The current stage of development of the institution of bankruptcy

This article analyzes the changes in the institution of bankruptcy in Russia at the present moment. This topic is relevant today, since the problem of insolvency (bankruptcy) of the debtor that does not perform its obligations leads to disruption of the economic balance. Recently, the legislators have thrice developed and adopted the Federal Law «On Insolvency (Bankruptcy)». The article analyzes the provisions of the legislation, each made a significant contribution. The proper understanding and application the institution of insolvency depends on much improvement of the economic sphere and the revitalization of the participants of civil turnover.