The institute of insolvency (bankruptcy) in some foreign countries: basic elements

Abstract

The article focuses on some basic elements of the institute of insolvency in industrially developed countries. First of all, the author makes a review of acts on insolvency in England, the U.S. and in continental Europe, and secondly, of subjects of insolvency (bankruptcy): both physical and legal entities (companies). The article analyses the main systems of regulating insolvency (bankruptcy): pro-creditors and pro-debtors regulation.