To the Problem of Lack of Legal Regulation of Cross-Border Bankruptcy in BRICS: Relevance, Issues and Solution
The problem of the lack of a mechanism for the legal regulation of cross-border bankruptcies within the BRICS is discussed in the article. Statistical data are presented showing the dynamics of expanding cooperation and the growth of international trade between the BRICS countries, and, consequently, the need to adopt a number of agreements regulating economic relations between states, including cooperation mechanisms in cross-border bankruptcies. In the article the methods of implementation of cross-border bankruptcies are described and the expediency of using the modified universalism method within the BRICS is justified. Proposals are made for the adoption and ratification of a number of agreements regulating the rules for determining the place of initiation of bankruptcy proceedings and conducting the main proceedings, the powers of both the main judicial body and the secondary ones, and the establishment of the basis for interaction between the courts.