FOREIGN EXPERIENCE OF GOVERNMENT BANKRUPTCY REGULATION IN THE POST-INDUSTRIAL ECONOMY

Keywords: government model of bankruptcy regulation, post-industrial economy, balance sheet or absolute insolvency, short-term or practical insolvency, pro-debtor's model, pro-creditor's model, Resolving Insolvency Indicator

Abstract

The bankruptcy institution transformation in European and some others countries over the past 15-20 years have taken place under the influence of a paradigm shift of the enterprise as a basic economic institution in the post-industrial economy. Such a change in characteristics of enterprise also changes the understanding of the debtor in bankruptcy proceedings. The article is devoted to study the transformation of foreign models of government bankruptcy regulation in foreign countries in recent years, the possibility of using foreign experience in determining the model of government regulation in Ukraine. A comparative assessment of certain elements of legislation in the field of bankruptcy regulation in the UK, Germany, France, USA and Russia allowed to establish the features of modern legal regulation of relations in this area. A detailed classification of the types of models of government bankruptcy regulation is given and criteria for assigning national laws to one or another model are determined. The assessment of national legislation of foreign countries in the field of bankruptcy according to each of the criteria allowed to more accurately establish the legislation of these countries to one of the five models of government bankruptcy regulation: extremely pro-creditor's, moderate pro-creditor's, neutral, moderate pro-debtor's or extremely pro-debtor's. In particular, the model of government bankruptcy regulation in the United States is characterized as radically pro-receivable, as well as pro-receivables is the legislation in the field of bankruptcy in France. In other countries, there is a pro-creditor orientation of the legislative model of government bankruptcy regulation: from radical pro-creditor in the UK to moderately creditor in Germany and Russia. The need to revise the domestic legislation in the field of bankruptcy regulation in the direction of creating mechanisms to continue the operation of the debtor company regardless of the change of owner and/or organizational and legal entity form of the debtor as a result of bankruptcy proceedings.

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Published
2020-09-01
How to Cite
Mynchynska, I. (2020). FOREIGN EXPERIENCE OF GOVERNMENT BANKRUPTCY REGULATION IN THE POST-INDUSTRIAL ECONOMY. Economic Scope, (158), 101-109. https://doi.org/10.32782/2224-6282/158-16
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MONEY, FINANCES AND CREDIT