State regulation in the field of insolvency (bankruptcy) of legal entities

Abstract

Bankruptcy issues are regulated by the norms of the Federal Law of October 26, 2002 No. 127‑FZ «On Insolvency (Bankruptcy)». In accordance with the specified regulatory act, insolvency or bankruptcy is understood as the inability of a debtor (legal entity or individual) to satisfy the claims of its creditors for monetary obligations in full. This article is devoted to the issues of state participation in the procedures of economic recovery. The content of the institution of bankruptcy, its features, as well as the role of the state in the process of insolvency (bankruptcy) of legal entities are considered. The grounds and procedure for initiating bankruptcy cases, the features of the procedure for the proceedings are investigated. Insolvency (bankruptcy) cases are one of the categories of cases falling within the competence of Arbitration Courts in the Russian Federation. Thus, a specialized category, referred to the exclusive competence of arbitration courts, is the consideration of insolvency (bankruptcy) cases. Other bodies of the judicial system are not entitled to administer justice on these issues.