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The History Of Institute Of Bankruptcy In Russia. Part II.

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In this article we continue talking about the history of the bankruptcy institute in Russia. You will be able to know more historical facts and make your own statements and conclusions after finished reading it.

In 1995 in the first reading by the State Duma other project has been approved. In it, it was brought more than 600 amendments. But this work had no continuation, the matter did not reach the second reading. First, there was unexpectedly an alternative project, and secondly, the Duma has passed the law on bankruptcy of banks and other credit institutions.

All this legislative leapfrog did not promote a normal course of affairs. Therefore also it was necessary to undertake emergency measures which already by definition do not promote maintenance of interests of participants of the market, without dependence from the one who is the creditor, and who is the debtor.

At last, in March, 1998 the new law «About an inconsistency (bankruptcy)» which should have settled these relations came into force.

The new Federal law «About an inconsistency (bankruptcy)» considerably differs from the operating earlier «About an inconsistency (bankruptcy) of the enterprises» and includes variety of the positions which are new to Russian legislation.

Bankruptcy development as the means of improvement of economy in modern conditions
In the conditions of formation of market relations, the position of the majority of the enterprises ceases to be stable, thus the general instability steadily grows. The enterprises should make independently decisions on what form they can continue the economic activities, search for buyers, suppliers of materials, to develop commercial strategy of a survival and so on.

The complication of administrative problems caused by plurality of problems, all of them increasing complexity and novelty, demands the reconstruction, and sometimes working out a new mechanism of exit from bankruptcy of the enterprises taking into account specific features of the development of market relations in modern Russia.

The lawyers who are engaged in institute of bankruptcy, are convinced that the legislation about the inconsistency (bankruptcy) in the countries with market economy is necessary for «developments of the economy based on a competition and continuous structural changes. It promotes education of discipline and observance of rules of a business turn in the field of a finance administration, and also is intended to promote reconstruction of the inefficient enterprises or their civilized going out from the market. Basically, similar processes make the economy healthier, releasing it from outsiders that promotes structural reorganization and manufacture updating. Thus, the legislation on bankruptcy is the important legislative base of market economy, or the economy which is in a transition period, and provides guarantees both local, and to foreign investors that finally promotes economic the development of the country».

Almost all of us remember the times when one could easily buy something even if one hadn’t got enough money. Credit was a simple way out. No wonder that today many of those who hunted for a credit, are looking around for how to avoid bankruptcy.

Those people who managed to get into the condition when they owe more money than they have, definitely should look for ways to avoid bankruptcy.

Being in such condition it is smart to use any ways to get over it. Avail yourself of such great chance as the web technologies. Using them at full capacity could give great results. Working with search engines, forums, social networks,web sites one can find many tips to avoid bankruptcy and a great deal of other respective info. Also subscribing to RSS feed on this blog will help to keep track of new publications and tips on the topic.

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  1. I would not have thought about the difference in bankruptcy in Russian, but it does make sense. Sometimes, I just have some goof moments, I guess. Thank you for the information. I love learning new things.

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