Insolvency statute and lex fori concursus as a main connecting factor

Abstract

Author attempts to determine the insolvency statute. Analyzing the Russian judicial practice in the insolvency, the author makes a conclusion that the courts use general rules of international private law to defining of applicable law and use lex fori concursus, but are notintended to regulate cross-border insolvency. Based on the analysis of foreign practice of regulating issues of applicable law in cross-border insolvency, the author considers possible exceptions to the lex fori concursus to protect certain categories of third parties from unexpected interference in the legal relations of the parties to foreign law, to ensure the stability of trade and maintain legal certainty.