2.2Russian legislation on insolvency (bankruptcy) the main features and trends.

Current Russian legislation on insolvency (bankruptcy) is a complex system of legal norms, which are the basis of of the Civil Code. These provisions can be divided into three groups: - The rules of the Civil Code, directly regulating insolvency of individual entrepreneurs (Article 25) and legal persons (Article 65); - The rules of the Civil Code, contain special instructions on the application of the provisions of the Insolvency (Bankruptcy) - Art. 64 (on the order of creditors' claims), and others; -norm of the Civil Code does not directly affect the relationship of insolvency (bankruptcy), but with crucial for addressing issues arising from the insolvency (bankruptcy) of legal entities. ¹⁰

Central to the system of legal regulation of insolvency (bankruptcy) is the Federal Law of October 26, 2002 № 127-FZ "On Insolvency (Bankruptcy)" tasks are an exception to the turnover of insolvent entities and enabling conscientious businesses to improve their business under the supervision of the arbitral the court and creditors, and once again achieve financial stability. In addition, the system of law governing bankruptcy, include:

- Federal Law of 25 February 1999. № 40-FZ "On Insolvency (Bankruptcy) of Credit"; - Federal Law of June 24, 1999. № 122-FZ "On the Specifics of insolvency (bankruptcy) of the subjects of natural monopolies, fuel and energy complex"; - RF Government Resolution dated February 3, 2005. № 52 "On the regulatory body responsible for supervising the activities of self-regulating organizations of arbitration managers"; - Resolution of the Government of the Russian Federation of May 29, 2004 № 257 "On ensuring Russia's interests as a creditor in bankruptcy cases and bankruptcy procedures"; - Resolution of the Government of the Russian Federation of September 19, 2003. № 586 "On the requirements for candidacy trustee in bankruptcy of strategic business or organization"; - Newsletter of the Presidium of the Russian Federation dated August 15, 2003.№ 74 "On some features of cases of insolvency (bankruptcy) of credit institutions"; - Resolution of the Plenum of the Supreme Arbitration Court on April 8, 2003. № 4 "On some issues relating to the enactment of the Federal Law" On Insolvency (Bankruptcy) "" - Resolution of the Plenum of the Supreme Arbitration Court on December 15, 2004 № 29 "On some issues of practical application of the Federal Law" On Insolvency (Bankruptcy) "." Analysis of the current bankruptcy laws allowed us to formulate the following basic provisions:

1) The institution of bankruptcy can not be assigned to only one branch of the law, because law is a complex institution, combining the rules of its various branches. Law on Insolvency (Bankruptcy), bearing complex, located at the intersection of public and private law. 2) The main trend of the legislation on insolvency (bankruptcy) is a development of his scheme: the general law - a law - other regulations.   Among the first laws include the Civil Code and the Arbitration Procedural Code. In accordance with Art. 223 APC insolvency are considered by the arbitral tribunal by the rules set out the APC, with features defined by federal laws governing insolvency. In all cases, unless otherwise provided by special laws on bankruptcy, the provisions of the APC. ¹¹

Special laws - is the Law on Bankruptcy, 2002., The Federal Law "On Insolvency(Bankruptcy) of Credit Institutions," Federal Law "On the singularities of the Insolvency (Bankruptcy) of the subjects of natural monopolies, the fuel and energy complex." It should be noted that the legislation on insolvency (bankruptcy) should include not only acts at the federal level, but also acts of subjects of the Russian Federation, adopted on certain issues, taking into account peculiarities of the economic development of individual subjects of the Russian Federation, the specifics of public administration in the regions;

3) One of the directions of the reform of modern legislation on insolvency (bankruptcy) is the introduction of changes and additions. Currently,  important conceptual approach. In this regard, the literature rightly notes that "most urgent task in improving the legislation on insolvency (bankruptcy) is to develop a unified concept for its reform, involving the search for the main directions of change in this legislation with a clear understanding of the purposes to be achieved, as well as systemic consequences of making the appropriate changes. "¹²