Suchergebnisse

Business bankruptcy is a widely used tool for solving a company's financial difficulties and is used by many business representatives worldwide. This article reveals the bankruptcy concept, gives its characteristics, analyzes the procedure for alienating the property of bankrupts of legal entities, and formulates a conclusion on the article's subject. At the end of 2019, the Code on Bankruptcy Procedures entered into force in Ukraine. The novelties of the bankruptcy procedure in the Russian Federation have been in power for four years, since October 2015. Undoubtedly, the neighboring country's experience was taken into account by Ukrainian legislators. Therefore, we decided to compare the conditions of bankruptcy and the peculiarities of alienation of the legal entity's property during the period of bankruptcy proceedings under the laws of the Russian Federation and Ukraine.Keywords: bankruptcy, bankruptcy procedure, Code of Ukraine on Bankruptcy Procedures, creditors, debtor, bankrupt, bankruptcy of a legal entity, property, federal law.

According to many in the bankruptcy field, small business debtors are increasingly turning to state debtor-creditors laws as an alternative to federal bankruptcy relief. One particularly popular state law is the assignment for the benefit of creditors. The conventional wisdom is that these procedures provide a state law alternative to liquidate a business. This article reports the results of an original empirical study that challenges this conventional wisdom. Gathering data from every assignment for the benefit of creditors in a major metropolitan area over a three-year period, this study shows that debtors and their secured creditors are using these procedures not just to liquidate a business but also to sell the business as a going concern, free and clear of interests. These going concern sales, particularly when sold to insiders of the debtor, are actually more like corporate reorganization than liquidation. These findings raise important questions about the role of these state law alternatives and the way they interact with the federal bankruptcy laws. These questions, in turn, may help inform debates about reforming the bankruptcy laws, particularly as applied to small business debtors.

Relevance. The relevance of the study lies in the need to clarify the attitude of the regional population to the bankruptcy of individuals and determine the most significant characteristics that form it.The purpose is determine the attitude of the Kursk region population to the individuals' bankruptcy and the main factors that form the current attitude.Objectives: determine the installation of the population to return debts; find out the awareness and attitude of the population towards the bankruptcy procedure; determine the impact of socio-economic and demographic characteristics on the studied indicators.Methodology: analysis of documents; questionnaire survey of the population; the habitual structure was determined by comparing the direction of the respondents' main disposition and their effective capital; the results processing, analysis, comparison and determination of the dependence of indicators on the respondentsэ characteristics was carried out using the SPSS program (statistical tables and contingency tables).Results. Most of the Kursk region population believes that debts must be repaid. Only a fifth of the respondents allow exceptions in the matter of repayment of debts. At the same time, only 26 percent consider non-repayment of debts a shameful phenomenon. The same number - 26 percent - equates bankruptcy with a life catastrophe, the rest admit that bankruptcy is an unpleasant circumstance, but does not radically change people's lives. Positive and negative attitudes towards persons who have gone through the bankruptcy procedure are distributed almost equally. The probability of a personal appeal to the bankruptcy procedure was expressed by about 40 percent, 30 percent do not consider such an option for themselves, the same number cannot answer this question.Conclusions. The results of the study allow us to state that the greatest influence on the attitude of the Kursk region population to the individuals' bankruptcy has its habitual structure, type of employment and education. The gender indicator affects only the assessment of the individuals' bankruptcy as a phenomenon. Marital status and the amount of income per family member do not affect the attitude to bankruptcy.

The Romanian legal forums have generated much debate over the not so recent reform of the
Insolvency Law (2014), generally focused on the legislative changes which were put in place in order to
ensure the efficiency of the procedure. As there is little insight into the workings of the actual insolvency
procedure, the present analysis aims to tackle a new perspective on the Romanian insolvency paradigm in
the European and even global context. Thus, we have conducted a file-based study of the bankruptcy
procedures of 100 Romanian companies, under the "new" bankruptcy regime by which we consider the
application of the Romanian Insolvency provisions and their effectiveness in the national context. Our study
offers an insightful look at an insolvency system in which the state, through its agencies, is the main creditor,
therefore the possibility of a fresh start is (almost) inexistent and the main purpose of the liquidator's actions
is related to capital maximization without consideration to the continuation of the activity of the company.
We conclude our study with a series of suggestions for the improvement of the efficiency of the insolvency
procedure, based on our empirical findings.

