Global trends in improving bankruptcy legislation during the COVID-19 pandemic

The relevance of the study of trends in improving bankruptcy legislation that have formed around the world is due to the creation and improvement of legal mechanisms in order to more effectively regulate the institution of insolvency (bankruptcy) in the future, in particular, in a complex epidemiological, economic and geopolitical situation. The COVID-19 pandemic radically changed the world economy, provoked a global recession, and therefore legal entities, being the main subjects of economic activity, have suffered significant losses in recent years, therefore, this article examines the measures taken by various countries within the framework of the institute of bankruptcy in order to stabilize the economic situation. The authors note that the pandemic has become a catalyst for largescale changes in the legislation on insolvency (bankruptcy). Attention is focused on the reasons for the massive increase in the number of bankruptcies of legal entities in the period from 2019 to 2021, a large-scale analysis of statistical data in this area is carried out. In the course of scientific research, it was found that in most countries, changes in the legislation on insolvency (bankruptcy) are identical, which allowed them to identify and analyze the main directions of the transformation of bankruptcy legislation during the COVID-19 pandemic, as well as to identify scientific and theoretical problems and gaps in Russian legislation that can be resolved taking into account the experience of foreign countries. In particular, the authors investigated the possibilities of international legal regulation of cross-border bankruptcy, as well as the bankruptcy of a group of companies. Special attention is paid to the analysis of the legal regulation of restructuring procedures in some countries of the Romano-Germanic and Anglo-Saxon legal families. The trends formulated by the authors allowed them to identify further prospects for improving the institution of insolvency (bankruptcy), to emphasize the importance of applying the experience of foreign countries and international organizations within the framework of Russian law.

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