THE NEW BANKRUPTCY CODE: PROBLEMS AND PERSPECTIVES

The article examines certain provisions of the Bankruptcy Code, author points out the significant changes made to the institution of restoring solvency and declaring a person bankrupt with the adoption of the new Code, analyzes the reasons for their occurrence, predicts possible difficulties of applying them in practice Attention is drawn to the expediency of adopting a law that will meet the needs of modern society, serve to strengthen the economic potential of Ukraine and to ensure a significant improvement in the business environment in Ukraine in those areas that are taken into account by the World Bank and the International Finance Corporation in compiling the “Doing Business” rating and, therefore, promotion of Ukraine to its highest positions It was established that the existing systems for restoring solvency and recognizing a person as bankrupt are classified depending on the degree of parties' rights and the involvement of state bodies in the process. Ukraine has features of the states of the continental legal family, namely the neutrality of the system and the low degree of involvement, which is limited by the judicial authorities and the arbitration manager. The author disclosed questions regarding the general direction of state policy in this area by establishing in the Code certain mechanisms for the protection of legal rights and interests of both creditors and debtors. The newly introduced institution of recognition of an individual as bankrupt is investigated, attention is focused on the norms that are designed to ensure a decent standard of living for a person recognized as bankrupt, the problems are highlighted and possible options are given to make changes to the indicated norms