The History of the Development of Bankruptcy Law in the Russian Federation and Foreign Countries

Abstract

Introduction. This article studies the peculiarities of bankruptcy law development in Russia, China, the USA and England. The author has conducted a study of the evolution of law over time in the above countries and the impact of changes in the legislation of some countries on the national legislation of others. Theoretical Basis. Methods. In the course of the research the author applied the following methods: comparative-legal, historical-legal, formal-legal, synthesis, analysis. The theoretical basis of the study was the works of domestic and foreign scientists in the field of law, as well as normative acts applied in the national legislation of the countries under study in the process of evolution of bankruptcy legislation. Results. On the basis of the research the author made conclusions about the direct relationship between the development of the economy in the country and bankruptcy legislation. Thus, the English and American bankruptcy laws, despite the common legal family, common historical roots of legislation, are currently developing directly diametrically, as well as Russia and China, which have taken the above national legislation as a basis, have defined their own strategies for the development of law. Discussion and Сonclusion. Bankruptcy promotes healthy economic growth of the country and cleansing of the market from its unscrupulous participants, as well as protects both citizens, legal entities – residents of the country, and foreign economic participants from violation of their legal rights and interests in conducting commercial activities. It seems that at the moment there is no “ideal” model of bankruptcy legislation, which would work applicable to any legal realities of countries and contribute to the stable development of the country’s economy. Thus, each state independently, through trial and error, as well as based on the experience of other countries, forms its own recipe for bankruptcy that meets the requirements of the state and society.