The concept and Basic Features of the system of bankruptcy

In this article the author defines the system of bankruptcy; reveals the socioeconomic context of the phenomenon; identifies typical signs of insolvency law system and provides a classification of the existing in the world the system of bankruptcy.
It was singled out the following the main characteristics of the bankruptcy system: components of the system – the rule of law and morality, that all together make up the system of mandatory mechanisms for resolving insolvency; feasibility of the system – the presence of the bankruptcy legislation targeted development, that manifested in achieving the goals of bankruptcy institute that any country has set itself; functions of the bankruptcy system – functions that provide practical expediency aimed at achieving appropriate goals that insolvency law has set itself. The author concludes that the term «bankruptcy system» has a broader substantive content, than of «system of bankruptcy law». So the first is a universal legal category. Under the bankruptcy system was proposed to understand a system of law for the regulation relations of insolvency (bankruptcy), which reflects the light of the principles of systems forming the main purpose of bankruptcy law and includes interrelated, interdependent and interacting elements, namely, legislation on insolvency (bankruptcy) the judiciary and other legal institutions; legal ideology, and so on.