The Recognition of Cross-Border Insolvencies and Bankruptcies
The implementation of the uniform approach to the legal regulation of transnational bankruptcies is problematic in several ways, such as differences in national bankruptcy legislayion and lack of recognition of of other state`s authorities acts. Nevertheless, this chapter shows that the difficulties can can be overcame with the proper i,plementation of bankruptcy procedures.
This book is devoted to the international dispute resolution in various contexts.
The author analyses artickes 195, 196 and 197 of the Russian Federation Criminal Code, devoted to illegal actions that accompany a debtor's bankruptcy, and cocludes that these articles are not sufficient to combat all fraudulent actions in this sphere. The application of articles 159, 160 and 303 of the Criminal Code also doesn't solve the existing problems. That is why the author proposes to penalize actions on the application of knowingly non-existing claims in bankruptcy.
Problems: 1) complexities of an estimation of legitimacy of actions of heads of the credit organization («Risk business»); 2) high degree blanket norms of criminal law; 3) absence of an accurate regulation of the civil-law mechanisms directed on protection of interests of creditors of the credit organizations, and, as consequence, 4) impossibility of an establishment of special norms it is criminally-legal protection right creditors of the credit organizations, in view of accecorn the nature criminally-rules of law.
The author touches upon questions of correspondence between the Civil Code of the Russian Federation rules in their amended edition and the Federal Law of 26 October 2002 # 127-FZ “On Insolvency (Bankruptcy)”. Such issues as the order of a insolvency administrator’s appointment in the procedures of compulsory corporate liquidation and reorganization, establishing creditors’ claims based on subscription agreements, the effect of a court bail in bankruptcy are considered in the article.
The present paper is aimed at identifying legal barriers to effective organization of a corporation’s management within pre-bankruptcy period. At the moment, there is a lack of legal regulation of interaction between corporate management bodies in case when temporary financial difficulties can be overcome due to efficient management policy. Reformation of bankruptcy legislation reflects search for the best model of distribution of rights and obligations within a corporation at the stage of bankruptcy predication. However, the conducted study shows that the proposed model is not logical enough. The analysis of the recently introduced innovations reveals that bankruptcy legislation still does not take into account the subtleties of corporate legislation and the specifics of the position of sole executive body (or the "head of the debtor" in the terminology of the Bankruptcy Act) in the corporate management system. The authors discover insufficiently clear definition of the subjects of responsibility for late submission of bankruptcy petitions. Besides the reforms leave out of account the difference in the issues of convening an extraordinary general meeting in different types of corporations. The research covers the issues of protective mechanisms encouraging a corporation’s managers to adopt proactive bailout measures.
The textbook in accordance with state educational standards sets out the main provisions of an in-depth course on Private International Law. Volume 1 deals with the General part of Private International Law theory - the concept, object, system, method, sources. Volume 2 examines specific branches of private international law - the law of persons, international property law, international contract law, private international transport law, private international currency law, international intellectual property law, international tort law, international inheritance law, international family law. Volume 3 highlighted procedural and substantive procedural industry in the system of private international law: international civil procedure, international commercial arbitration, cross-border insolvency (an international bankruptcy law) and international notarial law. All theoretical constructs are illustrated with examples from judicial practice, legal norms and international legal instruments. Analysis of Russian legislation takes into account all the innovations made in the relevant legal acts. For bachelors, undergraduates, graduate students and professors of universities and law faculties of universities and other educational institutions, specializing in international business; economists and legal practitioners.