Reorganization and Bankruptcy in Ukraine: The Issue of Legal Transplants
Reorganization and Bankruptcy in Ukraine: The Issue of Legal Transplants

Summary/Abstract: The process of integration of Ukraine into the international economic and political space cannot be effective without the implementation of relevant legal norms in various fields of law, in particular the European Union right to the Ukrainian system of law in the framework of the announced course on European integration. One of the key areas of implementation is the legal regulation of the reorganization and bankruptcy of economic entities, as large share in the world market are multinationals and joint venture companies from different countries. The purpose of the article is to determine the degree of implementation of certain rules of legislation on the reorganization and bankruptcy of foreign entities. A comparative study was chosen as the leading approach, which allowed to compare the domestic legislative base on regulation of the procedures of reorganization and bankruptcy of economic entities with the legal framework of foreign countries with different legal systems and integration associations, in particular, the CIS and the EU. The results show that reorganization and bankruptcy procedures have a considerable inflow of legal borrowing and have both structural and substantive elements of implementation. As the main vectors, the analysis gives grounds to determine the predominance of legal transplants in EU and US law against the background of the diminishing role of the CIS Model Laws. The identified shortcomings and gaps in the domestic legal field need further investigation in this area.

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