In the article on the example of the Draft of the Code of Ukraine on Bankruptcy Procedures (hereinafter referred to as the Draft), the conformity of domestic codification activities with the requirements and rules of norm drafting technique, in particular, with a prism of a number of means related to the form and content of the Code Draft, is analyzed. Attention is drawn to the fact that the «rule of law» principle and its constituents are not directly consolidated in the Draft. It has been found that there are a significant number of comments made by experts to the Draft on the subject of compliance with the requirement of «legality», first of all, accordance of the Draft with the current normative legal acts of Ukraine. Adherence of a number of logical requirements is determined, for example, the normative provisions are systematically and logically consistent. As a result of the codification, the total number of normative legal regulations in the area of legal regulation of bankruptcy in Ukraine will be reduced quantitatively, the source basis will qualitatively be improved due to a partial elimination of such logical shortcomings as inconsistencies, collisions, duplications. It is necessary to state the validity of the definition of terms in Art. 1 of the Draft. Often, the definition of special terms is given. The remarks can be expressed in relation to the definition of «monetary obligation». This definition is too voluminous, contains a repetition and no significant characteristic of it. The Draft does not contain norms that would establish the principles of legal regulation in the field of bankruptcy, although their availability in codes is appropriate.The structure of the Draft has been studied in detail. The Draft contains a preamble, which, in our opinion, requires a certain clarification of the law provision concerning the individual. The Draft consists of books divided into sections, which include articles. Acquaintance with Parts 3, 4, 6 of Art. 5 of the Draft shows that they are voluminous and contain a number of paragraphs without any signs and numberings. Such an approach does not contribute to the proper reference to certain normative legal prescriptions contained in these parts of the article in the process of law-enforcement. In this case, the not unified structuring in the various articles of the Draft is manifested. Non-compliance with a number of requirements for the Final and Transitional Provisions has been identified. They are presented as a whole. The total numbering of these provisions is incomprehensible - it begins with Arabic numerals, and soon continues with the use of Roman.Compliance with linguistic rules is considered on the basis of the use of the evaluation concepts in the text of the Draft. Such notions in comparison with other codes are few and they are introduced in the text in general soundly. In order to formalize valuation concepts, in individual cases, attempts are made to specify them, such as the estimated concept of «good reasons» in Part 1 of Art. 29.Some wishes are expressed for the Draft from the point of view of the theory of law, in particular, concerning the use of the terms «legislation» and «legislative acts». ; На прикладі проекту Кодексу України з процедури банкрутства (далі Проекту) проаналізовано відповідність вітчизняної кодифікаційної діяльності вимогам та правилам нормопроектної техніки, зокрема, у призмі низки засобів, що стосуються форми та змісту проекту Кодексу. Звернуто увагу на те, що у Проекті відсутнє безпосереднє закріплення принципу «верховенства права» та його складових. Встановлено дотримання низки логіч­них вимог, наприклад, нормативні положення розташовані системно та логічно послідовно. Необхідно констатувати обґрунтованість визначення термінів у ст. 1 Проекту, зауваження можна висловити стосовно визначення «грошового зобов'язання». У Проекті відсутні нор­ми, які б закріплювали принципи правового регулювання у сфері банкрутства, хоча їх наявність у кодексах є доцільною. Детально вивчено структуру Проекту та висловлено зауваження стосовно нумерації складових частин окремих статей та змісту Прикінцевих та Перехідних положень. Відповідність до мовних правил розглянуто на прикладі оперування законопроектантами у тексті Проекту оціночними поняттями. Висловлено окремі поба­жан­ня до Проекту й з позиції теорії права.

