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Study on Bankruptcy Exemption

Author: WangPeiYan
Tutor: ChenGang
School: Chongqing University
Course: Civil and Commercial Law
Keywords: individual bankruptcy bankruptcy exemption legislative doctrine
CLC: D922.291.92
Type: Master's thesis
Year: 2009
Downloads: 82
Quote: 0
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Abstract


One of the rules for the operation of modern market economy is the rule of competition, the result of which is survival of the fittest. In other words, there are enterprises which are in face of bankruptcy. To avoid "public pool" and to distribute the property of the debtor between creditors fairly, bankruptcy law emerged as the time required. It was also the cause of birth of bankruptcy law in the beginning. However, along with the advancement of the time, the only legislative aim to protect creditors is not appropriate any longer. Another philosophy to provide relief to debtors stepped on the stage of history. Under this philosophy, a series of means which put more concern on the opportunity of refreshment for debtors emerged, amongst which, the system of bankruptcy exemption attracted more eyes. It swept across many countries once and brought dramatic changes. This only applies to individuals as enterprises do not need which means it was doomed to attract more eyes at the beginning of its birth.When it comes to China, the work of legislation has had a hard way since the end of Qing dynasty and still has a long way to go, due to its short history of bankruptcy, the immature bankruptcy philosophy, people’s acceptation of bankruptcy and things like this. Though "Corporations’Bankruptcy Law" which was passed in 2004 has a profound significance, it does not include the system of bankruptcy exemption. The number of personal suicide is rising annually, which needs more concern. The disharmony between law and real life urges us to make greater efforts. How to use experience of developed countries in this field for reference has become another tough test Chinese people have to face.In order to use other countries’bankruptcy systems for reference, we need to analyze firstly and then reject the dross and assimilate the essence. Thus, I will discuss the related provisions of some countries one by one in details as follows. At the beginning, it is Introduction which tells us the need to absorb the bankruptcy exemption on the ground of the so many cases of individual suicide. Chapter One is Overview which defines bankruptcy exemption, summarizes its characters and gives a demonstration of its existence. Chapter Two is Legislative Doctrines which discuss the history of doctrines of non-exemption and exemption, current doctrines in the world and their advantages and disadvantages. Chapter Three is Comparison of Basic Structure of Bankruptcy Exemption, including subject who can be exempted, scope of debts, legal affects, infamies and revocation. Chapter Four is Some Legislative Suggestions for Our Country. Firstly it introduces the bankruptcy history of our country. Then it points out the significance of establishment of bankruptcy exemption in our country. Finally it gives some plausible advice. At last, it is Epilogue. In one word, it is an irresistible trend that we establish the system of bankruptcy exemption.

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CLC: > Political, legal > Legal > Chinese law > Economic Law > Bankruptcy Law
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