The features of the reform of bankruptcy legislation during the marital law period

Abstract

The article is devoted to consideration of the issue of improvement and amendments to the legislation on bankruptcy during the period of martial law. It is emphasized that the economic and legal institution of bankruptcy is an integral element of the market economy, which regulates relations related to the elimination or restoration of the solvency of enterprises. It was emphasized that today our state lives and works under martial law, and therefore, the activities of many business entities have become difficult or even impossible, some of them are on the verge of bankruptcy. Based on this, the urgent need and demand of the time is to introduce changes to the legislation in order to preserve the economic situation in the country and ensure the further functioning of the national economy.
 The article considers the main functions and mechanisms of the bankruptcy institute. It was established that bankruptcy in a market economy performs two functions: removing inefficient business entities from the market and giving such entities a chance to revive and improve their activities in the market in the event of only temporary financial difficulties.
 It has been proven that the direction of the settlement of insolvency (bankruptcy) relations in Ukraine changed its vector during the evolution of bankruptcy legislation from a pro-debtor to a pro-creditor system, however, the main goal of the bankruptcy institute remains the regulation of insolvency relations and the protection of the market from inefficient business entities, enabling entities economic entities that are at risk of not being able to pay their debts to creditors, to apply "wellness" methods.
 The proposals outlined in the draft laws submitted for consideration by the Verkhovna Rada of Ukraine were analyzed. Deficiencies that should be eliminated are indicated.