Importance The article focuses on the specifics of corporate bankruptcy in terms of economic security of business. Objectives The research critically revises the evolution of the Russian insolvency institution and its factors in terms of economic security, threats of criminal bankruptcy schemes employed for illegal property takeovers. Methods The methodology relies upon the principle of priority of institutional changes in socio-economic development. Hence, the institutional environment is regarded as a key factor of development and specifics of the Russian insolvency institution. Results Evolutionary steps of the Russian insolvency institution are presented through two aspects, i.e. legislation and law enforcement. Throughout the period of contemporary history, the national insolvency institution has been proved to ineffectively operate and perform irrelevant functions. We demonstrate an ambiguous role of the State as it supports an ineffective development course of the insolvency institution. Conclusions and Relevance Ineffective operations of the insolvency institution poses a serious threat to economic security of the Russian business, violating interests of good faith market actors and requiring immediate remedies. It is necessary to further develop the bankruptcy legislation in line with the current situation and advanced global practices, improve anti-criminal bankruptcy practices, and methodological framework of court-appointed administration.
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