Article title Municipal Bankruptcy: Legal Regulation and Analysis of its Application
Authors
Name of magazine Scientific-practical professional journal
«Law of the USA» (Ukrainian language)
Issue 1-2/2013
Сторінки [279-286]
Annotation In this article I concentrate mostly on the application of municipal bankruptcy procedure, which is legally foreseen to regulate the solvency restoration of the local selfgovernment bodies, who lost it due to their inability to pay accumulated debts in time. This situation appeared as a logic result of an increase of local budget deficit, inadequate funding of state powers delegated to municipalities, as well as an inability to provide basic services to the population and to solve local problems in their interest. Usually, the result of the municipal bankruptcy procedure for a municipalities would be lay down in reducing of their costs, in restoring their solvency by using procedures of reorganization, dispute settlement or redemption of their monetary claims.
Keywords municipality, local self-government, municipal bankruptcy, subsidiarity, insolvency.
References
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