On the Concept and Models of Legal Regulation of Transnational Bankruptcy
On the basis of the analysis of the views observed in the legal literature, the authors developed in the scientific literature identify specific signs of bankruptcy of cross-border organizations. The article shows the main generally recognized models of legal regulation of relations related to cross-border insolvency, the principles of their application in various legal orders, as well as the problems arising from their application, which lead to the actual inequality of the status of creditors, make it practically unattainable as financial recovery and sale of cross-border corporations as a single property complex. The question of choice of material and procedural law applicable to the relations of cross-border bankruptcy is disclosed. It is concluded that it is necessary to activate the work of the legislator and representatives of the scientific community on the subject of study due to the lack of the necessary legislative regulation and unambiguous legal positions in the study area.