The development of insolvency legislation in modern Russia has lasted for more than 17 years. Three insolvency laws have been adopted and succeeded each other since 1992. Even in the last three years, nine amendments have been made to the current law passed in 2002, with the last edition of the law coming into force in June 2009. Frequent revisions of the law testify that the legislation lags behind the intensive development of the market economy in Russia and demand radical modernisation. In July 2009, therefore, a further draft law was presented by the Ministry of Economic Development and is being actively discussed by the public and in the State Duma.
