Development of the Bankruptcy Institution in Russia: Features of Procedural and Legal Regulation

Abstract

The study of the development of bankruptcy institution procedural and legal regulation is very pressing in modern society, since the number of insolvent subjects is increasing every year, which inevitably increases the use of the norms of the institution being studied. However, in law enforcement practice, a number of problems arise due to the lack of a unified theoretical-based approach in constructing the legal regulation of the bankruptcy institution. The purpose of this study is to analyze the features of the procedural and legal regulation of the bankruptcy institution. The objectives of the study are to examine the system of legislation governing the bankruptcy institution, to analyze the law enforcement practice of declaring debtors insolvent, identifying problems of procedural regulation and the formulation of proposals for their elimination. In carrying out the study as the main method of knowledge, the authors relied on the materialist dialectic. In addition, other research methods were used: analysis and synthesis; induction, deduction; comparative law, etc. Abstracting from specific criteria and categorical problems, the study examined general provisions, concepts and categories of the institution of insolvency (bankruptcy), features of its procedural and legal regulation, as well as identified its problems. Due to a comprehensive and consistent analysis in accordance with the purpose and objectives of the study, which are its stages, it was possible to come to some conclusions and formulate certain recommendations. The significance of the study has both a theoretical aspect and an applied one: the formed theoretical concept of the institution of bankruptcy can enrich legal science, and proposals designed to solve existing lawenforcement problems can be used in the implementation of the norms of the institution under study.

Insolvency resolution and doing business reforms in BRICS Nations: A comparative study

“…Oreng et al (2019), investigating how bank creditors responded to 125 corporate reorganization filings in SMEs from 2006 to 2016, demonstrated that the share of the bank's debt to its creditors was not significant and needed judicial process restructuring. While examining Russia's functions within the institution of bankruptcy's procedural and legal regulations, Ageeva and Lang (2019) found that the law enforcement practice of declaring debtors insolvent, identifying problems with procedural rules, and formulating proposals for their elimination was weak. The bankruptcy procedure needed simplification to the greatest extent.…”