Participants in the discussion included representatives from government structures, the academic community, large companies, as well as members of the working group of the CIS Interparliamentary Assembly, which is preparing a model law “On Cross-Border Insolvency and Bankruptcy.”
The report on the progress in developing the model law “On Cross-Border Insolvency and Bankruptcy” was presented by Elena Mokhova, Deputy Head of the working group of the CIS Interparliamentary Assembly.
Key points:
the importance of legitimizing mechanisms for resolving cross-border insolvency against the backdrop of tightening sanctions against Belarus, Russia, and other countries;
the proposal for the need to create effective digitalization methods to facilitate the interaction of insolvency practitioners with government bodies and judicial authorities of various countries;
the need to analyze current practices in cross-border bankruptcy procedures;
the lack of clear documents regulating cross-border bankruptcy and the specifics of the burden of proof for the principle of reciprocity;
the significance of the principle of formal equality in bankruptcy procedures to protect the interests of all parties;
the necessity of discussing the standardization of requirements for insolvency practitioners.
