Integration processes have aroused great interest not only in the legislation of European countries, the provisions of which regulate the relationship of bankruptcy, insolvency, contest, to study the agreed development in the legal regulation of these relations but also in sources of law that existed in the past and were devoted to these issues. The common trade and economic roots and business customs, on the basis of which the European bankruptcy law was born and received its further development, contribute to this interest.

Ukraine’s desire to become a full member of the European Community, the processes of European integration determine not only the development of new regulations, but also the improvement of existing ones that better meet today’s requirements. National Bankruptcy Law and the Code of Bankruptcy Procedures of Ukraine as the main external form of its legal and official existence is a component of European legal culture, as evidenced by the current state of European law, the provisions of which regulate those relations, which we have called bankruptcy.

A study of the provisions of foreign legislation on bankruptcy, insolvency, contest law allows us to conclude that the trends in the legal regulation of insolvency, which began to become apparent and became especially evident in the last century, should certainly emphasize the shift in emphasis in regulating these relations in the direction of establishing legal preconditions for creating the most favorable conditions for the debtor in order to restore its solvency and settle its debts, which to some extent now occurs in almost all countries, especially in developed economies.

However, when referring to the provisions of domestic bankruptcy law, it turns out that without comprehensive legal regulation will remain an important institution of bankruptcy – it is a settlement agreement, which for twenty years was regulated by bankruptcy law.

Several domestic scholars, in particular O. Biryukov, A. Butyrsky, I. Vechirko, V.

The purpose of the article is: to identify the grounds, problems, and consequences of the refusal of the Ukrainian legislator from such bankruptcy proceedings as settlement agreement; to formulate proposals for improving the legislation of Ukraine on bankruptcy in terms of the problems under investigation.

It is established that with the adoption of the Code of Ukraine on Bankruptcy Procedures, the legal regulation of relations related to the insolvency of competitive entities that have the status of a legal entity has undergone significant changes. In this regard, the answer to the question of whether the rules of bankruptcy law contain enough provisions that can help solve the problem that arises in connection with and due to the insolvency of such debtors.

The author concludes that: the global trends of this time in the regulation of bankruptcy, insolvency, contest are those related to the introduction of this legislation multivariate options to prevent bankruptcy (insolvency) of the debtor; has extensive European experience in the legal regulation of the settlement agreement in the historical past and present; the lack of normalization of the national law of the settlement agreement will contribute to the deterioration of the legal position of the debtor, violation of one of the main tasks of regulation of these relations – ensuring the balance of interests of participants in bankruptcy.

Bibliography

Authored books

1. Radziviluk V, Bankruptcy prevention (insolvency): economic and legal aspect (AspectPolygraph Publishing House LLC 2013) (in English).

2. Shershenevych H, Konkursnyy protsess (Statut 2000) (in Russian).

Journal articles

3. Radzyvilyuk V. Kontseptualni zminy tsilovoyi spryamovanosti novitn’oho zakonodavstva pro bankrut·stvo (2019) 8 Pravo Ukrainy (in Ukrainian).

 Newspaper articles

4. Polyakov B, Polyakov R, ‘Miski kvity abo Myrova uhoda u protseduri bankrut·stva’ [2020] 13 (1467) Zakon i biznes <https://zib.com.ua/ua/141984.html> (accessed: 10.04.2022) (in Ukrainian).

5. Postanova KHS VS shchodo mozhlyvosti ukladennia myrovoi uhody pislia vvedennia v diiu Kodeksu z protsedur bankrutstva (Yurydychna Hazeta online, 24.07.2020) <https://yur-gazeta.com/golovna/postanova-kgs-vs-shchodo-mozhlivosti-ukladennyamirovoyiugodi-pislya-vvedennya-v-diyu-kodeksu-z-pro.html> (accessed: 10.04.2022) (in Ukrainian).