Consequences of invalidity of legal transactions of the bankrupt debtor

In the modern period in the civil law science there is no integral concept of the nature of consequences of invalidity of legal transactions of the bankrupt debtor. The uniform judicial practice of application of consequences of invalidity of transactions of the bankrupt debtor is not developed. The steady increase in bankruptcy cases of applications of arbitration managers, as well as temporary administrations of financial organizations for invalidation of transactions confirms the relevance and legal significance of the study of the consequences of invalidity of legal transactions of the bankrupt debtor. The consequences of invalidity of transactions of the bankrupt debtor established by rules of the Federal law of 26.10.2002 No. 127-FZ “On insolvency (bankruptcy)” reflect features of such legal transactions and are special. These consequences do not exclude the restorative nature of mandatory protective legal relations arising in connection with the use of these consequences. The content of such legal relations is a set of subjective restorative rights (claims) and obligations of the bankrupt debtor and his counterparty to an invalid transaction. The law, in fact, establishes a special, “bankruptcy” restitution, involving the obligation of the debtor's counterparty to return received from the debtor to bankruptcy assets and after such a return, the debtor's counterparty acquires the right of claim to the debtor, subject to inclusion in the register of creditors' claims. Such effects are of an intermediate nature between bilateral restitution and unilateral restitution. The results of the study can be used in theoretical researches aimed at determining the nature of invalid legal transactions of the bankrupt debtor.