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Individual Debt Liquidation International Seminar was successfully held

On November 30, 2018, co-hosted by Bankruptcy Law Research Center of Renmin University of China (RUC), Institute of Finance of the Counsellors, Office of the State Council, the International Finance Corporation (IFC) of World Bank, APEC Business Advisory Council (ABAC) and Beijing Bankruptcy Law Society (BBLS), co-organized by Capital Equity Legal Group of Zhejiang province, the "Individual Debt Liquidation International Seminar" was successfully held in RUC Law School. The seminar focused on the personal debt,s settlement out of court and the construction of voluntary arrangement mechanism, including the meaning of extrajudicial liquidation and its basic structure, extraterritorial experience, procedure genres, rules design, role of subject and other specific topics. There were more 100 experts, scholars, government officials, judges, lawyers, accountants and guild representatives appearing in the meeting, including Prof. Wang Yi, the dean of RUC Law School, secretary-general and vice director of Institute of Civil Law of China Law Society, Mrs. Liu Ping, the director of Institute of Finance of the Counsellors, Office of the State Council, Mr. Christopher Wohlert, the person in charge of Wells Fargo Commercial distribution financing Asian region and leader of Financial Forum of APEC Financial Infrastructure development network, Mr. Gavin McCosker, the vice director of Australian Securities and Investments Commission, Mr. James Callon, the former director of Bureau of Bankruptcy Supervision of Canada, Mr. Azman Hasim, the general manager of AKPK enterprise service department of Central Bank of Malaysia, Mr. Alvin Loo, the leader of Bankruptcy and Public Trustee Office Debt Repayment Project team of Singapore Ministry of Law, Mr. Lai Jinchang, the person in charge of World Bank IFC East-Asian and Pacific financial infrastructure technology assistance route, Mr. Wang Weiguo, the professor of China University of Political Science and Law (CUPSL) and director of China Banking Law Society, Mr. Wang Xinxin, the professor of RUC, director of Bankruptcy Law Research Center of RUC and BBLS, Mr. Yang Zhongxiao, the professor of Economic Law School of East China University of Political Science and Law (ECUPL), director of Wenbo College and standing vice-chairman of Shanghai Bankruptcy Law Society, Mr. Xu Defeng, the professor of Peking University (PKU) and vice director of BBLS, Mr. Ye Yanfei, the inspector of China Insurance and Banking Regulatory Commission Policy Research Bureau, Mrs. Zhang Shaohua, the vice inspector of the Counsellors, Office of The People,s Bank of China and secretary-general of Institute of Finance of the Counsellors, Office of the State Council, Mr. Wu Yue, the deputy director of Tianjin Local Financial Supervision Bureau, Mr. Guo Rui, the vice director of Chongqing No.5 Intermediate People,s Court, Mr. Ren Yimin, the executive director of Capital Equity Legal Group of Zhejiang province. Prof. Xu Yangguang, the secretary-general and vice director of BBLS and Bankruptcy Law Research Center of RUC, served as the host of the opening ceremony.

  The seminar invited officials and scholars from United States, Canada, Australia, Japan, Singapore, Malaysia and Hong Kong, China. Meanwhile, the practical experts of The People,s Bank of China, Insurance and Banking Regulatory Commission, Shenzhen Intermediate People,s Court, Taizhou Intermediate People,s Court, Chongqing No.5 Intermediate People,s Court, Fang Da Partners, Zhong Lun Partners, Zhong Wen Partners, Capital Equity Legal Group, New Talent Law Firm, National Internet Finance Association of China, and the professionals in Bankruptcy Law of RUC, PKU, Tsinghua University, CUPSL, ECUPL, Beijing Normal University, Beihang University also attended the meeting. It took a whole day to hold a deep discussion around the construction of personal debt liquidation out of court mechanism.
  Prof. Wang Yi, director Liu Ping, Mr. Christopher Wohlert and Mr. Lai Jinchang gave a speech in the opening ceremony respectively. Having sincerely welcomed all guests, they introduced the topics and discussing background of the seminar and shared their own opinions about the meeting theme.

The subject of first unit was "The meaning of personal extrajudicial liquidation and its basic structure", which was presided over by Prof. Yang Zhongxiao.

  Under the title of "The summary of personal over-debt situation in Canada", Mr. James Callon mainly introduced the system arrangement of non-litigation debt liquidation. Mr. Ye Yanfei also delivered a wonderful speech from the aspect of financial supervision department. Mr. Wang Weiguo shared his views in terms of Banking Law and out-of-court restruction. Director Wang Xinxin talked about the relationship between bankruptcy proceedings and non-bankruptcy proceedings of debt liquidation. Besides, Mr. Xu Defeng analyzed the system and practice of German personal debt liquidation.

  The topic of the second unit was "The practical experience of personal extrajudicial liquidation", which was presided over by Mrs. Huang Lin, the expert of the senior financial sector of World Bank IFC.

  With the title of "Australian personal bankruptcy system and the role of AFSA", Mr. Gavin McCosker mainly introduced other choices besides bankruptcy and rights of the director of Official receiver,s office and trustees after talking about the start of Australian bankruptcy procedure.

  Mr. Alvin Loo gave his speech, whose title was ¡°Singaporean personal debt repayment plan¡±. He focused on the reason for choosing this plan, the proper subject of the plan, what would happen during the repayment, how to calculate the amount of money, whether the plan had realized its original purpose and other problems.

