and thus to promote the construction of the exempt property system.Chapter 2 is an overview of the current regulation of the exempt property regime in China’s personal bankruptcy pilot work.The scope of exempt property has basically reached a consensus in various places,but there are still some shortcomings,such as the measurement standard of exempt property is relatively general and there is a lack of restrictions on the exercise of exempt property rights.Chapter 3 aims to analyse the necessity and feasibility of constructing an exempt property regime in China.The exempt property system is closely related to the personal bankruptcy system,and it is only meaningful to discuss the exempt property system under the framework of the personal bankruptcy system.On the basis of this,the necessity of implementing an exempted property regime on a national scale is discussed,and then the feasibility of constructing an exempted property regime in China is demonstrated in the light of three aspects: legal theory,the real situation in China and local judicial practice.Chapter 4 analyses the exempt property regimes in Japan,the United States and the United Kingdom from the perspective of comparative law,focusing on the scope of exempt property,the applicable procedures and the exercise of exempt property rights,with a view to providing lessons for China.In the fifth chapter,through the analysis and discussion in the preceding paragraphs,and taking into account the current economic development of China and the experience of local pilot legislation and judicial practice,specific thoughts are put forward on the construction of a nationally applicable exempt property regime.Firstly,the scope of exempt property should be determined through legislation,and the specific types of exempt property and the criteria for determining them should be discussed in accordance with the purpose of establishing the exempt property regime;secondly,the exercise of exempt property rights should be studied,including the subjects and procedures of the exercise of exempt property rights and the relevant restrictions on the exercise of exempt property rights;finally,the legislative model of the exempt property regime should be clarified,and in the process of future personal bankruptcy legislation In the future personal bankruptcy legislation process,it is advisable to integrate the exclusive rules on exempt property into various chapters of personal bankruptcy,so as to facilitate the clarification of the logical relationship between various chapters and provisions and reduce the cost of law search.