Bankruptcy from the point of view of the European Union adaptation: economic aspect

Economic Annals-XXI: Volume 128, Issue 3-4(2), Pages: 26-28

Citation information:
Kravtsova, O. (2013). Bankruptcy from the point of view of the European Union adaptation: economic aspect. Economic Annals-XXI, 3-4(2), 26-28. https://ea21journal.world/index.php/ea-v128-08/

Olena Kravtsova
PhD (Economics),
Associate Professor,
Donetsk National Technical University, Ukraine
kravtsovaem@yandex.ua

Bankruptcy from the point of view of the European Union adaptation: economic aspect

Abstract. Regulation of relations in the sphere of bankruptcy is aimed at providing equal level of protection for both creditors and debtors, creating transparent and comprehensible rules of the game for agents of economic relations on domestic and foreign markets. Ukraine’s prospective membership in EUC requires bankruptcy laws to be adapted in accordance with European standards. However, some of the provisions introduced to a revised version of Ukraine’s Law on «Reastablishing debtor’s solvency or adjudication order» due to the introduction of unified european requirements do not correspond to the level of maturity of economic relations in Ukraine. Reductions made in bankruptcy legal proceedings, the lack of new mechanisms for selling off property assets, inadequacy of new status of court-appointed managers, all mentioned above, contributes to a double-quick solvent liquidation and legalizes fast dissipating of assets. Therefore, it implies that unified anti-crisis law can be used as a tool for redistribution of property. It contradicts the objectives of European requirements in the sphere of bankruptcy which emphasize the importance of sustaining economic agents. The changes into Ukraine’s anti-crisis law including those related to the implementation of unified provisions of European Union are to be economically appropriate. Otherwise, the real state of affairs will greatly differ from the expected effect.

Keywords: Bankruptcy; Solvency; Anti-Crises Legislation; EU; Unified Norms

JEL Classification: D63; F15; G33

References

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Received 25.03.2013