DEVELOPMENT OF THE CONCEPT OF SUBSIDIARY LIABILITY AS A TOOL TO INCREASE THE EFFECTIVENESS OF THE INSTITUTION OF BANKRUPTCY AND ENSURE THE ECONOMIC SECURITY OF THE COUNTRY

Purpose: the main purpose of the article is to investigate modern problems of the institution of bankruptcy and the impact of its results on the system of economic security of the state, to develop recommendations for improving the institution of bankruptcy and the concept of subsidiary liability. To achieve the goal, the following problems are solved in the article: the definition of theoretical and practical aspects, the generalization of processes for the formation and development of the concept of subsidiary liability of an unscrupulous controlling the debtor’s persons; the analysis of practical problems of realization of the concept of subsidiary responsibility of an unscrupulous controlling the debtor’s persons; a study of the Russian and foreign practice of implementing the institution of bankruptcy and subsidiary liability unscrupulous controlling the debtor’s persons; the formation of proposals on the development of the concept of subsidiary liability of an unscrupulous debtor controlling the debtor as a tool to increase the eficiency of the institution of bankruptcy and ensure economic security.

Methods: methods the article is based on a systematic approach to the definition and formation of the concept of subsidiary responsibility, theoretical, economic and functional analysis of the complex interaction of the main participants of the institution of bankruptcy and the impact of their activities on the economic security of the country.

Results: the increase in the number of illegal actions in bankruptcy cases led to the need in the last decade to strengthen the economic (subsidiary) responsibility of the debtor controlling the debtor. The author summarizes the theoretical and practical aspects of regulating the subsidiary responsibility of an unscrupulous controlling debtor for improper actions in the bankruptcy of the debtor in the concept of subsidiary liability. The study showed that the formed concept of subsidiary liability and the new rules adopted in 2017 for the subsidiary liability of the debtor controlling persons significantly increased the risk of bringing to account those who use the scheme to terminate the company without going through a formal bankruptcy procedure. However, the effectiveness of these measures remains insuficient, there are gaps in the implementation of the concept. In the work on the basis of practical experience of the application of the concept of subsidiary responsibility in Russia and foreign experience, proposals have been made to improve the concept, their implementation along with other proposals for the modernization of the institution of bankruptcy will increase the eficiency of the institution of bankruptcy and prevent emerging crisis phenomena in the economy, stabilize the financial situation of business entities and ensure the economic security of the country.

Conclusions and relevance: the conducted research shows the importance of the concept of subsidiary liability in ensuring the effectiveness of the institution of bankruptcy and economic security of the country. The conducted analysis of foreign practice confirms the need to regulate the institution of bankruptcy of economic and legal responsibility of the controlling debtor for bringing the debtor to bankruptcy and wrongful actions in bankruptcy. The proposed directions for improving the concept of subsidiary liability provide an opportunity for its development, in terms of increasing the responsibility of persons involved in the bankruptcy case, for improper acts in bankruptcy.

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