The article discusses how Russian bankruptcy laws have evolved and compares them to laws in the United States and Europe. It highlights the improvements made to address historical shortcomings and positions Russia as having a balanced approach between debtor and creditor rights. The new law offers various procedures for bankruptcy, including options for different types of debtors like town-forming organizations and individuals without a business. A recent government resolution aims to speed up bankruptcy processes by coordinating state agencies and consolidating government claims against debtors.