Activities ALL EVENTS
MPs of Commonwealth Countries to Develop a Law on Cross-Border Bankruptcy
23 May 2024
A session of the IPA CIS Permanent Commission on Economy and Finance took place at the Tavricheskiy Palace. The event was chaired by Head of the Commission, member of the Standing Committee of the National Assembly of the Republic of Armenia on Regional and Eurasian Integration Alexey Sandikov.
The deputy chairs of the Commission were elected: Chair of the Standing Committee of the Council of the Republic of the National Assembly of the Republic of Belarus on Economy, Budget and Finances Vladislav Tatarinovich and member of the Committee of the Jogorku Kenesh of the Kyrgyz Republic on International Affairs, Defense, Security and Migration Kubanychbek Samakov.
The meeting participants heard about the progress in the work on the projects of the “Property Tax,” “Land Tax” and “Transport Tax” chapters of the Model Tax Code for CIS Member Nations.
Professor at the Department of Economics and Enterprise Management of the Saint Petersburg State University of Economics Elena Yakovleva presented the concept of the Model Law on Strategic Planning. The document aims to create a modernized system that will help establish a balanced set of rules and methods for making planning and management decisions.
Work continues on the concept of the Model law on Strategic Planning and the Model law on Platform Employment.
Commission members discussed the relevance and feasibility of developing a draft Model law on Cross-Border Insolvency and Bankruptcy. The issue of cross-border bankruptcy has not received sufficient attention in national and international law, despite the development of insolvency law in some CIS countries.
The relevance of the problem of legislative regulation of cross-border bankruptcy was addressed in speeches by Deputy Chair of the National Union of Crisis Management Professionals, president of the self-regulatory organization “Revival” Union of Insolvency Practitioners Natalia Vasilenko and member of the Council of the Self-Regulatory Organization of Insolvency Practitioners “Delo” Elena Pavlova.
Head of the Department of Finance and Credit at the Russian-Tajik Slavonic University Takdir Sharifov spoke about bankruptcy legislation in the Republic of Tajikistan for legal entities and individual entrepreneurs and highlighted the relevance of the issue of the enforcement of court decisions abroad.
Chair of the Association for Crisis Management and Bankruptcy of the Republic of Belarus, Insolvency Practitioner Igor Oshurkevich informed about the legislation of the Republic of Belarus.
Chair of the Board of the Self-Regulatory Organization “Kazakhstan Union of Managers in Rehabilitation and Bankruptcy Procedures” Mariyash Kabikenova noted that the distinctive feature and undeniable advantage of the Model Law on Cross-Border Insolvency would be its focus on harmonizing the national legislations of the CIS Member Nationson insolvency and bankruptcy.
Following the discussion, the commission members decided to establish a working group to develop a draft Model law on Cross-Border Insolvency and Bankruptcy and to request the IPA CIS Council to include this document in the Prospective Plan of Model Lawmaking in the CIS for 2023-2025.
Alexey Sandikov reported on the commission’s work in 2023. The chair also acquainted MPs and experts with the provisions of the final resolution of the 10th Neva International Environmental Congress.
The commission considered and approved the proposal of the IPA CIS Expert Advisory Board on Economy to amend the Regulations on the Expert Advisory Board. The issue will be brought up at the IPA CIS Council meeting.
As part of the commission’s meeting today, a round table discussion “Application of the Model Tax Code for CIS Countries and the Development of National Legislation in the Tax Field” was held. The event, jointly organized with the IPA CIS Permanent Commission on Economy and Finance, is dedicated to the 25th anniversary of the adoption of the Tax Code of the Russian Federation.
The next meeting of the commission is scheduled for October-November 2024.
