The harmonization of insolvency laws is an important step towards strengthening European integration and developing a single capital market. The article highlights the main initiatives of the European Union aimed at reducing legal differences between national systems, in particular through the adoption by the EU Commission of the 2014 Recommendation on a New Approach to Insolvency, Regulation (EU) 2015/848 and Directive (EU) 2019/1023. These documents establish rules for bankruptcy and preventive restructuring procedures aimed at improving the efficiency of national bankruptcy regimes and facilitating cross-border investment. Particular attention is paid to the Proposal of Directive 2022/0408, which suggests unifying the substantive aspects of insolvency law, ensuring a more predictable distribution of assets and increasing the efficiency of liquidation procedures. The purpose of the article is to analyze the main provisions of the proposed EU Directive 2022/0408, to clarify the prospects for ensuring full harmonization of insolvency law in the EU, and to analyze the possibilities of implementing the provisions of the Directive into the national legislation of Ukraine. Important provisions of the Directive include regulation of the debtor’s actions, simplification of procedures for microenterprises, as well as creation of mechanisms for protection of creditors and improvement of the asset tracing process. The article describes the concept of the pre-pack procedure, a mechanism that allows debtors to sell part of their business before the start of the liquidation procedure, and its potential impact on corporate recovery. The author also conducts a comparative analysis of the provisions of European and Ukrainian insolvency laws. It is found that, despite attempts to harmonize Ukrainian legislation with EU law, significant differences remain. The Ukrainian system favors liquidation over restructuring, which hinders the financial recovery of debtors. The article emphasizes that the harmonization of insolvency law is not only economic, but also strategic for Ukraine. The implementation of European provisions will help strengthen economic integration with the EU and increase the attractiveness of the Ukrainian market for foreign investors. However, the implementation of new approaches requires Ukraine to take into account its own experience and the specifics of the national economy. 

Bibliography
Journal articles
 1. Dalhuisen J H, ‘Harmonization of substantive insolvency law in the EU’ [2021] 5 Maandblad voor Vermogensrecht 159–65. 
2. Ghio E, ‘The EU Incremental Approach to Cross-Border Insolvency Regulation: A Critical Analysis’ [2017] 28 International Company and Commercial Law Review 369. 

Websites 
3. André C, Demmou L, ‘Enhancing insolvency frameworks to support economic renewal’ [2022] 1738 OECD Economics Department Working Papers (OECD Publishing, Paris) <https://www.oecd.org/en/publications/enhancing-insolvency-frameworks-to-supporteconomicrenewal_8ef45b50-en.html> (accessed 17.07.2024). 
4. Juncker J-C et al, ‘The Five Presidents’ Report: Completing Europe’s Economic and Monetary Union’ (European Commission, 22 June 2015) <https://ec.europa.eu/info/publications/ five-presidents-report-completing-europes-economic-and-monetary-union_en> (accessed 17.07.2024).