Regulatory regulation of bankruptcy procedure in the Ukraine: current state and directions of improvement

Abstract

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.