Insolvency law of Russia mainly includes Federal Law № 127-FZ "On Insolvency (Bankruptcy)" and Federal Law № 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions".Federal Law № 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing the previous law in 1998, to better address the above problems and a broader failure of the action.Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and compani