Business Law Research Paper (Non-Common Law Jurisdiction)

CORPORATE BANKRUPTCY LAW in Russia and England

Content

Introduction
Cortorate Bankruptcy Law in Russia
Cortorate Bankruptcy Law in England
Conclusion
Bibliography

Business Law Research Paper (Non-Common Law Jurisdiction)

At the same time, the effectuation of bankruptcy procedures always implies certain losses to creditors, debtors, and the State. Foreign countries with developed economies are no exception in this respect. The possibilities for applying bankruptcy procedures in order to reform businesses and to replace “inefficient” owners are quite limited, their basic goal being that of liquidating inefficient production, redistributing unreasonably utilized assets, and lowering economic risks in the economy; that is, bankruptcy procedures may serve a creative purpose primarily at the macrolevel.
The experience of foreign developed countries has not provided us with sufficient grounds for a firm belief that regulation of insolvency is to be effectuated only with the creditors’ priority in mind; there doexist examples demonstrating that insolvency is primarily orientated toward protecting the interests of the debtor or the State. It all depends on the specific economic policy of a given state and is largely associated with the scope of its state owned sector and the standpoints as to the necessity of its presence.