The use of crowdfunding in debt disputes in the context of debt restructuring: prospects, problems and solutions

the article examines the use of crowdfunding in the context of restructuring citizens' debts in bankruptcy cases. Readers' attention is focused on the fact that in recent decades there has been an increase in the popularity of crowdfunding in Russia and the world, therefore, this article analyzes existing approaches to the definition of this concept and its reflection in Russian legislation. Various forms of crowdfunding in European practice are described and the specifics of the Russian model are considered. The authors conclude that there are a variety of crowdfunding models in European legislation and the lack of regulation of this institution in the Russian Federation today. Along with the study of investment mechanisms, this article analyzes the essence of the debt restructuring procedure, taking into account legislation and law enforcement practice. It follows from the content of the materials that the bankruptcy institution as a whole is based on dispositive principles, since the main thing is to restore the debtor's solvency and satisfy creditors' claims in the most cost-effective way. The article touches on the prospects of using crowdfunding to repay debt obligations and suggests considering the feasibility of introducing this financial instrument into debt restructuring procedures. The authors conclude that it is possible to give a positive answer to the question of the applicability of crowdfunding investments as part of the debt restructuring procedure. Nevertheless, the work indicates that for the normal and safe use of the institution of crowdfunding, it is necessary to legislate new types of public investment, which are already known to the doctrine of law and are actively used in the legislative practice of developed foreign countries.

crowdfunding, investment platform, debt, investing, information resources, insolvency, risks of using crowdfunding, debtor