A growing body of research in economics and in business and economic history has shown the key role of bankruptcy and insolvency law on business organization, firms' governance, and entrepreneurial choices. Most research, however, has focused on the formal aspects of laws, and still little is known on how various systems worked in practices. This paper fills this gap in the literature analyzing the functioning of bankruptcy procedures in four main European economies (Italy, France, England, and Germany) between ca.1880 and 1914. Using an original data set and descriptive statistics on length, organization, and return of procedures, the paper shows how the aim of attracting debtors was more successful in the less regulated English system, but how the protection of creditors' rights was more efficiently pursued in France and Germany. Italy appears as the absolute worst performer.

Individual bankruptcy, as a procedure of preferential bankruptcy procedure reserved for natural person, often leads to problems in application, which are a consequence of not understanding theessence of the institute or often bad implementation of application instruments, where all of this then leads to paradoxical inability to apply the institute. This paper will emphasize the basic problems which appear when the subject of the bankruptcy procedure is a natural person. Author will analyze it through the problem of insolvency of individuals and factual inability to realize payment of creditors. It will be analyzed based on the following aspects: this matter is unregulated in Serbian law; then a comparative overview of the issue of the position of an insolvent artisan in Croatian law, and the issue of abuse of rights which are used by the citizens of EU through the institute "bankruptcy tourism". Based on this comparative analysis, the author will try to provide suggestions with the goal of progress of at least partial payment of the creditors by the individual debtor in the bankruptcy process. This Article will provide specific suggestions which the future legislation of Serbia should deal with, and which will be based on the critical overview of the foreseeninstitute of individual bankruptcy in Croatian law, which is not used in practice.

We provide the analysis of the practice of rehabilitative bankruptcy procedures in Russia, describe the main causes of the ineffectiveness of such procedures and propose the possible improvements concerning the institutional environment of the rehabilitation proceedings of bankruptcy and monitoring the financial condition of companies. ; Проанализирована практика применения реабилитационных процедур банкротства в России, рассмотрены основные причины неэффективности таких процедур и сформулированы предложения по совершенствованию институциональных условий проведения реабилитационных процедур банкротства, мониторинга финансового состояния предприятий.

Mediation in Court is regulated in Supreme Court Regulation Number 1 Year 2016 including the exception. This article aims to examine cases with exception of mediation procedure based on PERMA Number 1 Year 2016 and to identify why Bankruptcy Application in Commercial Court is one of cases with exception. This study finds that PERMA (Supreme Court Regulation) Number 1 Year 2016 exempts cases in Commercial Court, Industrial Relation Court, Objection to the Decision of the Indonesia Competition Commission, Decision of Information Commission and Decision of Consumer Dispute Settlement Agency, Application for Annulment of Arbitration Award, Political Party Dispute, Small Claim Court and Cases with time frame. Bankruptcy Application according to Laws of Bankruptcy in Commercial Court is carried on using speedy procedure, a direct legal remedy to the Supreme Court. Its Application and resolution are within limited time period.

AbstractThis article critically evaluates the effectiveness of the European Union's recent Directive on restructuring and insolvency law, specifically within the context of France, aimed at facilitating the restructuring of financially distressed firms within the Eurozone. Specifically, through the Kaplan–Meyer estimator and the log‐rank test, this research rigorously examines whether preventive restructurings surpass standard bankruptcy procedures in efficiency. The dataset under analysis is distinctly tailored, focusing on companies undergoing both types of restructuring procedures within the French jurisdiction. The study reveals that companies successfully undergoing a preventive restructuring procedure showcase higher survival rates, albeit coupled with weaker financial performances when compared to their counterparts undergoing the traditional bankruptcy process. This outcome challenges the prevalent assumption linking early‐stage restructuring with uniformly elevated survival rates and improved financial performance. A noteworthy concern stems from this observed trend, suggesting that the existence of discrete preventive restructuring procedures might inadvertently prolong the operational lifespan of financially inviable firms. This underscores the necessity for policymakers to meticulously craft preventive restructuring procedures, prioritizing debtor protection while proactively addressing the moral hazard predicament.