Options for the Development of Cross-border Insolvency Regulation in Russia

The article addresses the current issue of the lack of comprehensive legislative regulation of cross-border insolvency in Russia. Although the Supreme Court of the Russian Federation laid the foundations for this institution in its judicial practice between 2020 and 2024 (the Vitmet, Pandora Consulting LC, and Westwalk Projects Ltd. cases), a legal vacuum persists at the legislative level. The author examines three possible paths for the development of legal regulation in this area: concluding bilateral and multilateral international agreements, as well as implementing the provisions of the 1997 UNCITRAL Model Law on Cross-Border Insolvency into domestic legislation. The conducted analysis shows that each path has its own advantages and disadvantages. In particular, concluding international agreements is a resource-intensive and lengthy process, and their application is limited to the circle of signatory countries. Against this background, the most preferable and universal option is deemed to be the implementation of the UNCITRAL Model Law provisions. This would harmonize Russian law with established international standards; ensure predictability and legal certainty for participants in cross-border insolvency relations, while not precluding the parallel conclusion of unilateral and bilateral international agreements.