Evolution of the Bankruptcy Legislation in Ukraine

Анотація

The article is aimed at defining the main changes in the bankruptcy legislation in Ukraine, as well as the stages of evolution of the bankruptcy institute. The dynamics of bankruptcies of enterprises is considered, stages of evolution of the bankruptcy institute in Ukraine are systematized. Despite the small number of real bankruptcies so far, this problem in the context of quarantine measures is very significant and requires sufficient attention, since mass bankruptcies have an immoderate impact on the country’s economy. As a result of the study, the main changes in the legislation of Ukraine on bankruptcy procedures are determined. These are the criteria for opening a debtor’s bankruptcy procedure; approach to establishing and paying monetary remuneration of the insolvency receiver; term of sanitation; deadline for filing an application by the creditor for debt repayment after publication about opening a bankruptcy procedure; norm on limiting the participation of interested parties in voting at a meeting of creditors when approving a sanitation plan; term for filing an application by the creditor for the repayment of debt after publication about opening a bankruptcy procedure, as well as the possibility of bankruptcy of an individual – not a business entity. The new Code of Ukraine on Bankruptcy Procedures has enacted a set of innovations designed to improve the State regulation of the process of rehabilitation of potentially capable enterprises through their sanitation or reorganization, as well as to simplify the liquidation procedure for those enterprises whose opportunities have already been exhausted, and establishing their activities is impossible. The positive consequences of the introduction of the Code should be a reduction in the terms of application of property management procedures and sanitation measures while increasing the efficiency of these measures.

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