Legal Regulation of Property Sale Procedure in Case of Insolvency (Bankruptcy) of Individuals

The graduate work is devoted to the Russian legal regulation of property sale procedure in case of insolvency (bankruptcy) of individuals. The bankruptcy procedure, particularly property sale procedure of individuals in conditions of insolvency of a debtor is a rehabilitation mechanism, with the help of which individuals and entrepreneurs have the opportunity to make a commensurate repayment of debts to creditors and get rid of debts. During the research it was revealed that the procedure is a complex process. It includes finding, forming and replenishing of bankruptcy estate in order to sale debtor’s property at the auction and to satisfy creditor’s claims by the received money. It was concluded that Russian insolvency legislation has a lot of gaps and in is needed in reforming. The reform process should include changes and additions to the Federal Law “On insolvency (bankruptcy)”. These changes should be applied to one of the signs of bankruptcy, which will allow the procedure to be used by more people. Also, changes should be made in the creation of an advisory mechanism that will promote individual’s awareness of the essence of bankruptcy procedures and claims against debtors. Moreover, special attention should be paid to changes in administrative sanctions imposed on debtors and financial managers for their wrongful actions in the process of bankruptcy proceedings. It is submitted that the specified changes, will make the procedure more effective and more accessible for debtors and financial manager.