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Эволюция института банкротства в России: выбор кредиторами стратегии возврата долга

The bankruptcy law and relevant coercive system determine the nature and scale of accompanying transaction expenses that play, in our opinion, a key role in choosing debt recovery mechanisms. We consider two basic scenarios of debt recovery: judicial procedures provided by the relevant laws and informal mechanisms worked out by direct participants of the relations. These strategies generally imply that parties are primarily interested in recovering debts rather than retaining any partnership relations. The application conditions of the strategies largely overlap: low confidence of partners, need to rely on a third party to settle the conflict, insufficient role of partners’ reputation. The work provides for the model describing relations of creditors underlying the decision between informal (private compulsion) and formal rules (applicable procedure of bankruptcy). The author shows that a private compulsion is generally steady equilibrium provided lesser restrictions of the parameters compared to that providing for the creditors who prefer judicial procedure. However, the government still has an ability to influence the situation.