Federal Law of the Russian Federation No. 127-FZ "On Insolvency (Bankruptcy)" is a key regulatory legal act, on the basis of which the court can declare a legal entity or individual bankrupt, as well as make a number of decisions related to the recognition of insolvency.
Federal Law 127 is one of the main links in the entire system of the domestic economy. Bankruptcy (insolvency) - a person's legally recognized inability to pay debts for loans or make mandatory government payments.