Preferred Claims of Creditors in Cross-Border Bankruptcy

Yury Alexandrovich Svirin, Alexandr Anatolievich Mokhov, Vladimir Aleksandrovich Gureev, Svetlana Evgenyevna Titor and Sergej Nikolaevich Shestov

The article deals with the issues concerning differentiation of creditors' claims by categories in cross-border bankruptcy because in different legal orders there are stand-alone rules for forming-up creditors' claims into a hierarchically organized system. This issue is rather important because the rating of claims and their belonging to a particular category are important in the bankruptcy procedure not only for the mode of payment but also for the establishment of the creditor’s legal status, as well as associated powers on voting and participating in survival proceedings. The article also analyzes in detail the problem associated with the difference in the legal regulation of the privileged claims of creditors by certain legal order. The issues considered in the article can be used when harmonizing international legislation regulating cross-border bankruptcy, as well as will be useful to the subjects of legal relations arising with regard to cross-border bankruptcy. The following methods were used in the course of research: system analysis, scientific research method of the cross-border bankruptcy as an institutional and structural element of private international law, structural and functional analysis methods, theoretical methods (analysis, synthesis, concretization, and generalization), empirical approach, as well as general scientific methods of cognition.

Volume 11 | 08-Special Issue

Pages: 872-878