LEGAL REGULATION OF PROPERTY EXCLUSION BY PARTICIPATION OF THE FOREIGN ELEMENT IN BANKRUPTCY PROCEEDINGS

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LEGAL REGULATION OF PROPERTY EXCLUSION BY PARTICIPATION OF THE FOREIGN ELEMENT IN BANKRUPTCY PROCEEDINGS

Journal Title: «Приватне та публічне право» - Year 2017, Vol 4, Issue

Abstract

The article is devoted to the analysis of fraudulent alienation with participation of foreign element legal adjustment problem. Establishment of legislative novels in this sphere was predefined by the world economical globalization processes, integration processes in which Ukraine participates and by the necessity of adaptation for Ukrainian legislation to the legislation standards of the European Union. The question about application of definition «transfrontal bankruptcy» or «transfrontal insolvency» in a national legislation is disputable, because this theme exists in international legislative acts about bankruptcy. However, application of this term may be only fulfilled if a term «foreign element» will be applied as well. The law of Ukraine «On an international private law» gives determination to this term and reveals it in one of three forms. The law of Ukraine «On proceeding in solvency of debtor or confession him as bankrupt» determines the algorithm of actions, that has to be accomplished by foreign procedure manager to apply the international aspects of bankruptcy on the territory of Ukraine. If the foreign procedure manager fails to accomplish this algorithm, main postulates of insolvency will be unavailable for him. Practical realization of prescriptions of ІХ of Law of Ukraine «On proceeding in solvency of debtor or confession him as bankrupt» and consequences of not using the granted rights are provided. The foreign subject, that presented by foreign procedure manager has to be interested in the protection of its rights and properly in order to fulfill the protection and disposal duties in relation to the property in Ukraine. Factors that influence on work of arbitration manager in relation to a property management that is beyond the territory of the State are also highlighted. It is noticed that work of the arbitration manager depends not only on his personal administrative abilities, but also on the amount of information, provided by former CEO, or the committee of creditors, etc. Cooperation of participants of the bankruptcy prosecution is a main factor, that influences on solvency restoration of debtor, satisfaction of creditors requirements and possibility of foreign property estrangement. Certainly, that the diplomatic representative offices of Ukraine abroad by their functional duties must represent the state of Ukraine, protect the interests of the State, right and interests of its citizens and legal entities. The legal aid and legislation consulting about the law system of country where the property is located can help in solving the property question. The scope of the main international legal acts regulating issues of cross-border insolvency is outlined. It is noted, that the Law of Ukraine «On proceeding insolvency of debtor or confession him as a bankrupt» does not contain appropriate oversight and regulation of property issues linked to a foreign element. Study of Cross-Border Insolvency requires research, testing and improvement, since bankruptcy proceedings began to take on enormous importance in international trade and lever for failure regulations. Legislative regulation of the process of property disposition with the participation of a foreign element is regulated by a set of national and international acts that require further study and consolidation

Authors and Affiliations

І. Є. , Степаненко

Keywords

EP ID EP444559
DOI -
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