Objective Factors of Corruption in the Implementation of Procedures for the Financial Rehabilitation of Firms

摘要

The institution of bankruptcy of companies and entrepreneurs is traditionally regarded as an indispensable attribute of a market economy, a mechanism that assists it in a natural fashion to rid itself of nonviable economic units and unsuccessful or dishonest managers. While for individual debtors and their creditors bankruptcy is an unmitigated economic evil, from a statistical point of view it is recognized as a public boon, which by means of artificially created juridical mechanisms and together with scientific and technological progress drives the economy forward. So it is not surprising that the question of creating an institution of bankruptcy in Russian legislation was placed on the agenda as soon as the country's leadership made the fundamental decisions regarding the mass privatization of state-owned firms. Since then, ten years exactly have gone by—a sufficiently long period to look back and see what experience has been accumulated in the field of insolvency regulation and which basic factors have influenced the implementation of bankruptcy procedures.