THE DEVELOPMENT OF INSOLVENCY (BANKRUPTCY) LAW AND FORMATION OF BASIC PRINCIPLES IN THE WEST

Abstract

This article analyzes the emergence and development of norms aimed at the legal regulation of insolvency in Ancient Rome, Italy, France, Germany and England in the Middle Ages. Roman law also explains the procedure for fulfilling the claims of the debtor’s creditors, the retention of which is focused on the debtor’s personality and property, the privileges granted to the debtor, and in which cases the debtor is released from liability. In addition, in the Middle Ages, the impossibility of paying for trade in Italy, France, Germany and England was studied – the formation of a bankrupt, the creation of a regulatory framework, features that differ from each other in the legislation of states and their similar aspects. An attempt was made to reveal the content of various tools used in the process in these states, it was analyzed which rules are still widely used today, and how these norms have entered into the legislation of Uzbekistan, and how they are now called and applied. It is on the basis of the legislation adopted in these states that various directions and trends in the law of insolvency are established. It also covered the issues of restoring the existing in history and lost its force, but socially useful, by changing the rules and norms in the current legislation.