Malyga V. Legal Dimension of Debt Cession and Minimization of Bankruptcy's Negative Ramifications

Object of Research: Substantive legal issues in bankruptcy, terminological and regulatory supervision of certain rehabilitating procedures to prevent the bankruptcy and consequential measures to minimize the negative ramifications of bankruptcy. Research Objective: to define legal basis for regulatory activity in the field of bankruptcy prevention and bankruptcy proceedings in Ukraine; to seek the flaws and caveats in the current model; basic legislative principles and approaches to bankruptcy analysis and description. Methods of Research and Equipment: Logical, Historical, Systematic and Structural Analysis, Comparative Analysis, Formally Logical, Formally Structural etc. Theoretical and Practical Results: the need to amend legal definition of "Bankruptcy" was justified, new definition was suggested, their comparative analysis was given; core problems of debtors' and creditors' interests reconciliation were analyzed, in particular those in the rehabilitation procedures; defects and flaws of current le gislation in the field of sanation and other means of financial recreation were established; consequently, new definitions of "sanation," "restructuring" and "rehabilitation procedures" were proposed; foreign experience was adopted to the conditions of Ukrainian economy; amendments to current bankruptcy laws and regulations were suggested; amendments to the draft Ukrainian Commercial (Economic) Code were suggested and used by Ukrainian Parliament; the conclusions and results were implemented in the conceptual plan of Ukrainian coal mining industry restructuring; theoretical and factual findings from thesis were introduced in the teaching course "Legal Regulation of the Property Relations" for the undergraduate and graduate education institutions. Novelty: first complex analysis of governmental and market financial and other measures of the debtors' support, proposals of ways and means to reconcile the creditors' and debtors' interests in the bankruptcy proceedings. Field of Application: regulatory agencies in Ukrainian government, business entities in Ukraine, educational institutions.