ИСТИНА

The research deals with the analysis of the most recent changes in the Russian Insolvency Law during the period of 2008-2010. These changes were crucial for Russian bankruptcy practice to make it more modern and oriented on the market principles of insolvency regulating. The main amendments concern the processes of the insolvency administrators’ activity regulating and the calculating of their remuneration; changing of the secured creditors’ status which makes the socially vulnerable creditors (workers) more protected than before when they got nothing after the bankruptcy of their employer. The presentation also concerns the issue of transparency of insolvency proceeding when in Russia a rule of online auction as the tool for selling assets during the liquidation procedure was set, a special online resource with the information about particular bankruptcy proceedings was launched. Russian legislators try to make the Insolvency Law more transparent and applicable for modern conditions by issuing some main law drafts: on financial rehabilitation, on corporate groups’ insolvencies, on cross-border insolvencies. The presentation will also contain an analysis of their main provisions. The Insolvency Law modernization is accompanied by the using of European countries’ experience, especially in part of cross-border insolvencies.