ON SOME ISSUES OF RECOGNITION IN FOREIGN JURISDICTIONS OF DECISIONS OF RUSSIAN COURTS ON THE INTRODUCTION OF BANKRUPTCY PROCEEDINGS IN RESPECT OF FOREIGN INDIVIDUALS AND LEGAL ENTITIES

In the modern world, when international relations and business turnover have reached a completely new level (the creation of an international business with broad economic interests in various jurisdictions), issues of protecting the interests of creditors and employees of such a business in the event of its insolvency are becoming particularly relevant. This article discusses the possibility of recognizing the decision of the Russian court on the introduction of the main proceedings against a foreign debtor. Due to the non-participation of the Russian Federation in any agreement regulating cross-border insolvency, the only way to recognize a Russian court decision in a foreign country is the principle of reciprocity. At the same time, it seems necessary to create an agreement regulating cross-border insolvency issues and to implement the provisions of the Model Law into Russian legislation.