Representatives from government structures, research institutions, businesses, and members of the working group of the CIS Interparliamentary Assembly, who are involved in preparing the model law “On Cross-Border Insolvency and Bankruptcy,” participated in the discussion.
Elena Mokhova, Deputy Head of the Working Group of the CIS Interparliamentary Assembly, presented a report on the progress of the model law.
Main points:
The need to legalize mechanisms for resolving cross-border insolvency in light of the tightening sanctions against Belarus, Russia, and other participants;
Proposal to develop measures for the effective integration of digital technologies for the interaction of insolvency practitioners with ministries, agencies, and judicial bodies of different countries in cross-border bankruptcy processes;
The relevance of analyzing existing practices in the field of cross-border bankruptcy;
The lack of clear documents regulating cross-border bankruptcy and the specifics of the burden of proof of the principle of reciprocity in these processes;
The importance of the principle of formal equality in bankruptcy procedures to protect the interests of all participants;
The necessity of discussing the standardization of requirements for insolvency practitioners.
