The article provides the analysis on the legal activity regulation of trustees in bankruptcy appointed based on materials of the Russian legislation and practice of its application. The authors have tried to bring general theoretical questions as close as possible to existing problems arising in the course of applying bankruptcy legislation. Aim: justify the need to improve the application effectiveness of bankruptcy legislation by improving the rules relating to trustees in bankruptcy as the main participant in bankruptcy procedures. Methodology: dialectic method of cognition, techniques of formal logic, general scientific and private scientific methods were used. Results: the paper considered problematic issues of interpretation and application of the norms of the current Russian legislation arising in work of the financial manager appointed in the bankruptcy case of a citizen. There is a statistical analysis of the main results of applying the current Russian bankruptcy law. There is a legal uncertainty in the Russian bankruptcy law regarding the content of its rights and obligations. A critical assessment of law enforcement practice is given, according to which a situation arises when financial managers do not fulfill a number of their duties or execute at their discretion. Conclusions: attention was drawn to the need to prepare the act of official interpretation of the law on the most pressing issues of the arbitration manager.

Bankruptcy is a necessary part of a market economy because it provides competition and a number of methods for resolving problems in case of financial insolvency of organizations. It is necessary to improve management processes at enterprises in bankruptcy procedures. Bankruptcy or financial inability is a procedure which is sanctioned by the court for the recognition of the debtor, unable to satisfy the claims of the creditors on monetary obligations and (or) to fulfil the obligations to pay regulatory charges for a certain period of time. There are four processes in bankruptcythree rehabilitation processes and a liquidating process. Such bankruptcy proceedings as observation, financial recovery and external management are rehabilitation procedures. Receivership is the liquidating process because its main objective is the realization of debtor's property and discontinuation of its activity. Theoretical and methodological foundations of the process approach in bankruptcy procedures are considered in the paper. The process approach helps to increase the effectiveness of management processes at enterprises being in crisis. Bankruptcy procedures are considered as processes represented by three levels: strategic, tactical and operational ones.

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Bankruptcy legislation in Russia is constantly changing. The main purpose of such changes is to create favorable conditions for creditors. During the bankruptcy case of developers, the rights of construction participants were violated for a long time. The Russian bankruptcy law currently contains special rules governing the bankruptcy of developers. The law provides for various guarantees of the rights of construction participants. The experience of applying bankruptcy legislation to developers abroad demonstrates its peculiarities. The task of the state is to ensure a high level of protection of the rights of citizens whose funds are attracted for the construction of housing. The bankruptcy law provides for special ways to satisfy creditors’ claims in a developer’s bankruptcy case. Such methods include the creation of a housing construction cooperative, the settlement of claims by transferring residential premises, and the attraction of a new developer to complete construction. Much attention is given to the transfer of a developer’ right on the object under construction and a plot of land to the housing and construction cooperative or another specialized consumer cooperative as a means to satisfy the requirements of construction participants. The author reveals the conditions for such satisfaction, specifics of making the corresponding decision.

The article investigates the structural elements of international legal regimes of requests for labor remuneration in the event of the employer's insolvency - the «priority of requirements» model, the «warranty of requirements» model and the «mixed» model. It examines the problematic issues of the interpretation and application of the norms of the current Russian legislation arising in the course of filing and satisfying the requests for labor remuneration in a bankruptcy case. It stares that the Russian bankruptcy legislation establishes several legal regimes in regard to requests for labor remuneration. The privileged character is envisaged for requests for the current payments regimes (priority) and for the registered payment regimes (second priority). The restricted character is established for the requests due to payments in end-of-priority (after-second priority) order. The article gives a critical assessment of the law enforcement practice whereby it expands the circle of persons subject to the privileged legal regime. It draws attention to inadmissibility of referring the requests for insurance payments to the second (privileged) turn of creditors. It recognizes as ineffective the order, existing in the law enforcement practice, of collecting the interests charged according to the labor legislation, in case of bankruptcy.