Recognition of Foreign Court Decisions in Cross-Border Insolvency Cases: A Comparative Analysis

The relevance of studying the legal framework for cross-border insolvency is significantly increasing amid contemporary transformations and global trends. In particular, the recent ruling by the Supreme Court of the Russian Federation on the possibility of bankrupting foreign legal entities within Russian jurisdiction has revived the debate on the need for specialized legal regulation of such cross-border disputes. This necessitates identifying the optimal approach to harmonizing key aspects of cross-border insolvency regulation in Russia, taking into account modern challenges and international developments. The core scientific issue addressed in this research is whether it is more appropriate to develop a specialized multilateral international treaty or to revise the current approach of creating a separate national legislative framework. The author conducts a comparative analysis of regulatory frameworks and practices concerning the recognition of foreign insolvency proceedings, drawing on the experiences of foreign jurisdictions and the Russian Federation. This analysis identifies both commonalities and divergences in cross-border insolvency regulation across different countries, comparing these findings with the prerequisites for establishing a comprehensive legal model for cross-border insolvency in Russia. Based on the comparative analysis, the study concludes that developing a specialized multilateral international agreement governing the recognition and enforcement of foreign insolvency judgments would be the most effective solution.