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It has been emphasized that one of the means of overcoming the financial crisis is a properly functioning institution of bankruptcy. It has been found out that the efficiency of bankruptcy proceedings in Ukraine is low, due to the long duration of such a procedure and its high cost. The national legislation regulating bankruptcy procedures in Ukraine has been analyzed. Comparative and legal analysis of the Bankruptcy Procedure Code of Ukraine and other normative and legal acts regulating the scope of restoring the solvency of the debtor or his recognition as a bankrupt has been carried out. The contradictory and sometimes radically conflicting provisions of the Bankruptcy Procedure Code of Ukraine have been determined. It has been established that, although the Bankruptcy Procedure Code of Ukraine was adopted not so long ago, and it came into force almost a year ago, it was amended several times. It is evidence of improper normative and legal regulation of bankruptcy procedures, which, in particular, finds its manifestation in the absence of stability in the functioning of this sphere of public relations. It has been noted that the name of the Bankruptcy Procedure Code of Ukraine requires adjustment in regard its change into the Code of Ukraine on Procedures for Restoring the Debtor’s Solvency or Declaring Him Bankrupt, which will fully comply with the subject matter of its normative and legal regulation. Particular attention has been paid to the provisions of the Bankruptcy Procedure Code of Ukraine, which determine the features of its entry into force. It turns out that the Bankruptcy Procedure Code of Ukraine was in force for six months, but not enacted, which is a complete disregard for legal techniques. The instructions of the Bankruptcy Procedure Code of Ukraine on determining the features of normative and legal regulation of legal relations in the field of bankruptcy procedures have been analyzed. The author has suggested the following wording of Part 1 of the Art. 2 of the Bankruptcy Procedure Code of Ukraine: “Bankruptcy proceedings are regulated by the Constitution of Ukraine, International Treaties of Ukraine, the binding nature of which is approved by Verkhovna Rada of Ukraine, this Code, the Commercial Procedural Code of Ukraine and other laws of Ukraine”.
It has been emphasized that one of the means of overcoming the financial crisis is a properly functioning institution of bankruptcy. It has been found out that the efficiency of bankruptcy proceedings in Ukraine is low, due to the long duration of such a procedure and its high cost. The national legislation regulating bankruptcy procedures in Ukraine has been analyzed. Comparative and legal analysis of the Bankruptcy Procedure Code of Ukraine and other normative and legal acts regulating the scope of restoring the solvency of the debtor or his recognition as a bankrupt has been carried out. The contradictory and sometimes radically conflicting provisions of the Bankruptcy Procedure Code of Ukraine have been determined. It has been established that, although the Bankruptcy Procedure Code of Ukraine was adopted not so long ago, and it came into force almost a year ago, it was amended several times. It is evidence of improper normative and legal regulation of bankruptcy procedures, which, in particular, finds its manifestation in the absence of stability in the functioning of this sphere of public relations. It has been noted that the name of the Bankruptcy Procedure Code of Ukraine requires adjustment in regard its change into the Code of Ukraine on Procedures for Restoring the Debtor’s Solvency or Declaring Him Bankrupt, which will fully comply with the subject matter of its normative and legal regulation. Particular attention has been paid to the provisions of the Bankruptcy Procedure Code of Ukraine, which determine the features of its entry into force. It turns out that the Bankruptcy Procedure Code of Ukraine was in force for six months, but not enacted, which is a complete disregard for legal techniques. The instructions of the Bankruptcy Procedure Code of Ukraine on determining the features of normative and legal regulation of legal relations in the field of bankruptcy procedures have been analyzed. The author has suggested the following wording of Part 1 of the Art. 2 of the Bankruptcy Procedure Code of Ukraine: “Bankruptcy proceedings are regulated by the Constitution of Ukraine, International Treaties of Ukraine, the binding nature of which is approved by Verkhovna Rada of Ukraine, this Code, the Commercial Procedural Code of Ukraine and other laws of Ukraine”.
Anti-crisis management of Ukrainian enterprises takes place in difficult institutional conditions, which is confirmed by international experts and analytical studies of the World Bank Group. It is determined that Ukraine’s indicators are several times lower than those indicators in OECD high-income countries and European countries (Doing Business 2020). The purpose of the study is to substantiate the theoretical and methodological foundations of crisis management and develop practical recommendations for the transformation of crisis management in accordance with the provisions of the Code of Ukraine on bankruptcy procedures. Approaches to the selection of types of crisis management are generalized. The types of crisis management that have been transformed under the influence of the Code of Ukraine on bankruptcy procedures are identified. The Code of Ukraine on bankruptcy procedures defines the features of anti-crisis management of the enterprise in the event of a crisis. Thus, changes in current legislation lead to the need to transform crisis management and take into account changes in the basic provisions of the legal support of business. The Code of Ukraine on bankruptcy procedures determines the possibility of reorganization before the opening of bankruptcy proceedings and court proceedings (disposal of property, reorganization and liquidation). The Law of Ukraine “On restoring the debtor’s solvency or declaring him bankrupt” and the Code of Ukraine on bankruptcy procedures are generalized and the existence of changes in the current legislation that produce a change in anti-crisis management of the enterprise is determined. The process of reorganization requires special attention and study before the opening of bankruptcy proceedings, when the management of the enterprise is obliged to: inform the founders about the presence of signs of bankruptcy; to hold a meeting of the founders and ensure the decision on reorganization; develop a remediation plan and liquidation analysis; convene a meeting of creditors and also submit to the commercial court the approved reorganization plan for approval. The scheme of sequence of carrying out of reorganization before opening of proceedings in bankruptcy case is constructed.
The paper examines the current state of legal regulation of bankruptcy proceedings and identifies the main directions of its further improvement. It is determined that the presence of gaps, a huge number of regulations adopted haphazardly, their low quality and sometimes their conflicting nature as well as the importance and complexity of relations in this area, made it necessary to reform legislation in the field of bankruptcy regulation. Collectively, the identified shortcomings have led to the creation of many contradictions and contradictions in this area of public relations, which are both general and directly related to individual bankruptcy proceedings. It is justified that as of today in Ukraine the efficiency of the bankruptcy procedure is low in comparison with other leading states. This is due to the length of such a procedure and its high cost. The analysis of the relevant law of Ukraine, which regulates bankruptcy proceedings, outlined fundamentally new provisions and provisions that are debatable; highlighted the main shortcomings, which are both general in nature and directly related to specific bankruptcy proceedings; prioritized areas, which will serve as the main future guidelines aiming to help to find opportunities to improve bankruptcy regulatory environment. According to the results of the study, it is proposed to develop amendments to the Bankruptcy Code of Ukraine on the basis of determined guidelines, taking into account the recommendations and developments of scholars and practitioners, legal findings of the Supreme Court. It is established that the introducing of developed amendments will give the opportunity to bring current legislation to modern realities and world trends; positively affect the state of Ukraine's economy and its investment climate; will help to eliminate obstacles that made it impossible to put the provisions of legal acts into practice, as well as will ensure the implementation of the principle of legal certainty. The outlined issues can become the basis for further research of the results of the practice of application of the Code of Ukraine on Bankruptcy Procedures, taking into account innovations.
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