Genesis of Russian legislation on bankruptcy of an individual

The history of the emergence and development of the insolvency (bankruptcy) procedure originated quite a long time ago, when the main source of law was Russian Truth. The need to recognize a person as insolvent has always been and continues to the present. The imperfection of previously adopted laws led to the publication of the current Federal Law "On Insolvency (Bankruptcy)" dated 26.10.2002 N 127-FL. The law provides for the procedures that are necessary to restore solvency, and also appointed an arbitration manager who regulates the conduct of this procedure.