IMPROVEMENT OF THE INSTITUTION OF INSOLVENCY (BANKRUPTCY) IN THE REPUBLIC OF BELARUS

Abstract

Economic insolvency (bankruptcy) in a market economy is the most important institution of civil law in the sphere of protection of the rights and legitimate interests of economic actors. Purpose of this article is to identify the problems of the institute of economic insolvency (bankruptcy) in the Republic of Belarus and the development of recommendations for improvement. To achieve this goal following problems were set and consistently solved: problems were identified and recommendations for improving the institution of bankruptcy in the Republic of Belarus were made; proposals for improving the priority to satisfy creditors' property claims in the Republic of Belarus were developed. Theoretical and methodological basis of the article were operating regulations of the problem, works of domestic and foreign authors as well as other publications. According to the research results, it was concluded that, in the Republic of Belarus has developed a very efficient institution of insolvency (bankruptcy) and particularly, the system of creditors’ rights realization, but in practice there are issues that are not fully regulated by law, some rules are needed to be improved. Creditors are among the main subjects of the competition law, so in national laws in majority of foreign countries their rights are regulated in details and a great attention to the optimal priority of satisfying creditors' claims is paid. Belarusian priority of satisfying creditors’ claims is socially oriented, concise, has several drawbacks, however as well as institution of bankruptcy in general. Based on the identified drawbacks the bachelor provides guidelines for improving the insolvency (bankruptcy) institution, and proposes the author's priority of satisfying of creditors' claims.