Covid-19 Challenges and Bankruptcy Proceedings (Novelties and Changes in Bankruptcy Laws of Some European Countries and Russia)

Abstract

The COVID-19 virus pandemic has become a serious challenge to the modern economic paradigm in the world, leading to a sharp decline in supply and demand as a result of quarantine and changing consumer behavior due to the need for social distancing. Its predictable outcome will be a global economic downturn, which will affect many enterprises and organizations in various industries, as well as individuals engaged in entrepreneurial activities. In these circumstances, there is a need to solve the problem of debts of insolvent entities in a civilized manner by creating a new legal environment for relations between creditors and debtors to resolve debt during the crisis caused by the pandemic.

The article examines the legislative measures taken within the framework of the bankruptcy institute in European countries (Germany, Italy, France) and Russia in order to overcome the economic crisis caused by the COVID-19 virus pandemic; a comparative legal analysis of the effectiveness of legal incentives adopted in states is carried out.