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RESOURCES REFLECTING THE ELEMENTS OF BANKRUPTCY IN THE EAST AND THEIR LEGAL DESCRIPTION

This article analyzes the emergence and development of norms aimed at the legal regulation of bankruptcy in the Ancient East, studies their specifics, compares the bankruptcy processes in the East and the West. In particular, were analyzed the records given in ancient written sources, and questions about how debt relations were regulated, in which cases debt was collected, were highlighted in what order the entire tribe reacted to debt obligations in the doctrine of Zarathustra. Islamic law also reveals the procedure for fulfilling the claims of the debtor’s creditors, the withdrawal of the debtor’s identity and focusing on his property, the privileges granted to the debtor, and the content of many conditions and deductions related to bankruptcy. In addition, was studied the measure of state support for merchants and peasants in case of non-payments during the Timurid period. Based on the rules set out in historical sources, the norms of the past and present were compared with each other, respectively, proposals and conclusions were developed aimed at improving the current legislation. The legislation on bankruptcy after gaining independence is systematically analyzed, the processes of their adoption are divided into stages, are highlighted the positive and negative aspects of documents that have lost their force.