11月1日起厦门施行个人破产保护条例

Core Viewpoint - The implementation of the "Xiamen Special Economic Zone Personal Bankruptcy Protection Regulations" marks a significant step in exploring personal bankruptcy systems in China, providing economic and social regeneration opportunities for "honest but unfortunate" debtors, and fostering an innovative and entrepreneurial environment in Xiamen [1][2]. Group 1: Legislative Significance - The regulation is the second local law on personal bankruptcy in China and represents the first legislative practice following the 20th National Congress's call to explore personal bankruptcy systems, highlighting its reform significance and legal value [1]. - The regulation aims to enhance the competitiveness and creativity of business entities in Xiamen, which has a vibrant private economy with 478,700 registered individual businesses, serving as a foundation for healthy economic development [1]. Group 2: Features and Innovations - The regulation features four main innovations: 1. Conceptual innovation emphasizing comprehensive protection, balancing the rights of creditors, debtors, and other stakeholders [2]. 2. Institutional innovation providing diverse solutions, including pre-court debt clearing to save judicial resources and offer more dispute resolution options [2]. 3. Procedural innovation enhancing operational efficiency by optimizing bankruptcy procedures and encouraging restructuring and reconciliation before liquidation [2]. 4. Mechanism innovation establishing a government-court coordination mechanism to address major issues in the implementation of the bankruptcy system [2]. Group 3: Safeguards Against Abuse - The regulation includes a "full-chain prevention and punishment mechanism" to address public concerns about debtors evading repayment obligations, ensuring that debt forgiveness is not guaranteed and does not condone dishonest debtors [3]. - Specific measures include asset investigation, rules for asset disposal, strict conditions for debt forgiveness, increased legal consequences for fraudulent behavior, and improved multi-departmental collaboration to combat debt evasion [3]. - The Xiamen Intermediate People's Court emphasizes its commitment to implementing the regulation effectively, focusing on encouraging innovation, protecting legitimate rights, preventing bankruptcy fraud, and creating a favorable judicial environment [3].