The Russian System of the Legal Regulation of Bankruptcy Relationships: The Status and Development Tendencies

The article analyzes the main provisions of the current Russian Bankruptcy Act, as well as discusses the discussion issues related to its further improvement. In addition, there is a general critical assessment of some changes in the bankruptcy law of the European Union and Germany, as well as the Russian bill on the upcoming changes to the current Bankruptcy Act. The position is to be defended that the principles on which bankruptcy law should be based are: (a) the maximum possible simplification, leading to a reduction in the time frame for bankruptcy proceedings and, consequently, the preservation of the competitive mass and the fullest satisfaction of creditors’ claims; b) Ensuring the protection of creditors’ rights and interests in a bankruptcy case on the basis of the beginning of the equality of competing creditors (of course, with exceptions).