+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Restoring the financial health of debtors: Changing approaches in the legislation

Vol. 20, Iss. 5, MAY 2021

Received: 25 February 2021

Received in revised form: 11 March 2021

Accepted: 2 April 2021

Available online: 28 May 2021

Subject Heading: Crisis management

JEL Classification: G33, H12, K20

Pages: 959–971


Andrei L. BELOUSOV Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article considers the development of the institution of bankruptcy in the context of the emerging legal environment in this area.
Objectives. The focus is to study the development of relations in the bankruptcy sphere in the Russian Federation that relate to inefficient procedures aimed at the financial recovery of business entities, and to formulate the main directions for further changes in the legal regulation of this area.
Methods. The study employs research methods, like logical and structural analysis, systems and functional approach, the formal legal method.
Results. The paper reveals the essence, specific features and legal regulation of bankruptcy, assesses the regulatory enforcement based on the existing law on insolvency, formulates the key problems of the law enforcement practice of business entities that has been formed over the past 20 years, defines further directions of changes in the legal regulation of bankruptcy relations in the Russian Federation.
Conclusions. Changing the approaches to the current bankruptcy system in favor of expanding the application of rehabilitation procedures for restoring the solvency of debtors will enable to support businesses that are in difficult financial situation. This will result in preservation of employment, increased tax revenues to budgets at various levels, improved competitiveness of Russian businesses. The findings may be useful in terms of theory, for the study of issues relating to the concept, essence and legal regulation of the institution of bankruptcy in the Russian Federation, and in practice, for developing proposals to improve regulations in this sphere.

Keywords: bankruptcy, rehabilitation procedures, financial recovery, legal regulation, court appointed receiver


  1. Bobyleva A.Z. [The role of bankruptcy institution in providing stability of the Russian economy]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2020, vol. 1, no. 2, pp. 74–78. (In Russ.)
  2. Yushin A.P. [Observation, financial improvement and external administration or debt restructuring procedures]. Imushchestvennye otnosheniya v Rossiiskoi Federatsii = Property Relations in the Russian Federation, 2021, no. 1, pp. 60–64. (In Russ.)
  3. Lysenko A.I. [The creditors' right to select an official receiver: An analysis of legal positions of the arbitration practice]. Arbitrazhnyi i grazhdanskii protsess = Arbitrazh and Civil Procedure, 2021, no. 1, pp. 42–46. (In Russ.)
  4. Korshunov P.N. [The role of self-regulated organizations of insolvency practitioners in exercising justice in bankruptcy cases]. Yurist = Jurist, 2020, no. 3, pp. 16–23. (In Russ.)
  5. Sukhinina A.V. [Problems of application of subsidiary responsibility to the actual leader]. Aktual'nye issledovaniya, 2021, no. 4, pp. 42–45. URL: Link (In Russ.)
  6. Tsykunova A.A. [Analyzing the judicial practice in challenging of transactions without initiating bankruptcy]. Novyi yuridicheskii vestnik, 2020, no. 1, pp. 13–16. URL: Link (In Russ.)
  7. Nechaev A.I. [On the legal nature of a judicial act on establishment of bases for bringing to subsidiary liability in bankruptcy cases]. Arbitrazhnyi i grazhdanskii protsess = Arbitrazh and Civil Procedure, 2020, no. 2, pp. 51–55. (In Russ.)
  8. Pavlova L.N. [Global trends in corporate restructuring]. Vestnik Rossiiskogo ekonomicheskogo universiteta imeni G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2020, no. 1, pp. 5–15. (In Russ.) URL: Link
  9. Vdovin I.O. [Subsidiary liability of persons controlling the debtor in a bankruptcy case]. Vestnik Magistratury, 2020, no. 1-4, pp. 53–55. URL: Link (In Russ.)
  10. Gribanovskaya M.S., Shushkanov P.A. [Lack of sufficient money to finance bankruptcy procedures as one of the grounds for termination of bankruptcy proceedings]. Mirovoi sud'ya = Magistrate Judge, 2020, no. 3, pp. 30–35. (In Russ.)
  11. Belousov A.L. [Audit of support measures for small and medium-sized businesses]. Aktual'nye problemy ekonomiki i prava = Actual Problems of Economics and Law, 2020, vol. 14, no. 1, pp. 5–21. URL: Link (In Russ.)
  12. Frolov I.V. [The insolvency (bankruptcy) institution in the Russian law system: The model and internal structure]. Predprinimatel'skoe pravo = Entrepreneurial Law, 2020, no. 1, pp. 30–38. (In Russ.)
  13. Egorov D.P. [Protection of creditors' interests under a syndicated loan agreement in the event of bankruptcy of a borrower]. Yuridicheskaya nauka = Legal Science, 2020, no. 6, pp. 76–79. URL: Link (In Russ.)
  14. Zubarev I.S. [Efficiency of rehabilitation bankruptcy procedures in Russia]. Moskovskii ekonomicheskii zhurnal, 2020, no. 3. (In Russ.) URL: Link
  15. Men'shikova P.A. [Acknowledgment of acts of foreign courts in a bankruptcy procedure]. Arbitrazhnyi i grazhdanskii protsess = Arbitrazh and Civil Procedure, 2020, no. 4, pp. 52–55. (In Russ.)

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 20, Iss. 5
May 2021