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Working paper

Институт банкротства: неформальные правила разрешения проблемы несостоятельности на примере российской экономики

The main function of the institution of bankruptcy is to resolve problems arising from insolvency. The main goal of this paper is to study the possible approaches to resolving the insolvency problem. We define the structure of the institution of bankruptcy, which we consider to consist not only of legislation and its enforcement, but to also include informal out-of-court mechanisms and the possibility of different economic agents interpreting the same fact differently. This helps us understand the differences in how agents behave in the framework of this institution. The focus in this paper is on the mechanisms that could be used outside formal proceedings, all of which are illustrated by examples from Russian evidence. We also discuss the development of the institution of bankruptcy in Russia.