Russian Journal of Economics and Law (Jun 2025)
Clarifying the concepts of bankruptcy, non-creditworthiness and insolvency of legal entities in the context of sanctions and import substitution
Abstract
Objective: to propose a new vision of the terms “bankrupt”, “bankruptcy”, “bankruptcy of legal entities”, “non-creditworthiness” and “insolvency”, corresponding to the current situation of counteracting sanctions and developing import substitution in the Russian economy.Methods: abstract-logical, comparative law studies, interpretation of law, theoretical-legal modeling.Results: the concepts of “bankrupt”, “bankruptcy” and “insolvency” were summarized and critically evaluated. The author compared stages of bankruptcy and exit from insolvency of legal entities in Russia with the essence of the “insolvency” and “bankruptcy” concepts. The key features of the neoclassical, Keynesian, and institutional approaches were compared with bankruptcy legislation in the Russian Federation. As a result, the refined concepts of “bankrupt”, “bankruptcy”, “bankruptcy of legal entities”, “non-creditworthiness” and “insolvency” were proposed.Scientific novelty: the originality of the proposed concepts of “bankrupt”, “bankruptcy” and “bankruptcy of legal entities” within the framework of the neoclassical approach consists in defining a new boundary of the bankruptcy completion. The novelty of the Keynesian approach consists in the proposal to take into account the state interests by introducing a bankruptcy moratorium for companies that are particularly important to the state. Under the institutional approach, it is proposed to take into account the interests of society in addition to the state interests.Practical significance: the proposed concepts cover a wide range of possible development of bankruptcy institutions: procreditor, pro-government, social, and compromise approaches. All of them will help reduce the number of bankruptcies in Russia. At the same time, the legislator, taking into account the specifics of their application, can choose the option that best suits the future development of the Russian state.
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