CIS Experts Discussed Legislative Support for Cross-Border Bankruptcy

The St. Petersburg International Anti-Crisis Congress “Parade Assembly” of the All-Russian Forum of Arbitration Managers was held on 23-25 July.

More than 400 representatives of ministries and agencies, judicial, state, executive and legislative authorities, banks, financial and credit organizations, professional arbitration managers, crisis management specialists from Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan took part in the congress.

Secretary General of the IPA CIS Council Dmitriy Kobitskiy sent a welcoming address to the participants of the event.

He noted that the congress is a unique effective international platform for discussions and cooperation of professionals of the crisis management community, providing an opportunity to develop economic and legal relations in the field of crisis management, tax, competition and other related areas of law. “In today’s world, where economic and legal issues are becoming increasingly complex and interconnected, international cooperation seems particularly relevant,” the Secretary General emphasized.

The greeting also noted the importance of legal support of economic activities for the development of the economies of the CIS countries and the world economy as a whole. In different years the IPA CIS developed Model Laws on Bank Insolvency and on Insolvency.

Secretary of the IPA CIS Permanent Commission on Economy and Finance Roman Levin took part in the congress.

In his opinion, the joint work of the IPA CIS and the Parade Assembly allows to strengthen the cooperation of specialists and legislators of the CIS countries, strengthen professional ties and improve the international climate in the current realities of global challenges, which require joining efforts to achieve effective results while maintaining a balance of interests of all parties and participants of relations.

He also informed that based on the results of last year’s congress the issue of the expediency of developing a draft Model Law on Cross-Border Insolvency (Bankruptcy) was considered. A working group, which held a working meeting on the margins of the forum, will be engaged in the detailed elaboration of the draft Model Law.

The members of the group discussed examples of cross-border bankruptcy, which are used in the Commonwealth.

The participants of the congress considered current problems of national bankruptcy systems and ways to solve them, mechanisms of cross-border insolvency in the modern realities of development of economic relations and migration of human resources, issues of development and practical application of effective instruments of financial recovery and crisis management of the economies of Russia and the CIS countries, ways to improve taxation in bankruptcy proceedings of insolvent debtors and a number of other issues.