|Article title||Classification of Terms in Bankruptcy Procedure|
|Name of magazine||Legal journal «Law of Ukraine» (Ukrainian version)|
Bankruptcy proceedings are a necessary element of a market economy, which ultimately ensures the satisfaction of creditors’ claims and the restoration of the debtor’s solvency, which is due to a special mechanism that operates on the basis of the Code of Ukraine for Bankruptcy Proceedings. To obtain these results, the parties to the bankruptcy case have to go a long way from the opening of proceedings in the case to achieve the desired result (receipt of funds by creditors, approval of the report of the liquidator or reorganization manager, etc.). In this context, it is worth paying attention to the length of the bankruptcy procedure, as money tends to depreciate due to inflation in the country, or in some cases creditors themselves become debtors due to infinitely long bankruptcy proceedings and inability to obtain their funds.
The purpose of the article is development of an author’s classification of terms in bankruptcy proceedings.
The bankruptcy case is always based on the substantive interest of the participants in this procedure, which is satisfied within the bankruptcy proceedings, on the basis of the procedural rules of the Bankruptcy Procedure Code of Ukraine and the Commercial Procedural Code of Ukraine.
According to the results of the study, the author concludes that due to the complex nature of such a sub-branch of economic law as bankruptcy, this procedure is manifested by a large number of terms, which necessitates their classification by several criteria.
The terms in bankruptcy procedure are proposed to be classified according to the following criteria: according to the type of legislation governing such terms, the latter should be divided into: terms provided by general legislation and terms provided by special legislation; by the nature of the legal relationship in which the terms are applied in the bankruptcy procedure, the latter can be divided into: substantive, procedural and processual; depending on the consequences of the application, it is possible to distinguish the general terms and cut-off terms in the bankruptcy procedure.
|Keywords||bankruptcy; insolvency; economic litigation; bankruptcy procedure; substantive terms; procedural terms; processual terms; cut-off terms|
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