Development of insilvency (bankruptcy) legislation in Russia

In Russia, the Institute of insolvency (bankruptcy) was created in XI-XII centuries, in this period legislation was introduced, the uncertainty of regulation of the relations connected with bankruptcy. Since XIX to the first half of the twentieth century, the Russian bankruptcy legislation had took a step forward, however, the bankruptcy rules were still needed of refinement because of the complexity of their practical application. In the Soviet Union institution of insolvency hadn't developed until the 90-ies, because the state abandoned the market economy. When developed of a market economy in Russia, the institution of insolvency has got its development. Currently, bankruptcy law has several shortcomings but it changes with development of market economy.