Regulation of Cross-Border Insolvency in the EAEU Law

Abstract

In the context of the development and expansion of the Eurasian Economic Union, the dynamically developing system of integration relations in the Eurasian space on the one hand, and the collapse of Russia’s economic integration in the European Union, the regulation of the institution of cross-border bankruptcy in the law of the EAEU are becoming particularly relevant and require urgent consideration of the issues of legal regulation of insolvency (bankruptcy) with a foreign element in the territory of the EAEU.Aim. To reveal the main problems of legal regulation of cross-border insolvency in the Eurasian region.Tasks. It is proposed to consider models of regulation of cross-border insolvency on the example of Regulation of the European Union No. 2015/848 of 20.05.2015. on insolvency proceedings and the UNCITRAL Model Law on Cross-Border Insolvency, to analyze the relevance of the considered sources of law, to present the main elements of the concept of development of regulation of cross-border insolvency in the EAEU.Methods. The methodological basis of the research is based on a systematic approach and general scientific methods of retrospective analysis, comparative analysis, induction and deduction, generalization, grouping of information, comparative legal analysis of international law in the field of cross-border insolvency.Results. The proposed approach by studying the established international practice of regulating insolvency cases with a foreign element, comparing the bankruptcy legislation of the EAEU countries, trends in the current international economic and political situation will solve the problems of forming sources of legal regulation of cross-border bankruptcies in the territory of the EAEU countries, the creation of the Eurasian Institute of Cross-Border Insolvency of a mixed model for the exequatur recognition of bankruptcies with a foreign element on the model of the UNCITRAL Model Law on CrossBorder Insolvency of 1997, with the procedure for determining international jurisdiction and applicable law - on the model of Regulation of the European Union No. 2015/848 of 20.05.2015.Conclusion. The presence of clear, transparent, acts regulating cross-border bankruptcies on the territory of the EAEU as a whole, and not within the framework of local phenomena of individual insolvency proceedings with a foreign element on the territory of individual member states of the integration association is a guarantee of investor confidence, as a result — the spread of foreign direct investment, the opening of capital markets, the creation of supply chains and contractual networks, the creation and development of multinational enterprises, economic growth in the countries of the association, as well as the growth of the attractiveness of the EAEU for new member countries with a positive assessment of the prospects in case of accession.