What are the Challenges to the Insolvency Law in the 21st Century?

The paper is an essay about possible ways of further development of the insolvency law. If the law is expected to meet global current social needs, then the law will be subject to significant changes, along with the changing world. The digital revolution is also ahead of the insolvency law. It is difficult to anticipate all possible directions of changes; however, there are some areas where remarkable amendments will have to take place. The paper starts with a short description of the development of the insolvency law over ages. It is an introduction to the problem of possible changes in axiological assumptions of the law on insolvency in the 21st Century. The insolvency law is going to be changed due to the technological revolution in the 21st Century. In this respect, there are mentioned the idea of prediction of insolvency and the problem of the debtor’s assets in the virtual world. Finally, the paper deals with the state debt restructuring under the conventions on external state debt.