CHALLENGES TO THE EFFECTIVE APPLICATION OF REHABILITATION PROCEDURES IN RUSSIA
Abstract
This article is about the problems that bankruptcy rehabilitation procedures face during its application in Russia. Despite the fact that the Federal law on insolvency provide large number of rehabilitation measures and that the essence of the Russian insolvency legislation is focused on protection of debtor’s interests, the percent of rehabilitation procedures application as well as their efficiency remains very low in comparison with the developed western countries. The challenges to the effective application of rehabilitation procedures were revealed by the author. The research undertaken on the basis of legislative experience of foreign countries, Russian and foreign doctrine in this area along with the draft law framed by the Ministry of economic development that aims to improve the procedures offinancial improvement and supervision. Possible solutions of these problems were proposed by the author.
The solutions of problems listed in article are not connected with the strengthening of the debtor’s support and the reduction of creditor’s protection, it is important to note that legislations with pro-creditor bias such as Great Britain and Germany were used as an examples for part of problem decisions. In our opinion the solution of the problems listed in article will help to increase the effectiveness of the rehabilitation procedures and as a result they will become more popular among creditors.
About the Author
A. F. Malikov
Financial University, legal counsel of BDO Group in Russi, Moscow
Russian Federation
graduate student
Russian Federation
graduate student
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Review
For citations:
Malikov A.F. CHALLENGES TO THE EFFECTIVE APPLICATION OF REHABILITATION PROCEDURES IN RUSSIA. Finance: Theory and Practice. 2015;(5):167-174. (In Russ.)
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