Prospects of the extrajudicial settlement by enforcement authorities of bankruptcy procedures

This article is concerned with prospects of the legal regulation of bankruptcy procedures. It has been established that the debtor's management intending to rehabilitate its enterprise can be prosecuted if it submits a bankruptcy petition in advance. To initiate a procedure for declaring bankruptcy, a debtor is obliged to prove the existing circumstances that testify their future inability to pay off monetary obligations to creditors and make mandatory payments to budget and off-budget funds. Successful rehabilitation and circumstances indicating the impossibility to fulfil monetary obligations in the future directly depend on the time left before the debtor's insolvency. The earlier the debtor's management foresees an impending bankruptcy, the greater are the chances that the company's solvency will be restored. © 2018 Academic Research Publishing Group.

Authors
Publisher
Academic Research Publishing Group
Number of issue
Special Issue 3
Language
English
Pages
369-373
Status
Published
Volume
2018
Year
2018
Organizations
  • 1 The Institute of state and law of the RAS, Znamenka Str. 10, Moscow, 119019, Russian Federation
  • 2 RUDN University, Miklukho-Maklay Str. 6, Moscow, 117198, Russian Federation
  • 3 Institute for Tourism and Hospitality, Kronstadt Blvd. 32a, Moscow, 125438, Russian Federation
Keywords
Bankruptcy; Legal regulation; Legislation; Management; Procedure; Rehabilitation; State
Date of creation
04.02.2019
Date of change
04.02.2019
Short link
https://repository.rudn.ru/en/records/article/record/36473/
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