Bankruptcy of Environmentally Hazardous Enterprises: The Relevance of Legal Regulation

The current law "On Insolvency (Bankruptcy)" contains no norms regulating the environmental safety of an insolvent debtor. Significant share of rehabilitation procedures is characteristic of the production of bankruptcy cases, which results in insufficient financing of reclamation measures and a high risk of environmental pollution when the enterprise is terminated. Business retention and a high return on creditors allow both the debtor and the creditors to comply with the requirements of environmental legislation at relatively low costs for themselves. The authors conclude that the absence of ecology aimed norms in the Law "On insolvency (Bankruptcy)" contradicts the requirements of the Strategy for Ensuring the Environmental Safety of the Russian Federation. The innovations taking place in the regulation of insolvency relations of environmentally hazardous enterprises in foreign countries turned out to be useless for the national legislation. The authors give recommendations on the implementation of the norms of foreign legislation on the bankruptcy of environmentally hazardous enterprises, which have proven their effectiveness in practice.

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