  Ph.D Zhang Zixian, the assistant professor of Hokkaido University Law School, delivered a speech with the title of "Japanese extrajudicial personal debt liquidation procedure and bankruptcy ADR: centering on the specific mediation procedure in Japan". She emphasized the specific mediation procedure, personal credit consultation procedure and random liquidation procedure.

  Mr. Wu Fu, the managing director of JLA Asia Limited, chose "Another choice besides bankruptcy: Hongkong personal voluntary arrangement system and extrajudicial personal debt liquidation" as his topic. He talked about the Individual Voluntary Arrangement, Debt Relief Plan and Debt Tutoring.

  Lawyer Lin Qibin, the counsel of Gold Partners Capital Holdings Group, shared his opinion under the subject of "The overdue debt disposal out of Hongkong judicial system". He mainly introduced Individual Voluntary Arrangement, Inter-Bank Debt Relief Plan and Debt Relief Plan of certain banks.

  The topic of the third unit was "Procedure genres and rules design of personal extrajudicial liquidation", which was presided over by Mr. Guo Rui.

  Mr. Azman Hasim discussed "Personal extrajudicial liquidation system in Malaysia". He paid attention to the role definition of credit providers, individual borrowers and AKPK as well as DMP and its practice.

  Director Wu Yue,s topic was "Some thoughts and a positive exploration for personal extrajudicial liquidation". He analyzed the necessity, meaning, range of application, carrier (the third-party organization), start procedure, purpose, mechanism of power loss and recovery and the subsidiary system of personal debt liquidation procedure. Moreover, he shared the relevant attempt and experience of personal extrajudicial liquidation organized by Central Bank.

  Yin Huifen, the associate professor of college of law of Shanghai University of Political Science and Law and researcher of Bankruptcy Law Research Center of RUC, delivered a speech entitled "The practice and improvement of personal extrajudicial liquidation system". Having analyzed extraterritorial market mode and quasi-judicial mode, compulsory mediation and voluntary settlement, she talked about the factors of the system and took Shanghai Financial Consumer Dispute Mediation Center as an example.

  Qian Weimin, the vice presiding judge of Taizhou Intermediate People¡¯s Court No.2 civil division of Zhejiang province, whose title was "Executive exit mechanism in Taizhou: the analysis of ", introduced the practice and experience of Taizhou People,s Court and shared his thought about it.

Bai Tiantian, the presiding judge of the Liquidation and Bankruptcy Tribunal of the Intermediate People,s Court of Shenzhen Municipality, Guangdong Province, delivered the speech entitled "The system arrangement and route of individual debt liquidation in Mainland China". She talked about the execution and bankruptcy system in Mainland and emphasized that "compulsory execution + Credit discipline + Conditional debt relief" constituted the "Quasi-personal bankruptcy system" with Chinese Characteristics.

Wang Lingqi, the experienced lawyer in Fang Da Partners, shared his opinions under the subject of "Several thoughts about personal debt liquidation out of court under the framework of current law". He analyzed the potential objects, program leaders, application threshold, debtors, obligation, fraud prevention measures and so on.

The topic of the fourth part was "The role of subjects of individual debt extrajudicial liquidation", which was presided over by Doctor Zhang Shaohua. She thought the government should make proper arrangement and guided financial education reasonably.

Mr. Christopher Wohlert emphasized the importance of transparent, fast, convenient, equitable and equal individual debt extrajudicial liquidation procedure from the aspect of creditor.
Mr. Alvin Loo made a speech from the perspective of public trustee.

Mr. Lai Jinchang introduced some experience in terms of credit information service. He thought both bankruptcy registry and collection agencies were essential subjects.

 Gao Simin, the associate professor of THU and research of Bankruptcy Law Research Center of RUC, delivered a speech concerning Credit Consulting Agency. She emphasized that the neutrality of CCA was of great importance and it must have proper charge and super-duper information disclosure mechanism.

  Referring toissued in Japan in July, 2011, Liu Ying, the associate professor of Beihang University, talked about the role of creditors, debtors and the third party in liquidation procedure.

  Dong Junmin, the CEO of CBC, proposed the concept of "The professional third party collection agencies" and shared the management of the industry. Meanwhile, he talked about China consumer credit collection industry association and the concept "Transparent collection, Compliant development" it initiated.

  Lawyer Ren Yimin paid attention to the role of lawyers in the procedure and considered the pre-reforming mode of enterprise bankruptcy. He analyzed the key problems including how to start, who was the starter, how to improve afterwards and so on.

  Lawyer Zhang Wenyun of Zhong Lun Partners mainly concentrated on the experience of legislation and practice in France in the aspect of individual over-debt. She talked about the applicable objects of the procedure, the power of judges and administrative authority, the trend of reducing judicialization and the consideration behind it.

  During the interaction, Prof. Wang Xinxin, director Liu Ping, Mr. Lai Jinchang, lawyer Lin Qibin, deputy presiding judge Qian Weimin, Doctor Zhang Zixian, director Ren Yimin and other scholars discussed with each other enthusiastically.

  In the ending ceremony, Prof. Xu Yangguang, inspector Zhang Shaohua and Mr. Lai Jinchang made their summary respectively on behalf of the organizer. They showed gratitude for all attendees, participation and dedication, conference team¡¯s careful organization and Capital Equity Legal Group,s great support.

  We believed that the successful seminar would definitely improve the individual debt extrajudicial liquidation and voluntary arrangement system and made a difference to individual bankruptcy legislation. We expected that the construction of China bankruptcy law would make more contributions to supply-side structural reform and business environment optimization.

Editor: ZHANG Jiayun

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