Abstract

The article raises the question of the cross-border effect of foreign bankruptcy in Russia and whether it is possible to adapt the Russian legal tools to solve the problems of special bankruptcy recognition. The finality of foreign judgments is analysed in detail. It is concluded that the finality criterion is poorly suited for bankruptcy cases. But the finality of court decisions commencing insolvency proceeding may lose its significance for their verification as suitable objects of recognition, only when a special model of insolvency-specific recognition exists, and provides the mechanisms to ensure legal certainty in the recognising state.It is noted the «closed» regime of procedural recognition in Russia in relation to foreign court decisions opening foreign bankruptcy proceeding. Alternative options for ensuring the cross — border effect of bankruptcy are considered: the material recognition, the acknowledgment of foreign bankruptcy as a fact, the request for interim measures in support of foreign bankruptcy. Ideas about the use of truncated procedural recognition are expressed, the legal difficulties of implementing this option are noted. In contrast to the “closed” regime of procedural recognition in Russian court practice, examples of “informal” recognition have been identified — the perception of foreign bankruptcy as a fact with the protect measures provision to the debtor’s assets from the creditor’s individual actions, which is comparable to the universal effect of foreign bankruptcy. The unique situation of the existence in the country of both territoriality and universalism is noted. All this underlines the desirability of a special legal regulation for the foreign bankruptcy proceedings recognition based on the modern models of modified universalism.

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