Specifics of Legal Framework of Enforcement of Pledge in Procedures of Insolvency (Bankruptcy)

The present paper is devoted to the research of the specifics of the legal framework of enforcement of pledge in the procedures of insolvency (bankruptcy) in the Russian Federation. The author of the research paper places special emphasis on the problems of establishing of procedures and terms of enforcement of pledge intermedium the bankruptcy auctions, margins of appreciation enjoyed by the pledge holder in establishing such procedures and terms, participation of the pledge holder in organization and conducting bankruptcy auctions as well as such facultative methods of enforcement of pledge as the retainment of pledge and the sale of assets through the so-termed bankruptcy «reverse auctions» (or «Dutch auctions»). The analysis of the court practice and research studies in the aforementioned sphere is conducted. Contemporary problems of theory and practice of enforcement of pledge in the procedures of insolvency (bankruptcy) are revealed, the solutions created by the court practice and their argumentation are presented, the new ways of settlement of these problems, including legislative amendments, are proposed in the present research paper. Key words: bankruptcy, enforcement of pledge, bankruptcy auction, reverse auction, pledge holder, pledgor, organization of auctions, retainment of pledge.