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Institutionalization of the personal bankruptcy system is gradually accelerating in various places Following the introduction of the personal bankruptcy regulations in Shenzhen, Zhejiang also announced the formal exploration of the personal bankruptcy system.
A few days ago, the Zhejiang High People’s Court issued the “Guidelines for Centralized Settlement of Personal Debts (Personal Bankruptcy) of the Zhejiang Courts (Trial)” (hereinafter referred to as the “Labor Guidelines”). Among them, it is proposed to actively explore ways to achieve the institutional purpose of exempting property in the bankruptcy system through conditional debt relief, honest disclosure of property and reasonable determination of “vital needs”, and to explore further Fund the institutional factors of personal bankruptcy in the centralized settlement of personal debts.
Liu Junhai, director of the Institute of Business Law at Renmin University of China, told Jiemian News that Zhejiang Province, as a large private economic province in China, during the process of economic development, some people are in debt due to various reasons. and they cannot pay their debts. They issued the “Working Guidelines to Guide Personal Debt Settlement.” “It is also out of practical necessity.
The “Labor Guidelines” clarify that natural persons with family registration from Zhejiang, who live in Zhejiang province and participate in social insurance or pay income tax of natural persons in Zhejiang province for three consecutive years do not You can pay off your past due debts, your assets are not enough to pay all your debts, or you are obviously lacking in solvency. You can apply for centralized personal debt settlement according to these guidelines.
The “Labor Guidelines” propose that the people’s court must avoid meeting the living expenses and the needs of the debtor and dependent family members. The review period of the debtor’s exemption is 5 years, that is, if the creditor does not agree to discharge the remaining debt of the debtor or establishes a period of behavior review As a condition for accepting the discharge of outstanding debts, the period of Behavior review will be 5 years after the conclusion of the centralized personal debt settlement procedure.
Regarding the debtor’s consumer behavior, the “Work Guidelines” stipulate that from the day the popular court accepts the request for centralized settlement of personal debts until the end of the process or the expiration date of the behavior review period of the debtor, the debtor may not buy real estate or build, expand or high-end. Renovate houses; renting high-end office buildings, hotels, apartments and other office locations; buy motor vehicles, and when taking transport, choose business class aircraft, first class behavior.
“The” Labor Guidelines “are based on the practices of the Shenzhen personal bankruptcy regulations and have made some progress in the centralized settlement mechanism of personal debts. These are all useful explorations for the establishment of a personal bankruptcy system in the future, “Liu Junhai said.
In August this year, the Standing Committee of the Shenzhen Municipal People’s Congress voted and approved the “Regulations on Personal Bankruptcies in Shenzhen Special Economic Zone”, which is the country’s first personal bankruptcy law. The regulations clarify that the debtor can forgive the remaining debt after a three-year inspection period subject to strict behavioral restrictions.
In Liu Junhai’s view, the establishment of a personal bankruptcy system and a strong bankruptcy legal system in China play an important role in protecting the unfortunate and credible, allowing them to step out of the shadow of life with high debt and return soon. , and it will also help to further enhance the vitality of the market.
Lu Lin, director of the Bankruptcy and Liquidation Legal Committee of the Guangdong Bar Association, analyzed that the centralized personal debt settlement is similar to the liquidation procedure in the personal bankruptcy system. Previously, Shenzhen’s personal bankruptcy rules were local regulations and legislated by the local congress. The “Labor Guidelines” issued by the Zhejiang Provincial Higher People’s Court served as judicial guidance for local courts.
The “Guidelines” issued by the Zhejiang High People’s Court also stipulate the content of the property declaration, administrator, property investigation, verification, creditor meeting, debt settlement and exemption from daily necessities. . Lu Lin believes that the centralized settlement mechanism for personal debts issued by the Zhejiang Higher People’s Court is clearly developing towards a formal personal bankruptcy system.
Jiemian News pointed out that this is not the first time that Zhejiang Province has explored the field of personal bankruptcy. Previously, on May 8, 2019, the Taizhou Intermediate People’s Court formulated and promulgated the country’s first working procedure specifically for personal debt settlement, and implemented the administrator’s investigation mechanism and the debt settlement mechanism for three cases of persons subject to execution. On August 26, 2019, the official website of the Ouhai District People’s Court, Wenzhou City, Zhejiang Province also published an announcement showing that the plaintiff Li Moumou applied to the court for centralized settlement of personal debts.
Since 2019, the institutionalization of personal bankruptcy in China has accelerated significantly. On February 27, 2019, the People’s Supreme Court issued the “Outline of the Fifth Five-Year Reform of the People’s Courts (2019-2023)”, indicating that it will “study and promote the establishment of a personal bankruptcy system.” In July of that year, the National Development and Reform Commission and other departments issued the “Plan for the Acceleration of the Improvement of Market Entities to Reform the Exit System” and proposed to study the establishment of a personal bankruptcy system, concentrating on solve the problem of the joint and several liability guaranteed for the debts of individuals arising from business bankruptcy.
In fact, in recent years, Zhejiang, Jiangsu, Shandong and other places have successively carried out pilot work of individual debt settlement mechanisms. According to the Zhejiang Provincial Superior People’s Court, as of September 30 this year, the province had accepted a total of 237 cases of centralized settlement of personal debts and closed 147 cases. The total amount of the debts involved was 202.7 million yuan, and the debts were settled at 33.50349 million yuan, with an average settlement rate of 16.53%.
Previously, the industry also believed that the centralized personal debt settlement mechanism works in the absence of a personal bankruptcy law. After China establishes a personal bankruptcy system in the future, the centralized personal debt settlement mechanism will also be removed from the stage of history.
“Centralized personal debt settlement is not a transitional mechanism. In the future, after the establishment of a national personal bankruptcy system, a personal debt settlement mechanism will continue to be necessary. The personal debt settlement procedure requires a lot of time and work, and it involves personal bankruptcy issues. Various methods should be adopted At the same time, multi-pronged approach, “said Lu Lin.Return to Sohu to see more
