Actual problems of legal regulation of insolvency (bankruptcy) of individual entrepreneurs

This study is devoted to the analysis of the current state and prospects of development of legislation on bankruptcy of individual entrepreneurs in Russia. The author has identified a number of acute problems affecting the effectiveness of legal regulation in this area. Key problems include insufficient measures to prevent bankruptcy and the lack of an entrepreneur's obligation to promptly inform the competent authorities about financial difficulties, limited procedures available to restore the debtor's solvency and the need to introduce a financial recovery mechanism, as well as inconsistencies in the procedural timing of bankruptcy proceedings. Based on the analysis, the author suggests specific recommendations for improving legislation aimed at preventing insolvency, ensuring the flexibility of rehabilitation procedures and rationalizing the timing of judicial review of cases. The implementation of these measures would balance the interests of creditors and debtors, contributing to the recovery of the economy, reducing the number of bankruptcies and increasing the effectiveness of the legal institution of insolvency of individual entrepreneurs.