Challenging objectively suspicious transactions of legal entity recognized as insolvent (bankrupt) in bankruptcy law of Russia and Kazakhstan

Abstract

Both in Russia and in Kazakhstan it is possible to consider invalid the debtor’s transactions committed on the eve of insolvency, as part of the bankruptcy proceedings. The paper deals with the classification of transactions which may be challenged; and with the detailed review of one of the categories’ problems – objectively suspicious transactions. The issues addressed include the definition of performance disparities, retrospective assessment, the ratio of the use of the terms «insolvency» and «bankruptcy»; It is suggested to consider the bankruptcy as such inconsistency, which is fraught with abuse, including in the transactions in anticipation of bankruptcy.