Cross-Boarder Bankruptcy: Towards Common Approaches and Mechanisms of Legal Regulation

Abstract

The author examines theoretical and practical aspects of cases of trans-boarder bankruptcy. In particular, it is proposed to distinguish criteria of bankruptcy, complicated by the foreign element, and its procedural models. The study is based on the analysis of domestic and foreign legislation, jurisprudence and legal doctrine. The article provides an overview of the prevailing approaches in defining the content of the principle of reciprocity to be applied within the framework for the certification of foreign judgments, as well as some peculiarities of its application by Russian courts. The author believes that the implementation of the Russian legal system and procedural models, which are actively applied in Europe and the United States, could be an incentive for greater interaction and economic co-operation with foreign partners.