Article title Bankruptcy in Modern Private International Law
Name of magazine Legal journal «Law of Ukraine» (Ukrainian version)
Issue 7/2013
Сторінки [48-54]
Annotation The article modern state in the sphere of bankruptcy legislation developments in the world is analyzed. Observation of main regimes of bankruptcy is given. Although the fact that practically each state has to certain extent its unique system of bankruptcy which is based on national traditions in society, economy, legal system, culture and language, the law-makers when doing legal reforms try to develop optimal regime of insolvency regulation taking into account the interests of the main participants in these cases — creditors and debtor. Approximation of legal systems is an important factor of modern private international law, particularly bankruptcy. Some international organizations among which are International Monetary Fund and the World Bank developed standards of effective bankruptcy systems. One of the latest tendencies of the bankruptcy law developments is extension of these specific legal remedies to untraditional for bankruptcy sphere — non business persons, and as a result, a new notion of consumer bankruptcy appeared. Besides it, they say about sovereign insolvencies in today's global world — according to this doctrine bankruptcy proceedings will be used against the states in order to solve their debts to other states and international finance institutions problems.
Keywords bankruptcy, Private International Law, insolvency, consumer insolvency, sovereign insolvency, regimes of insolvency, cross-border bankruptcies.