The dissertation investigates theoretical aspects of the formation, functioning and development of the bankruptcy institution, reveals the causes and nature of its transformation in the Ukrainian economy with the involvement of mathematical modeling apparatus, as well as reasonably promising directions of its regulation in Ukraine.
It was proved that the bankruptcy institution, as a regulator of economic efficiency, performs the role of an indicator of the organization level of the respective national economy.
The paper determines that the existing examples of bankruptcy in international practice demonstrate the need to maintain a balance between creation of conditions for the protection of existing enterprises and the degree of restriction of creditor’s rights with the mandatory consideration that bankruptcy is a natural consequence of competition.
An assessment of the external conditions of functioning of the bankruptcy institute in the Ukrainian economy preparedin this paper. The obtained results made it possible to determine that the majority of the analysed indicators demonstrate the difficult external conditions of the bankruptcy institution functioning, especially in the 2013-2015 period.
Examples of the main schemes used in the abuse of the bankruptcy institution in the Ukrainian economy were investigated and directions for improving the mechanisms for identifying such abuse were justified. The latter include: regulation of interdepartmental interaction between the bodies involved in establishing signs of fraudulent bankruptcy; development of expert research methodologies for the economic indicators of enterprises in various industries, intended to identify signs of bankruptcy; regulation of the procedure for revealing signs and research of economic indicators of bankruptcy for financial institutions; creation of an accessible and reliable database.
A list of indicators was proposed which, directly or indirectly, make it possible to determine the regularities of the development and functioning of the bankruptcy institution, as well as the mutual interaction of social, political, economic and other processes at the macro level, namely: industrial production index, inflation and unemployment levels, the level of total tax burden, income and tax revenues to the consolidated budget; number of business entities; ease of doing business indices, economic freedom and perception of corruption. A study on the impact of key macroeconomic indicators on the bankruptcy institution in the Ukrainian economy and the relevance of the transformation of input factors for improving the bankruptcy institution was conducted, as the number of bankruptcies in 2020 will increase by 7% during the next 3 years, and the next 2 years will decrease by 3-4% annually.
The main elements of the institutional and legal environment of the bankruptcy institution in Ukraine were substantiated.
The study of the bankruptcy institution's performance at the macro level made it possible to identify the specifics of the bankruptcy institution's functioning: the existing taxation system requires the introduction of fundamental measures for its improvement; strengthening the regulation of the institutional environment, primarily aimed at formation of a set of recreational and/or reorganization procedures directed at preservation and operation of the core business of the debtor enterprise, which is a priority for realization of its economic interests; continuation of assistance in improving the position of the state in Doing business rankings, as well as in the Indexes of Economic Freedom and corruption perception.
It was substantiated that the process of improvement of the bankruptcy institution regulation in the state is a system of measures that stimulate economic entities to cooperate effectively in order to achieve their chosen goals and priorities. The three regulatory groups of the bankruptcy institution in Ukraine were substantiated: macroeconomic; microeconomic; institutional. This will enable optimisation of the protection of the legal interests of creditors and debtors, reducing the number of abuses in the implementation of the bankruptcy institution and on this basis making it more transparent and efficient.
