Reforming Russian legal mechanisms for the rehabilitation of the debtor through the prism of comparative studies

Kutafin Moscow State Law University, Moscow, Russia

¹ Corresponding author: ovsushkova@mail.ru

Abstract

The purpose of this study is to formulate the main elements of the legal model for reforming the Russian insolvency legislation based on the analysis of regulatory decisions of foreign legal orders, where the idea of the sanation of the debtor and its enterprise is successfully implemented. Comparative-legal and sociological methods of scientific cognition were used as a methodological basis. The results of the work were the analysis of the experience of the United States and Germany, the legislation of which contains effective models for resolving the conflict between the debtor and its creditors within the framework of sanation. In addition, the authors formulated and substantiated the conclusion regarding the urgent need to change the Russian concept of insolvency legislation through the transition from the liquidation of insolvent entities, mainly to the sanation of debtors or its enterprises. The authors also proposed key elements of a possible legal model for such reform, including establishing a unified restructuring competitive procedure for debtors – legal entities; preserving the powers of the debtor in the course of this procedure to handle its corporate management; solving the most significant issues of the restructuring procedure mainly by reaching an agreement between the main participants in the procedure – the debtor, the beneficiaries of the debtor and various classes of creditors. The novelty of the work lies in formulating the problem and substantiating the requirement to transform the Russian legal mechanisms for the rehabilitation of the insolvent debtor, taking into account the legal solutions presented, first of all, in American and German insolvency legislation.