Research On The Construction Path Of Personal Bankruptcy System In China

In the new situation where China’s economy is shifting towards high-quality development,the proportion of social credit is gradually increasing,and debt disputes are constantly increasing.In addition,affected by the epidemic,personal capital turnover difficulties,natural person investment failure and other causes of personal insolvency are widespread.In this context,civil litigation and enforcement procedures are not sufficient to fully protect the legitimate rights and interests of creditors,let alone to achieve relief for honest debtors.Therefore,there is a strong practical need to build a personal bankruptcy system.At present,pilot work on individual bankruptcy legislation is being carried out in various regions,but there are still disputes over the legislative model,scope of application subjects,application conditions,and specific systems in the unified legislative process.To address the above issues,it is necessary to refer to relevant laws such as corporate bankruptcy in China,combine the pilot work in the region that has already begun,and draw on representative successful experiences from the international community to construct a personal bankruptcy system in China.In the selection of legislative models,the "unitary system" is adopted to integrate the personal bankruptcy system into the enterprise bankruptcy law,becoming a complete bankruptcy law.In terms of defining the scope of applicable subjects,general bankruptcy doctrine is adopted,and natural persons are unified in legislation,allowing creditors to initiate bankruptcy liquidation and settlement procedures.In terms of the setting of application conditions,on the premise of good faith,personal insolvency and loss of debt repayment ability caused by normal production,operation and living consumption are included in the scope of application.In the design of specific systems,build a bankruptcy exemption system that focuses on ordinary debts of the debtor,excludes non exemption reasons,clarifies debts that cannot be exempted,and takes into account humanitarian considerations;Based on the debt repayment situation of the debtor,set exemption inspection periods in different levels based on four years;List the three types of free property exemption scope that the debtor uses in their daily basic life,has personal dependence,and is conducive to future development,and does not allow the debtor to engage in debt conversion behavior;Adopting a model of judicial loss of power,imposing restrictions on the debtor’s consumption and professional qualifications;Adopting a hybrid restoration model,setting a separate deadline for applying for restoration,and achieving the goal of combining punishment and protection in personal bankruptcy legislation.