| In English
Viche 2014 18

18, 2014

Ways to Improve the Mechanism of Bankruptcy Procedure in Ukraine on the Basis of International Experience

Drawbacks of the Ukrainian legislation on regulation of the bankruptcy procedure are analyzed. Main principles of activities of the state bodies of the most developed countries that are authorized for special functions to effectively implement provisions of the current bankruptcy legislation of these states are examined. It is argued that in international practice bankruptcy legislation has developed in two fundamentally different ways: grounding on the British model to consider bankruptcy as a means of repayment of debts to the creditors that is accompanied with the liquidation of the debtor, respectively; and grounding on the American model whose main objective is to rehabilitate the company and to restore its solvency. It is determined that recently the legislation of the developed countries has tended to convergence and combination of these two models. Existing and potential mechanisms to overcome issues that arise during implementation of the Ukrainian legislation on bankruptcy, developed on the basis of the international experience, are analyzed.
Keywords: insolvency, bankruptcy, market and economic relations, legislation, international experience, special state body for bankruptcy.

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Andrii SUBBOT