FINANCIAL MANAGEMENT OF BUSINESS ENTITIES BASED ON RESTRUCTURING

Анотація

The definition of financial restructuring is provided from the point of view of etymology, as well as a hierarchical category that extends to subjects of different levels, items of assets and liabilities. A comparative assessment of legal constructions of financial restructuring, which is contained in normative legal acts, was carried out. As a result of their synthesis, the following definition was proposed: a complex of organizational, economic and financial and economic measures aimed at increasing the efficiency of the enterprise's functioning, its financial recovery, increasing the volume of production and sale of competitive products, through a significant change in the organizational and legal form, management structure, owner, as well as the type, scope, and method of carrying out operational and financial and investment activities. It is shown that the form of financial restructuring is voluntary and forced. The objects of restructuring are natural and legal persons, assets, debts, organizational, legal and operational structure of the debtor. The mechanisms of forced financial restructuring of the debtor in the process of opening a case on his insolvency, requirements for restructuring plans and procedures, deadlines for preparing and submitting reports on their implementation are summarized. The list of information that the restructuring plan should contain is defined. Types of financial restructuring are systematized. It is shown that legal mechanisms of voluntary financial restructuring can be used by enterprises that have debts to a financial institution, subject to its consent, and are characterized by a crisis-like current financial situation, but promising economic activity. Procedures for initiation of voluntary financial restructuring by the debtor, his relations with involved, secured creditors, related persons, and investors have been formalized. The status of the bodies that coordinate the implementation of voluntary financial restructuring – the Supervisory Board, the Secretariat, the Arbitration Committee – has been determined. Requirements for the Financial Restructuring Plan, its approval and termination of legal force are summarized.

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