Impact of the COVID-19 Pandemic on the Institution of Bankruptcy in Russia
Abstract
Relevance. Since the beginning in March 2020 of Russia's imposition of restrictions aimed at preventing the spread of infection, many experts have predicted an avalanche of bankruptcies caused by a sharp drop in income and the subsequent inability of subjects to meet monetary obligations. In the spring of 2021, it was a year since Russia is struggling with COVID-19, in connection with which there is an interest in summing up some results that will answer the questions: how did the pandemic affect the institution of bankruptcy in Russia, how the statistics on bankruptcy procedures actually changed, and what influenced her?
The purpose of this study is to analyze the nature and extent of the impact of the pandemic on the institution of bankruptcy of individuals and legal entities in Russia.
Objective: to study statistics on bankruptcy procedures; analyze the novelties of bankruptcy legislation, form legal positions regarding their effectiveness.
Methodology. The methodological basis of this study was made up of a set of general and specific scientific methods: analysis, synthesis, formal-logical method, systemic method, formal-legal method, statistical method, method of legal forecasting.
Results. The study revealed a different impact of the coronavirus crisis on the statistics of bankruptcies of individuals and legal entities.
Conclusion. A clear tendency of an increase in the number of bankruptcies of individuals can be traced from the moment of the legislative registration of the institution of insolvency of citizens. The rise in consumer bankruptcies in 2020 is natural, and the pandemic is not the root cause. The novelty of the institution of insolvency - out-of-court bankruptcy of citizens - had little effect on the statistics, since the number of out-of-court bankruptcy procedures was too small relative to the number of judicial bankruptcies. The procedure for out-of-court bankruptcy, despite its potential, has a number of serious shortcomings, and therefore desperately requires reformation. As for corporate bankruptcies, the moratorium on external bankruptcies in force from April 2020 to January 2021 allowed enterprises of certain industries to adapt to survival in the crisis period, but it cannot be called a panacea. Despite the favorable statistics of the first months after the lifting of the moratorium, the likelihood of a wave of deferred bankruptcies still persists, and there is also a risk of an increase in the number of cases involving the subsidiary liability of controlling debtors.
About the Authors
Adelina V. GeraRussian Federation
Lawyer
51 K. Marx str., 305029 Kursk
Yuri A. Tarasov
Russian Federation
Candidate of Historical Sciences, Associate Professor of the Department of Civil Law
50 Let Oktyabrya str. 94, Kursk 305040
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Review
For citations:
Gera A.V., Tarasov Yu.A. Impact of the COVID-19 Pandemic on the Institution of Bankruptcy in Russia. Proceedings of Southwest State University. Series: History and Law. 2021;11(4):10-23.
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