Peculiarities of opening bankruptcy proceedings at the initiative of a creditor in foreign countries

The article examines the features of opening bankruptcy proceedings at the initiative of the creditor in foreign countries. It is emphasized that the dynamic development is inherent not only in the legislation of Ukraine on bankruptcy, but also in the vast majority of countries in the world, including the European legal space. Legislative approaches to opening bankruptcy proceedings at the initiative of the creditor in France, the USA, Spain and Germany are analyzed. The regulatory acts regulating these procedures are considered and it is emphasized that the procedure for opening bankruptcy proceedings at the initiative of the creditor is clearly detailed and requires strict compliance with legal formalities. It is noted that in France the creditor must prove the fact of the debtor’s insolvency by providing relevant evidence. The court checks the validity of the application, ensuring compliance with the principles of equality of creditors. In the USA, in addition to simplified procedures for filing applications, there are strict requirements for proving financial insolvency. Spanish legislation focuses on proving the debtor’s solvency, regulates in detail the procedures for interaction between the parties, and also places the main emphasis on preventing bankruptcy through the early implementation of measures to settle debts. Germany establishes clear criteria for initiating bankruptcy, including insolvency or over-indebtedness, which is confirmed by financial calculations. It is noted that the desire to approximate the legislation of Ukraine on bankruptcy to the standards of the European Union and the principles of fair trial recognized in the world is an important vector for creating conditions for the integration of the Ukrainian economy into the global and European space. Common to all the countries considered is the implementation of the principle of equality, regardless of both the forms of ownership and in relation to the participants in the proceedings. Based on the analysis of foreign legislation, it is proposed to strengthen the application of procedures aimed at preventing bankruptcy, to update the mediation mechanism both before the opening and after the opening of bankruptcy proceedings, etc.