Legal status of the creditor in the case of bankruptcy: a comparative analysis

The article focuses on the importance of comparative analysis of legal systems of different countries for finding and implementing best practices in the field of bankruptcy. One of the key issues is ensuring effective protection of creditors’ rights in the bankruptcy process. This aspect of regulation is not only an important tool for stabilizing national economies, but also an important element of international economic security, as it allows to prevent losses suffered by bona fide creditors due to the insolvency of debtors. It is emphasized that in Ukraine, given the crisis circumstances caused by military actions, further deterioration of the financial condition of both legal entities and individuals can be expected, and therefore, an increase in cases of insolvency. In this context, international experience becomes extremely useful for the further improvement of Ukrainian bankruptcy legislation, in particular, in the direction of expanding the rights of creditors, as well as increasing the effectiveness of protecting their interests. The main purpose of the article is a comparative analysis of the legal status of the creditor in bankruptcy cases in such countries as Germany, the USA, Great Britain and Ukraine. It is emphasized that each of the considered countries has specific approaches to the regulation of creditors’ rights. For example, in Germany, according to the law, creditors can open a bankruptcy case, but their role in the process of managing the debtor’s assets is limited. On the contrary, in the US, creditors have the opportunity to more actively influence the restructuring plan, but at the same time, the legislation provides ample opportunities to defend the interests of the debtor, significantly limiting the rights of creditors. The importance of the principles of the World Bank for the effective settlement of insolvency, which became the basis for improving national systems and ensuring the rights of creditors at the international level, is noted. For example, the provisions of the Code of Ukraine on bankruptcy procedures contain specific steps to strengthen the position of creditors by strengthening control over the liquidation mass, shortening the terms of procedures and increasing the transparency of court processes.