History and development of the institute of individual bankruptcy in the Russian Federation

The covid-19 pandemic has proven to be a serious challenge for the global and Russian economies. Many industries can no longer cope with the imposed restrictions and financial problems, and this is (perhaps) only the very beginning of the fight against infection. It is obvious that both global and local financial crises will cause many bankruptcies of citizens and legal entities. The article discusses the stages, changes in the institution of bankruptcy of an individual to the present period of the financial crisis caused by the COVID-19 pandemic, associated with the development, adoption and implementation of fundamental legal acts governing the relationship of insolvency of individuals.