Russian Insolvency Law Modernization: Changes That Make Russia Closer to Europe

Lvova, O.; Bobyleva, A.

Авторы: Lvova O., Bobyleva A.
Сборник: Substantive Harmonisation and Convergence of Laws in Europe / Ed. Rebecca Parry
Год издания: 2012
Место издания: INSOL Europe Nottingham, England
Первая страница: 51
Последняя страница: 59
Аннотация: The process of bankruptcy institute development in Russia began from the adoption of the first insolvency law in 1992. It was the attempt to define the general order of the main bankruptcy procedures realization. But the law has been adopted in the period of early beginning of market economy in Russia and the law enforcement showed its ineffectiveness. Furthermore bankruptcy mechanism regulating by this insolvency law of 1992 was used to initiate hostile takeovers and raiding of Russian enterprises. The next period of making insolvency procedure in Russia was more fair, transparent and applicable and closely associated with the adoption of the Federal Law “On insolvency (bankruptcy)” in 1998. This law significantly changed the concept of the public regulation of insolvency proceedings, expanded the range of debtors which could be declared bankrupt, introduced some new legal definitions (such as “bill of debt”, “obligatory payments”, “creditors in bankruptcy proceedings”, “head of the debtor”, “representative of the debtor’s workers”, etc.), brought the new initial bankruptcy procedure – Supervision which is the first stage after the commencement of legal bankruptcy proceedings when the debtor is supervised by the insolvency administrator who analyzes its financial situation and tries to save its assets and when all debts enforcement proceedings are suspended (so-called “moratoria”). The current insolvency law in Russia has been functioning from 2002. It was rather advanced legal document for Russia – the Law introduced new bankruptcy procedure of financial rehabilitation, the new order of regulation of the insolvency administrators’ activity based on the self-regulated professional organizations and had some other new features. But nevertheless during almost ten years it has been strictly criticized by the lawyers, insolvency practitioners, accountants of both the debtors and the creditors, foreign insolvency specialists and partners of debtors. This is why the Law has been amended about twenty times to the date. All recent amendments undoubtedly make Russia closer to Europe and other developed countries but have some specifics which should be analyzed.
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