Priority areas for improving the institution of bankruptcy in order to ensure sustainable business development

Abstract

The article analyzes the main problems of the institution of bankruptcy
that affect the development of the state economy and the business conditions
in Russia, which formed the basis for a systemic reform of the institution of
bankruptcy. The purpose of the actual research is to analyze current trends in
the development of the theory and practice of the functioning of the domestic
institution of bankruptcy and to identify priority areas for its further improvement
as a factor in increasing business sustainability in modern economic
conditions. The basis of the research methodology is formed on the basis of
general scientific principles (systematicity, objectivity, unity of theory and
practice) using general scientific and special research methods as scientific
tools, including methods of analysis and generalization, formal-logical, statistical
methods, comparative comparisons, expert assessments, etc. As a result
of the research, based on the latest achievements in the theory and practice
of bankruptcy management, the key problems that cause the low efficiency of
the functioning of the bankruptcy institution are considered, certain priority
areas for improving the institution of bankruptcy, related to the need to
increase the level of protection of bona fide participants in a bankruptcy case
and society from unscrupulous subjects of insolvency relations, are disclosed,
restrictions on the participation of persons affiliated (on formal and / or factual
grounds) with the debtor at the legislative level, ensuring appropriate educational
and the moral level of candidates for insolvency officers, the rational
use of the advantages of the development of digitalization of the economy in
the implementation of legal insolvency procedures. Further implementation
of the proposed directions will contribute to the sustainable development of
business in modern economic conditions and increase the level of confidence
of the business community in the institution of bankruptcy as one of the main
anti-crisis regulators of economic processes in society, ensuring the stability
of business turnover.