Legal Regulation of Cross-Border Bankruptcy

One of the most important economic trends of the end of XX century was the globalization of business. The capital and labor, investment, credit and insurance markets have become international. In connection with the advent of globalization, dynamically developing economies and integration processes, the sphere of transnational insolvency has become one of the most controversial enforcement issues today. The scanty legal regulation does not correspond to the current trends in the development of international business and does not contribute to an increase in the degree of investment attractiveness of Russia. At the same time, a huge gap in the regulation of cross-border insolvency is contrary to the goals of protecting the rights and interests of Russian companies engaged in economic activities abroad. This investigation is connected with a wide range of problems of transnational insolvency - recognition of decisions of foreign courts in bankruptcy cases, the concept of transnational insolvency, the aspect of the effectiveness of transnational insolvency by itself, which will attract foreign investment and problematic aspects of the implementation of a transnational insolvency procedure