The development of legal regulation of bankruptcy relations is influenced, as a rule, not only by political but also primarily socio-economic factors. Therefore, there is always relevance in the problem ensuing from the issue of the extent to which the national bankruptcy system is consistent with the level of our country’s socio-economic development which is currently characterized by an extended period of transition to welldeveloped market relations. Such internal circumstances create a favorable environment for redistribution of property and mass bankruptcies. At the same time, there is an infringement of interests not only of specific participants to bankruptcy relations, but also the interests of the State as a market regulator. The balance of interests of the parties and participants to bankruptcy relations for the sake of their efficient and optimal legal regulation is the main goal sought by legislators of all modern countries worldwide.

 The purpose of this article is to study the provisions of the most recent bankruptcy legislation, the content of which will allow determining the system of bankruptcy which it refers to and, therefore, allow ascertaining the reliability of legal protection of the main actors to the relations of bankruptcy; the article also presents a statement of the author’s vision regarding the areas where relevant provisions of national bankruptcy legislation may be improved and thus a contribution can be made to overcoming the issues which may arise when such provisions are implemented in practice.

It is established that upon adoption of the most recent bankruptcy legislation, legal regulation of relations involving debtor’s insolvency and bankruptcy have entered a new phase of their development. In this regard, a response is needed to the question: what is the targeted focus of the most recent bankruptcy legislation of Ukraine; do its rules contain enough provisions which can be conductive to resolution of the issues arising from redistribution of rights of the parties and participants to relations of bankruptcy? Redistribution of rights of the parties and participants to relations of bankruptcy, the degree of protection of their interests, and a balanced distribution of losses between them – these are the most important issues in the system of national legal regulation of relations involving insolvency and bankruptcy. That is why these issues require further research.

 The author comes to the conclusion that the processes underway in the socio-economic environment of the leading countries of the world cause a change in the provisions governing the relations of debtor’s insolvency and its bankruptcy (insolvency). Currently, protection of creditors’ rights, although being the main objective of regulation of the mentioned relations, is not the only one, since the purpose of the provisions of bankruptcy (insolvency) legislation is to ensure a balanced protection of interests of the parties and participants to these relations: debtor’s employees, investors, debtor’s founders (members) and others, and also to facilitate the conservation of sustainability of the national economy.

Bibliography

Authored books

1. Biriukov O, Bankrutstvo (kurs lektsii) [Bankruptcy (Course of Lectures)] (Referat 2004) (in Ukrainian).

2. Dzhun V, Instytut nespromozhnosti: svitovyi dosvid rozvytku i osoblyvosti stanovlennia v Ukraini [Institute of Insolvency: World Experience of Enlightenment and Features of Formation in Ukraine] (Iurydycheskaia praktyka 2006) (in Ukrainian).

3. Pape G, Institut nesostoyatel’nosti: obshchiye problemy i osobennosti pravovogo regulirovaniya v Germanii. Kommentariy k deystvuyushchemu zakonodatel’stvu [Institute of Insolvency: General Issues and Legal Regulation Peculiarities in Germany. Comment on Current Legislation] (BEK 2002) (in Russian).

4. Shershenevich G, Konkursnyy protsess [Competitive Process] (Statut 2000) (in Russian).

 5. Stepanov V, Nesostoyatel’nost’ (bankrotstvo) v Rossii, Frantsii, Anglii, Germanii [Insolvency (bankruptcy) in Russia, France, England, Germany] (Statut 1999) (in Russian).

6. Trushnikov S, Vozbuzhdeniye proizvodstva po delam o nesostoyatel’nosti v Rossii i Germanii [Initiation of Insolvency Proceedings in Russia and Germany] (Izdatel’stvo juridicheskogo fakul’teta SPbGU 2006) (in Russian).

Edited and translated books

7. Kommercheskij kodeks Francii (Zahvataev V per s fr, Volters Kluver 2008) (in Russian).

Journal articles

8. Rakhmilovich V, ‘Obyazatel’stvo po vozmeshcheniyu ubytkov kak odno iz osnovaniy priznaniya bankrotom’ [‘Indemnification Obligation as One of the Grounds for Declaring Bankrupt’] 2000 (11) Pravo i ekonomika 81-2 (in Russian).

9. Radzyviliuk V, ‘Nalezhnist myrovoi uhody do protsedur bankrutstva’ [‘Affiliation of the Settlement Agreement to Bankruptcy Procedures’] [2016] 6(92) Teoriia i praktyka intelektualnoi vlasnosti 99-100 (in Ukrainian).