CIVIL LAW AND CIVIL PROCEDURE

Legal issues of challenging suspicious transactions in bankruptcy proceedings: theoretical and practical aspect

Abstract

The article examines the legal and practical issues of challenging suspicious transactions in bankruptcy proceedings under the Federal Law “On Insolvency (Bankruptcy).” Special attention is given to the analysis of Articles 61.2 and 61.3, which regulate the invalidation of debtor’s transactions, including suspicious transactions and transactions with preference. The author highlights the distinction between subjective and objective theories of challenging transactions, emphasizing the difficulties of proving the debtor’s intent and the counterparty’s awareness. It is noted that establishing the invalidity of a transaction requires determining the actual (market) value of the debtor’s assets rather than relying solely on accounting data. Judicial practice demonstrates that while the objective theory strengthens the protection of creditors’ rights, it may also affect the interests of bona fide parties. The article also traces the historical roots of this legal mechanism to Roman law (Actio Pauliana), emphasizing continuity in the development of creditor protection instruments.