CODE OF UKRAINE ON PROCEDURE BANKRUPTCY AS ANTICORRUPTIONAL REFORMING OF THE INSOLVENCY SYSTEM

The article considers the main directions of state policy to reduce the level of corruption in the insolvency system of Ukraine, reforming the legislation in the field of bankruptcy. Attention is drawn to the important problem of corruption in Ukraine, as it threatens the national security of the state, economic stability, slows down the formation of market institutions, reduces the efficiency of government, creates distrust in society in the values of democracy and rule of law. The author explores different approaches to defining the concept of corruption. This is a complex social, political and economic phenomenon that occurs between induviduals authorized to perform the functions of state or local government, who permanently or temporarily hold positions related to the performance of organizational or administrative functions, officials of legal entities, officials of local self-government but who are not civil servants, who provide public services by using the power granted to them in the field of politics or public administration in order to gain illegal weath for self-interest or for other people interests. Unfortunately, nowadays the situation with corruption is getting worth and worth in Ukraine. According to Transparency International, in 2019 Ukraine ranked 126th out of 180 countries in terms of corruption. The article examines the reform of the insolvency system, namely the adoption of the Bankruptcy Code of Ukraine that has a strong anti-corruption focus. The article pays attention on experience of foreign countries on bankruptcy proceedings, as well as the institution of the trustee, self-regulatory organizations, the term of the debtor's property and electronic trading system.