Reforming the Institution of Transaction Challenges in Bankruptcy: Conceptual Proposals for Legislative Improvement

The article provides a comprehensive analysis of the current system for challenging debtor transactions in bankruptcy proceedings. Based on the study of doctrinal approaches and judicial practice, systemic problems that reduce the effectiveness of the bankruptcy estate protection mechanism are identified, including the limited civil law understanding of a transaction, the inadequacy of time frames for challenging transactions, and the absence of a mechanism for cross-liability. A concept for reforming the institution of transaction invalidity is proposed, which includes expanding the object of challenge to the category of legally significant actions, modifying the statute of limitations taking into account the doctrine of continuous offenses, and establishing special rules for hereditary liability in bankruptcy. The scientific novelty of the research lies in the development of a holistic theory for reforming the institution of transaction challenges, based on a synthesis of civil law and bankruptcy law approaches and aimed at improving the effectiveness of creditor rights protection in the context of modern economic reality.