title: The legal nature of pre-insolvency proceedings under Russian and European law
metadata.name: dc.contributor.author
metadata.value: Mastilovich, Larisa
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2021-08-25T13:55:37Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2021-08-25T13:55:37Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-06
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Mastilovich, Larisa. 2021. “The legal nature of pre-insolvency proceedings under Russian and European law”. Vestnik of Saint Petersburg University. Law 2: 441–454.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu14.2021.212
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/32963
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article provides a critical analysis of bankruptcy prevention procedures in the context
  of interactions between the principle of self-regulation (interaction between free legal will
  of creditors and the debtor) and the principle “cross-class cram-down” (the right of a court
  to prevail over the principle of self-regulation). The judicial authority, within the framework
  of European preventive restructuring law, has the absolute right to discretionally decide on
  any issue if it is approved by the debtor (freedom of entrepreneurial activity is guaranteed
  to every solvent debtor). Interference in the business of the solvent and insolvent debtor by
  judicial authority is not allowed in any other procedures including traditional insolvency
  court procedures (the majority of creditors are empowered to make decisions). In all legal
  orders, the traditional insolvency court procedures prioritize the principle of “majority of
  creditors” to the principle of self-regulation in contrast to European preventive restructuring
  procedures, where the principle of self-regulation dominates. Therefore, European preventive
  restructuring cannot be unambiguously attributed to either a civil law legal nature or a
  bankruptcy law legal nature. In Russia pre-insolvency procedures represent only the civil
  law legal nature during all procedure. The author introduces new pre-bankruptcy terms:
  “normative legal collectivity” — mandatory distribution of consequences to all parties, “actual
  collectivity” — the voluntary consent of all creditors in a particular case and “regulatory actual
  collectivity” — the requirements for voluntary consent of all creditors. The final result of the
  European preventive restructuring procedure is unknown until the very end (the same for
  traditional insolvency court procedures), while according to Art. 31 of the Bankruptcy Law
  Act of the Russian Federation, the result is fully known from the beginning where it works
  according to the principle: “either everything and immediately, or nothing”.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The reported study was funded by the RFBR, project No. 19-311-90063 “Debt restructuring as a
  measure of bankruptcy prevention under European law”.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Vestnik of St Petersburg University. Law;Volume 12; Issue 2
metadata.lang: -
metadata.name: dc.subject
metadata.value: insolvency
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: legal nature
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: reorganization
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: pre-insolvency proceedings
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: bankruptcy prevention
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: preventive restructuring
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: The legal nature of pre-insolvency proceedings under Russian and European law
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 441-454.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/32963/1/441-454.pdf
resources.format: Adobe PDF
resources.size: 656,04 kB