THEORETICAL AND LEGAL PARADIGMS OF BANKRUPTCY REGULATION

Abstract

The article analyzes the legal problems regulation and practical application of legislation that regulate the bankruptcy procedure. National instability economy and declining production predicts a clear the trend of the payment crisis and a significant increase in the number enterprises that are being liquidated in bankruptcy proceedings. The Law of Ukraine "On Bankruptcy" was one of the first laws that were adopted in the CIS countries and regulated relations insolvency of economic entities. Unfortunately, the above law is not a model of the normative act in in the field of legal regulation of bankruptcy. A large number of shortcomings were identified by case law. Regulatory framework, which regulates the institution of bankruptcy, needs both expansion and improve. To date, no changes have been made to many legislation governing bankruptcy proceedings, as well as legal relations of the parties and participants in the bankruptcy. In addition, it is missing bylaws that would be properly regulated the mechanism of practical application of this procedures in Ukraine. Formation of national legislation in Ukraine is facing difficulties that are causing it legal problems caused primarily by objective ones (economic, social, political) and subjective factors. One of the main objective causes legal problems are manifested in the fact that the adoption of some legislative acts took place in the conditions of the existence of obsolete pre-reform legislation, which developed during the reign state property as the basis of the economic system and principle democratic centralism in the management of the economy. And though the conducted economic reform nevertheless brought certain democratic principles in the legal regulation of economic relations, however, some inconsistencies with the legislation of the period administrative-command economy has not been eliminated. Contradictions of the law not only lead to legal problems in regulating economic relations, but sometimes is directly the cause of offenses and abuses by business entities. In addition, the lack of clear and unambiguous concept on the way to further market development economy in Ukraine puts the legislator in a difficult position and causes problems in the development and adoption of new, modern bills. It was found that some regulations on at the time of adoption were designed to regulate non-existent or underdeveloped social relations.