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New legislation on insolvency (Bankruptcy)

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Chapter Summary

The new federal legislation differed significantly from the earlier Russian Federation (RF) Law &t;On the Insolvency (Bankruptcy) of Enterprises&t; and includes a whole range of innovative provisions for Russian legislation. It is clear that the earlier legal concept and indicators of bankruptcy protected unscrupulous debtors and, in doing so, subverted the principles of property transactions. When defining the criteria for insolvency (bankruptcy), only a debtors financial obligations are taken into account, as well as his obligations to make payments to the budget and extra-budgetary funds. The adoption of a decision by an arbitrazh court to declare a debtor bankrupt entails the start of receivership. This chapter looks more closely at the bankruptcy characteristics of several categories of debtors. The bankruptcy of an individual who is not an entrepreneur is a new institution for Russian legislation.

Keywords: arbitrazh court; insolvency (bankruptcy); new federal legislation; Russian federation



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