INTERNATIONAL STANDARDS AND PRACTICES IN THE FIELD OF INSOLVENCY: SIGNIFICANCE FOR THE HARMONIZATION OF UKRAINIAN LEGISLATION
DOI:
https://doi.org/10.51989/NUL.2024.5.2Keywords:
insolvency, restructuring, bankruptcy, international standards, harmonisation of legislation, European integration, sustainable development, digitalisation.Abstract
The article is devoted to the international standards and practices in the field of insolvency as a key prerequisite for creating effective legal mechanisms for restructuring and bankruptcy and harmonising Ukrainian legislation in this field. The author identifies the basic principles of restructuring and bankruptcy developed by such international institutions as the World Bank, UNCITRAL, INSOL International, Eurogroup and the European Commission, including flexibility, transparency, accessibility of procedures, as well as balance of interests of participants and protection of their rights. It is emphasised that their implementation will contribute to economic stability, business support and protection of the rights of creditors and debtors. Attention is paid to the importance of simplified regimes for micro, small and medium-sized enterprises (MSMEs), which help to reduce financial and administrative barriers, ensure the restoration of solvency of viable enterprises or the rapid liquidation of unviable ones. The importance of the EU 2019 Directive on restructuring and Insolvency and the EU 2022 Directive harmonizing certain aspects of insolvency law for ensuring an integrated approach to insolvency regulation, including early intervention, creating conditions for a fresh start for debtors and transparency in cross-border cases, is revealed. Attention is focused on the challenges of the green transition and digitalisation, which require taking into account the environmental sustainability of business, the specifics of digital assets and innovative projects, and the integration of sustainable development principles into restructuring and bankruptcy procedures, which will help preserve jobs, capital and knowledge. It has been determined that the harmonisation of national legislation with international standards should help improve Ukraine's investment climate and integration into the European economic area.
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