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RUSSIAN BANKRUPTCY LAW: A FAILED OLIGARCH ATTEMPT (Russian Bankruptcy Law)

Journal Name:

  • Khazar Journal of Humanities and Social Sciences

Publication Year:

  • 2009
Author NameUniversity of Author
Abstract (2. Language): 
The paper examines struggle of privatized regional insolvent enterprises against center supported oligarchs in realm of 1998 Russian Bankruptcy Law. Newly privatized insolvent enterprises mushroomed subsequent to earlier voucher privatization with a considerable backing and shelter of regional governors. Severely disputed “loans for shares” auction schemes of 1995 transformed giant energy and metallurgy state enterprises to private companies while crafting renowned Russian Oligarchs. A severe antagonism became inevitable when federal government–oligarch coalition set to seize control of small-medium scale newly privatized enterprises via recently adopted biased Bankruptcy Law. The central argument of the paper is that the federal government-oligarch coalition failed to control insolvent companies in the regions where commercial courts-regional governor alliance successfully reversed the Bankruptcy Law in the favor of regional insolvent enterprises. Consequently, largely because of discretionary power guaranteed to regional judges the struggle between center and periphery was won by regional governors and insolvent enterprises.
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  • 4
49-70
  • English

REFERENCES

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Russian Bankruptcy Law: A Failed Oligarch Attempt 70
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